Pozavarovalnica Sava, d. d. Analyst Meeting Presentation of Business Results Sava Reinsurance Company January–September 2011 November 2011

Major events SIGNIFICANT EVENTS DURING THE REPORTING PERIOD SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD Sava Reinsurance Company and AtaHolding OJSC of Azerbaijan signed a memorandum of co-operation regarding the establishment of a life insurance company in Azerbaijan. 3 In October 2011, Standard & Poor's reaffirmed their »A–« Rating for Sava Reinsurance Company. In July the controlling company recapitalised its subsidiary Sava osiguruvanje, Macedonia, with EUR 2,5m. The resolution was entered in the court register in September In August, the controlling company recapitalised its subsidiary Sava životno osiguranje with EUR 0,4m. The resolution was entered in the court register in September 2011.

1–9/2001 results versus plan 2 Sava Reinsurance Company Plan 2011 Index 2011/2010 Realised as % of plan Gross premiums written (EUR) ,880,3% Net profit/loss for the period (EUR) ,7149,9% Net combined ratio 101,3%93,3%99,1%92,094,1% Shareholders' equity (EUR) ,8102,9% Benign claims environment Planned drop in premium volume; reducing exposure to the Slovenian insurance market Dividends of Zavarovalnica Maribor and Zavarovalnica Tilia

Major items of the income statement 5 (EUR) Three quarters 2010 Three quarters 2011 Index 11/10 Net earned premiums ,7 Net claims incurred ,0 Operating expenses ,2 Other technical income ,7 Other technical expenses ,4 Technical result ,2 Income from investments in affiliates ,9 Investment income ,3 Expenses for investments in affiliates Expenses for financial assets and liabilities ,6 Net investment income ,3 Other income ,4 Other expenses ,2 Result of other items ( ) ,1 Profit/loss before tax ,4 Tax on profit ,9 Net profit for the period ,7 Note: Investment income includes deposits with cedants. Benign claims environment Lower commission rates Dividends of ZM and Zavarovalnica Tilia of EUR 4,5m Result of exchange rate movements Impairment losses of EUR 5,4m Impairment of Sava Tabak of EUR 2,5m

1–9/2011 results: premiums, claims, combined ratio 6

1–9/2011 results: operating expenses 8 (EUR) Index 2011/2010 NET OPERATING EXPENSES ,2 Acquisition costs including change in deferred acquisition costs ,1 Acquisition costs ,4 Change in deferred acquisition costs ,9 Other operating expenses ,1 Income from reinsurance commission and reinsurance contract profit participation ,5 Gross expense ratio26,2%26,6%101,9 Net expense ratio31,0%30,5%98,5

1–9/2011 results: investment structure 8 (EUR) Deposits and CDs Bonds Shares Mutual funds Strategic shares Other Total* *The investment structure does not include deposits with cedants of EUR 7.6m. Recapitalisation of Zavarovalnica Maribor of EUR 5.9m; other recapitalisations of EUR 5.2m and impairments of Sava osiguruvanje, Macedonia, of EUR 2.5m Change in the STRUCTURE of the investment portfolio Reducing volatility of return and derisking the investment portfolio

1–9/2011 results: investment return & income 9 (EUR) Index 2011/2010 Investment income ,5 Investment expenses ,6 Net investment income* ,5 *The net investment income does not include interest income from deposits with cedants of EUR for 3Q 2010 and EUR 90,000 for 3Q Impacts on INVESTED ASSETS and the INVESTMENT RETURN: - Settlement of consideration for Zavarovalnica Illyria of EUR 8.5m - Net cash flows from reinsurance operations of EUR 10.7m - Impairment of goodwill of Sava osiguruvanje, Macedonia of EUR 2.5m - Impairment of other investments of EUR 5.4m - Dividend income of EUR 4.7m

1–9/2011 results: statement of fin. position 10 EQUITY AND LIABILITIES ( ) = EUR 422.9m Structure Structure Equity37,3%38,0% Technical provisions41,6%44,6% Liabilities from operating activities 7,6%6,0% Financial liabilities8,1% Other liabilities from operating activities 5,3%3,4% EQUITY ( ) = EUR 160,6m Index Share capital ,0 Share premium ,0 Profit reserves ,7 Fair value reserve ,7 Net profit for the period ,9 TP = EUR 188,6m Index Unearned premiums ,4 Provision for outstanding claims ,2 Other TP ,9 (EUR) Available capital Required kapital Excess of available over required capital* ,2%160,1% *estimate until end of 2011: EUR (193%)

Thank you for your attention. 11