1. Presentation for Investors May 2010

2. Agenda 1 1The Sava Re Group as at 30 April 2010 2Results 2009 3Major result drivers in 2009 – Sava Re d.d. 4Equity as at 31 Dec 2009 – Sava Re d.d. 5Underwriting results - reinsurance 6Underwriting results - insurance 7Sava Re impacted by goodwill impairment 8Sava Re performance on underserved markets 9Technical provisions increased 10Major events 11Major goals for 2010 12Appendix

3. 1 The Sava Re Group as at 30 April 2010 2

4. 2 Results 2009 3 Sava Re d.d.200920082007 Profit/loss after tax (EUR)-12.598.645 - 7.991.64918.205.424 Equity as at 31 Dec (EUR)149.995.279153.740.161145.637.435 Comprehensive income (EUR)-3.744.882-28.411.525n.p. Net combined ratio 1 105,5%105,8%98,3% Book value of share as at 31 Dec (EUR) 2 16,0216,4218,52 6. 5. 201031. 12. 200811. 6. 2008 3 Market value of share (EUR)10,0011,4528,00 Market capitalisation (million EUR)93,6107,2262,2 Sava Re Group200920082007 Profit/loss after tax (EUR)-28.216.212 - 8.472.64420.845.254 Comprehensive income (EUR)-17.691.584-36.201.633n.p. Equity as at 31 Dec (EUR)161.677.406174.087.055168.551.461 Net combined ratio 1 103,2%99,3%95,8% 45% of the consolidated result derived from the parent company ________________________________________________________________________________________________________________________________ Notes: 1) (Net claims incurred + administrative costs + income/expenses from reinsurance commissions) / net premium earned 2) In 2008 the number of shares increased by 1.500.000. The book value of shares on the first balance sheet day after the capital increase on 30 June 2008 amounted to EUR19,38. 3) Initial listing

5. 3 Major result drivers in 2009 - Sava Re d.d. 4 2 4 2008 extreme loss events “once-in-a-century losses in Slovenia” Storms impacted results  Summer storms in Slovenia 2008: EUR 55m gross claims (EUR 4,9m net claims) 2009: EUR 25m gross claims (EUR 5,8m net claims) ____________________________________________________________________________________________________________________________________________ Notes: 1) Gross combined loss ratio = (gross claims + gross commission + current year gross claims outstanding – current year gross deferred acquisition costs + prior year gross deferred acquisition costs – prior year claims provision) / (gross premiums + prior year gross unearned premium – current year gross unearned premium) 2) Net combined loss ratio: all items adjusted for reinsurance 1 2 +14,2% Strong impact of crop losses (storms with hail in NE Slovenia) - Limited undewriting of crops in 2010 121,6% 102,5% 92,7% 99,6% 102,7% 88,4% 92,3% 132,2% 97,8% 130,1% 109,3% 99,9% 95,8% 97,5% 92,9% 99,6% 100,3% 70,0% 80,0% 90,0% 100,0% 110,0% 120,0% 130,0% 140,0% 150,0% 200120022003200420052006200720082009 Gross and net combined loss ratio Gross combined loss ratioNet combined loss ratio 21

6. 55 Investments expenses (million EUR)2009 Mutual funds and shares8,0 Corporate bonds (Lehman; Glitnir)2,0 Structured products 1,3 Subordinated debt and taxes1,7 Interest on other debt0,3 Total13,3 Negative result due to impairment losses and capital losses continue in 2009  Investment expenses (excl. strategic investments) in 2009 amounted EUR 13,3 million (realized capital losses and impairment losses)  Impairment losses on investments in subsidiaries in 2009 amounted to EUR 5,7 million (change in methodology of goodwill test (different assumptions) 3 Major result drivers in 2009 - Sava Re d.d. (EUR) 20092008Index Expenses from investments in affiliates-5.687.798-1.329.362427,9 Investment expenses (total)-18.961.340-25.059.82875,7

7. 3 Major result drivers in 2009 - Sava Re d.d. 66 (EUR)20092008 Strategic shares89.436.60274.999.030 Corporate bonds65.110.35555.139.038 Government bonds48.123.86549.622.249 Deposits and CDs41.632.01838.207.923 Mutual funds24.991.84729.759.367 Shares15.019.99514.693.075 Structured products1.563.83010.225.740 Other6.947.8833.260.566 Total292.826.395275.906.987  Increase in strategic investments due to take-over of Croatian insurance operations (Velebit osiguranje and Velebit životno osiguranje)  Liability portfolio – better liquidity  More than 38% of assets supporting the Liability Fund are fixed income investments  No American exposure  More than 80% ALM according to currency

8. 7 EUR million 7 Positive impact of EUR 8,9m on total equity from fair value movements and impairment losses 3 Major result drivers in 2009 - Sava Re d.d. EUR million 2009 (EUR) Profit/loss after tax Comprehensive income after tax Change in equity Sava Re-12.598.645-3.744.882- 3.774.882 Sava Re Group-28.216.212-17.691.584- 12.409.649 Transfer of surplus to investment income in the amount of EUR 10,9m Despite the large loss, the impact on the equity of Sava Re and the Group remained small.

9. 80,4 4 Equity as at 31 Dec 2009 - Sava Re d.d. 8 ___________________________________________________________________________________________________________________________________________ Notes: 1) Solvency I minimal capital – capital calculated accourding to the Insurance Companies Act 2) RBC Model “risk base capital” – internally used capital allocation model 57,3 38,6 92,7 73,4 99,1 3,8 69,6 Legend Equity & Subordinated Debt Allocated /required capital Long term capital adequacy at A according to S&P model sets minimal capital at EUR 76,6m Internal allocation to reinsurance operations of EUR 73,4m, and EUR 99,1m to insurance operations Required minimal caital amounts to EUR18,7m; surplus over regulatory min capital of EUR 38,6m (available capital = EUR 57,3m) Value of equity and subordinated debt as at 31 Dec 2009 Estimated suplus capital over A rating requirement as per 31 Dec 2009.

10. 5 Underwriting results - reinsurance 99 (EUR)20092008 Slovenia85.450.86381.821.496 Europe39.315.69535.184.540 Former Yugoslavia9.511.7608.368.397 Other12.804.0129.369.286 Total147.082.330134.743.719 (EUR)20092008 Slovenia71.469.87085.747.041 Europe18.357.90819.390.993 Former Yugoslavia4.787.1204.769.657 Other6.193.0644.781.540 Total100.807.961114.689.231 The Group is decreasing its exposure in Slovenia.

11. 5 Underwriting results - reinsurance 10 ____________________________________________________________________________________________________________________________________________ Net incurred loss ratio = (net claims + change in net claims outstanding) / (net premiums + change in net unearned premiums) Net expense ratio = (net commisssion + change in net deferred acquisition costs) / (net premiums + change in net unearned premiums) Administrative expense ratio = operating expense / (net premiums + change in net unearned premiums) 20092008 Net incurred loss ratio75,8%72,7% Net expense ratio24,5%27,1% Administrative expense ratio5,2%6,2% Net combined ratio105,5%106,0%  improved underwriting result on foreign markets  improved expense ratios

12. 6 Underwriting results - insurance 11 - increased claims provision - bad debt write-downs - impairment losses on investments - greenfields (early years of operation usually negative)

13. 6 Underwriting results - insurance 12 Market shares200920082007 Zavarovalnica Tilia (non-life)4,3%4,2%3,8% Zavarovalnica Tilia (life)1,6%1,7%1,6% Zavarovalnica Tilia (total)3,5%3,4%3,1% Sava osiguranje (Serbia)2,7% 1 2,4%1,8% Dukagjini (Kosovo)23,7%19,3% 18,7% Sava Tabak (Macedonia)17,4%16,3%15,1% Sava Montenegro (Montenegro)16,9%19,0%23,0% Velebit osiguranje (Croatia)0,75%0,54%N.A. Velebit životno osiguranje (Croatia)0,4%0,31%N.A. Dukagjini Life (Kosovo)100%N.A. Sava životno osiguranje (Serbia)0,04% 2 N.A. __________________________________________________________________________________________________________________________________________ Notes: 1) Market share for the period January–September 2009 2) Market share for the period January–September 2009

14. 13 7 Sava Re impacted by goodwill impairment 13 DIFFICULT YEAR 2009 ON UNDERSERVED MARKETS CroatiaSerbiaMacedoniaMontenegroKosovo Nominal GDP change (%) estimate- 5,8%- 3,0%- 2,5%- 4,0% 3,8% Change in life premium income (%)- 2,2%24,2%12,8%4,9%n.a. Change in non-life premium income (%)- 3,0%- 0,4%- 4,4%6,1%20,2% Change in total premium income (%)- 2,8%2,6%- 3,7%6,0%20,2% Premium per capita 2008 (EUR)30289519626 Premium per capita 2009 (EUR)290914810229 MAIN POINTS  Financial crisis and its recovery hits underserved markets with a delay  On most markets insurance premium is still considered a cost  Crisis followed by increase in receivables – cash flow difficulties and insurance fraud

15. 14 8 Sava Re performance on underserved markets Velebit osig. and Velebit životno osig. Sava osiguranje and Sava životno osig. Sava TabakSava Montenegro Dukagjini and Dukagjini Life Market growth/decrease in life premium - 2,2%24,2%12,8%4,9%n/a Life premium 2008 (TEUR) 1.0850--0 Life premium 2009 (TEUR) 1.35635--143 Growth/decrease25%---- Market growth/decrease in non-life premium - 3,0%- 0,4%- 4,4%6,1%20,2% Non-life premium 2008 (TEUR) 5.25212.25116.34311.5447.304 Non-life premium 2009 (TEUR) 7.09214.03116.72911.08910.261 Growth/decrease35%15%2%- 4%40% Portfolio cleaning and change in Serbian Law Insurance represents 36% of total premium income Developing greenfield businesses DINAR devaluation; growth in RSD 24% Decreasing reliance on one insured MAIN GROWTH FEATURES

16. 15 9 Technical provisions increased Increasing financial stability – Non-life Velebit osiguranje Sava osiguranje Sava Tabak Sava Montenegro Dukagjini Gross provisions for outstanding claims 2008 (TEUR) 1.1325.5096.7724.9853.479 Gross provisions for outstanding claims 2009 (TEUR) 3.5699.4977.2288.2813.996 Growth215%72%7%66%15% Total technical provisions 20083.62710.96211.79511.1846.726 Total technical provisions 20097.18416.21712.40713.5467.202 Growth98%48%5%21%7%

17. 16 10 Major events 16 BEGINNING 2010  New corporate design ENTRY INTO CROATIAN MARKET  Acquisition of 100% of Velebit usluge, who is the 51,14% owner of Velebit osiguranje and Velebit životno osiguranje HAIL STORMS IN SLOVENIA  Net impact on result of EUR 5,8m STANDARD AND POOR’S  Reaffirmed long-term credit and financial strength rating of A- with stable outlook ELECTION OF CHAIRMAN OF THE SUPERVISORY BOARD  Branko Tomažič was elected new Chairman of the Supervisory Board and Mateja Lovšin Herič new Deputy Chairperson EVENTS UNTIL 31 Dec 2009 EVENTS AFTER 31 Dec 2009 GENERAL MEETING  Ellection of new Supervisory Board members, presentation of the annual report 2008 and announcment of challenging action PARTICIPATION IN THE PRE-EMPTION OFFERING BY THE ZAVAROVALNICA MARIBOR  Sava Reinsurance Company participated in the pre-emption offering with the amount it was entitled to under its pre-emptive rights ACQUISITION OF 49% SHARE  Sava Reinsurance Company started the procedure for acquiring the remaining 49% share of Dukagjini and Dukagjini Life, Kosovo LIQUIDATION OF SAVA INVEST  Liquidation of Macedonian fund management company LIQUIDATION OF SLOREST  Liquidation of Macedonian company Slorest TRANSFER OF SHARES  Transfer of the acquired shares of the Kosovan companies Dukagjini and Dukagjini Life to Sava Reinsurance Company

18. 17 11 Main goals for 2010 ROE 4,0%  Net profit/loss for the period: EUR 6,1m CAPITAL ADEQUACY  Maintaining capital adequacy (above A according to S&P model) HIGHER INVESTMENT RETURN  Investment return of 3,5% (5% including fair value reserve) COST CONTROL  Cost ratio below 5% of gross premium MAINTAINING CURRENT RATING  To keep long-term credit and financial strength rating of A- according to S&P ZAVAROVALNICA MARIBOR  Decision regarding capital participation in Zavarovalnica Maribor HOSPITAL IN KOSOVO  Examination of Dukagjini Hospital project DIVESTING OF OPERATIONS NEITHER CORE BUSINESS NOR SUPPORT FUNCTION  Liquidation of Sava Invest and Slorest; sale of Goldmak – associate of Sava Tabak

19. 11 Main goals for 2010 18 DIVERSIFICATION AND GROWTH OF REINSURANCE PORTFOLIO  7% decrease in premiums (8% growth in foreign-sourced premiums; 17,7% decrease in premiums from Slovenia) IMPROVED PROFITABILITY OF REINSURANCE PORTFOLIO  Improve the combined ratio (before admin. exp.) to 94% (from 102%) GROWTH STRATEGY FOR FOREIGN MARKETS  Prepare the basis and activities for further profitable growth in foreign markets COST CONTROL  Decrease the net expense ratio by 2,4 percentage points EFFICIENT INSURANCE OPERATIONS  Reduce the expense ratios UPGRAD RISK MANAGEMENT  Optimisation of business processes, tools (for reinsurance pricing; dynamic financial analysis) and corporate culture relating to risk management DEVELOPMENT OF IT SYSTEMS  Implement existing IT solutions for life and non-life business LONG-TERM GOAL: TO CREATE SHAREHOLDER VALUE DEVELOPMENT OF DISTRIBUTION NETWORKS  Training of agents and setting up branch offices Primary insurance Reinsurance IMPROVED UNDERWRITING PROCESS  Improve the quality of underwriting

20. 12 Appendix – Sava Re d.d. Statement of Fiancial Position 19 (EUR)31 Dec 200931 Dec 2008 ASSETS404.105.057399.152.651 Intangible assets 181.818189.498 Property and equipment 1.808.6281.852.158 Deferred tax assets 2.112.6825.383.818 Investment property 1.244.8861.262.310 Financial investments in Group companies and in associates 89.436.60174.999.029 Financial investments 207.913.774204.952.584 Reinsurers' share of technical provisions 25.148.35137.690.671 Receivables 65.638.36956.451.138 Deferred acquisition costs 10.263.8169.652.159 Other assets 225.6896.707.831 Cash and cash equivalents 130.44211.454 EQUITY AND LIABILITIES 404.105.057399.152.651 Equity 149.995.279153.740.161 Subordinated liabilities 31.135.77731.139.605 Technical provisions 169.726.846159.309.009 Other provisions 170.448226.667 Deferred tax liabilities 323.8140 Other financial liabilities 2.900.613160 Liabilities from operating activities 37.345.54342.528.378 Diverse liabilities 12.506.73612.208.671

21. 12 Appendix – Sava Re d.d. Income Statement 20 (EUR)20092008 Net earned premiums119.096.865109.098.508 Investment income12.566.93322.519.176 Other technical income5.539.0682.898.066 Other income67.5581.314 Net claims incurred- 90.257.788- 79.061.685 Change in other technical provisions- 949.348- 182.999 Operating expenses- 39.876.086- 39.127.544 Expenses from financial assets and liabilities- 18.961.340- 25.059.828 Other technical expenses- 1.230.757- 573.706 Other expenses-663- 1.370 Profit/loss before tax- 14.005.559- 9.490.069 Income tax expense1.406.9141.498.420 Net profit/loss for the period- 12.598.645- 7.991.649 Earnings/loss per share- 1,35- 0,91

22. 12 Appendix – Key financial ratios 21 Sava Re d.d.2009200820072006 Retention ratio 1 82,7%84,5%82,0%82,9% Net loss ratio 2 75,8%72,5%67,3%66,8% Net expense ratio 3 29,8%33,3%31,0%31,8% Net combined ratio 4 105,5%105,8%98,3%98,6% Investment profitability 5 - 2,3%- 1,0%8,8%5,2% Return on equity (ROE) 6 - 8,3%- 5,3%13,8%8,5% ____________________________________________________________________________________________________________________________________________ Ratios: 1) Net premium written / gross premium written 2) Net claims incurred / net premiums earned 3) Administrative costs (incl. reinsurance commission income/expenses) / net premiums earned 4) Net loss ratio + net expense ratio 5) Net investment income / average investment value 6) Result for the period / average value of equity Sava Re Group2009200820072006 Retention ratio 1 88,4%89,7%87,5%87,3% Net loss ratio 2 68,0%62,8%62,0%65,3% Net expense ratio 3 35,2%36,5%33,8%32,5% Net combined ratio 4 103,2%99,3%95,8%97,8% Investment profitability 5 - 1,4%0,3%9,0%6,2% Return on equity (ROE) 6 - 16,8%- 4,9%13,5%10,1%

23. 12 Appendix – Consolidated Statement of Fiancial Position 22 (EUR)31 Dec 200931 Dec 2008 ASSETS560.711.611535.346.611 Intangible assets 23.846.53524.794.625 Property and equipment 24.830.82922.232.413 Deferred tax assets 2.368.8455.860.267 Investment property 5.773.5645.243.407 Financial investments in associated companies 37.646.47931.580.978 Financial investments 298.131.559271.602.919 Funds for the benefit of policyholders who bear the investment risk 17.861.63410.577.672 Reinsurers' share of technical provisions 28.899.41040.141.021 Receivables 96.209.97184.896.822 Deferred acquisition costs 17.404.46715.746.647 Other assets 1.130.9717.344.421 Cash and cash equivalents 5.617.45714.128.967 Non-current assets held for sale 989.8871.196.451 EQUITY AND LIABILITIES 560.711.611535.346.611 Equity 161.677.406174.087.055 Subordinated liabilities 31.135.77731.139.605 Technical provisions 288.282.904256.307.515 Technical provisions for the benefit of life insurance policyholders who bear the investment risk 17.953.97910.748.184 Other provisions 872.101777.616 Deferred tax liabilities 385.65960.746 Other financial liabilities 3.173.918600.160 Liabilities from operating activities 40.176.90845.842.801 Other liabilities 17.052.95815.782.930

24. 12 Appendix – Consolidated Income Statement 23 (EUR)20092008 Net earned premiums217.427.839194.113.774 Income from investments in affiliates167.4971.350.266 Investment income22.182.89828.007.027 Other technical income7.801.8584.157.752 Other income822.5091.345.365 Net claims incurred- 147.818.236- 121.848.431 Change in other technical provisions- 3.367.476- 726.586 Change in the technical provision for policyholders who bear the investment risk - 7.205.795- 436.745 Expenses fro bonuses and rebates- 675.655- 594.472 Operating expenses- 81.250.387- 73.868.273 Expenses from investments in affiliates- 254.2810 Expenses from financial assets and liabilities- 23.446.850- 33.239.644 Other technical expenses- 6.962.929- 3.989.886 Other expenses- 5.766.439- 3.063.901 Profit/loss before tax- 28.345.446- 8.793.754 Income tax expense129.235321.110 Net profit/loss for the period- 28.216.212- 8.472.644

25. 12 Appendix – Important dates 2010 24 Date 1 Unaudited financial statements of Sava Re d.d. for 20098. 4. 2010 Audited annual report for Sava Re d.d. & Sava Re Group for 200930. 4. 2010 Declaration of compliance with the Corporate Governance Code30. 4. 2010 Unaudited interim report for Sava Re d.d. for the period January–March 2010 31. 5. 2010 Annual document – list of all information published by Sava Re d.d. over the past 12 months 11. 6. 2009 Notice of Annual General Meeting28. 5. 2010 Annual General Meeting of Sava Re d.d.30. 6. 2010 AGM resolutions published1. 7. 2010 Unaudited interim report for Sava Re d. d. & Sava Re Group for the period January–June 2010 31. 8. 2010 Unaudited interim report for Sava Re d. d. for the period January– September 2010 30. 11. 2010 ____________________________________________________________________________________________________________________________________________ Note: 1) Stock Exchange publications are made after 13:30 hrs on the date of publication