Alliance lifts dividend

Alliance International Reinsurance Public Company Ltd. increased its proposed dividend for 2005 to 1 cent per share or 10% on nominal value from 0.90 cent paid in 2004.

The Board announced that the Annual General Meeting of the shareholders shall take place on Wednesday, 31 May 2006 at 6:00 pm at the Four Seasons Hotel, Limassol.

The dividend, after its approval by the Annual General Meeting, will be paid to the shareholders registered as at June 9, 2006. Pursuant to the CSE Trading Rules, transactions carried out two days prior to June 9, 2006 (June 7 and 8, 2006) will be ex-dividend.

The dividend cheques will be posted to the shareholders on 30 June 2006.

To convene an Extraordinary General Meeting of the shareholders of the Company on Wednesday, 31 May 2006 and immediately after the Annual General Meeting in order to approve the extension of the exercise period by two (2) years of the Share Options approved by the shareholders of the Company at an Extraordinary Shareholders Meeting held on the 27 May 2004.