2. Pozavarovalnica Sava, d. d. Analyst Meeting Business Results of Sava Reinsurance Company FIRST QUARTER 2011 Maj 2011

3. Major events  Recapitalisation of the subsidiary company Sava životno osiguranje EVENTS IN THE FIRST QUARTER 2011 EVENTS AFTER THE REPORTING DATE  On 3 March 2011, Mateja Treven starts her five-year term of office as Member of the Management Board  Request by the Securities Market Agency relating to a potential takerover bid for POSR shares  Election of Supervisory Board member in regular annual meeting  Claim from designers of Sava Re’s former logo  Decision on the recapitalisation of the subsidiary company Sava Tabak adopted  Decision on the recapitalisation of the subsidiary company Velebit usluge adopted 1

4. 1Q 2011 results versus 2011 plan 2 KEY FEATURES OF FIRST QUARTER 2011 RESULTS: Gross premiums written of over 25% of budgeted premium; premium volume shrank year-on-year as a result of both the strategy of lowering Sava's dependence on the Slovenian market and of increased selectivity in reinsurance underwriting in European markets (focus on profitable business) Favourable movement in combined ratio (good results on both the domestic and foreign-sourced portfolio) Ordinary first quarter movements in unearned premiums Negative impact from impairment losses on equities (EUR 0,9m)

5. Key items of the income statement 3 Drop in premiums planned to decrease Slovenian premium Effect of capital gains in prior year Effect of movements in the US dollar Sava Reinsurance Company 1-3 20101-3 2011 Index 2011/2010 (EUR) 124=2/1 Net earned premiums 27.723.95327.023.45497,5 Investment income 2.435.0791.845.03075,8 Other technical income 1.494.729601.90440,3 Net claims incurred 18.567.67416.706.46090,0 Net operating expenses 9.400.0339.333.78799,3 Investment expenses 1.394.0641.424.973102,2 Other technical expenses 810.467567.19970,0 Net profit/loss for the period 848.537735.72886,7 Favourable claims development Gross expenses in line with premium income; negative impact from deferred acquisition costs Effect of impairment losses on investments of EUR 0,9m strongest in the first quarter Effect of movements in the US dollar

6. Premiums earned and claims incurred 4 Sava Re (EUR)1-3 20101-3 2011Index 2011/2010 Gross premiums written 45.881.75042.775.73293,2 Net premiums written 37.850.54635.153.36792,9 Change in net unearned premiums -10.126.593-8.129.91380,3 Net premiums earned 27.723.95327.023.45497,5 Sava Re (EUR)1-3 20101-3 2011Index 2011/2010 Gross claims paid 20.276.37116.894.01783,3 Net claims paid 16.512.28416.556.554100,3 Change in the net claims provision 2.055.390149.9067,3 Net claims incurred 18.567.67416.706.46090,0 The gross claims provision grew by 2,2%, of this 17,9% relates to the reinsurers' share, which explains the low figure for the change in the net claims provision.

7. Reinsurance business: Domestic premium 5 20092010 Aircraft hull 0,2%0,1% Liability 3,4%3,6% Credit 1,1%0,9% Marine hull 1,1%1,3% Motor casco 24,2%25,5% MTPL 27,8%26,6% Accident and life 9,6%9,4% Non-life 32,6%32,5% Total 100,0% Gross premiums written EUR 85mEUR 71m

8. Reinsurance business: Foreign-sourced premium 6 20092010 Aircraft hull 1,0%0,6% Liability 1,5%1,3% Credit 0,1% Marine hull 6,4%7,2% Motor casco 4,5%4,0% MTPL 5,3%5,2% Accident and life 5,4%4,9% Non-life 75,9%76,7% Total 100,0% Gross premiums written EUR 62mEUR 71m

9. Key ratios for reinsurance business – complete portfolio 7 The gross incurred loss ratio includes apart from claims and premiums, the change in unearned premiums and in the claims provision. The gross expense ratio includes apart from commissions and premiums, the change in deferred acquisition costs and in unearned premiums (excluding administrative expenses). Net ratios include the effects of Sava Re's reinsurance coverage (showing the net account).

10. 1Q Results: Operating expenses 8 (v EUR)1-3 20101-3 2011 Index 2011/2010 NET DEFERRED ACQUISITION COSTS 7.967.9277.870.62398,8 Acquisition costs including change in deferred acquisition costs 8.091.1818.226.430101,7 Gross deferred acquisition costs 10.393.9799.478.16491,2 Gross change in deferred acquisition costs -2.302.798-1.251.73454,4 Income from reinsurance commission and reinsurance contract profit participation - 123.254-355.807288,7 ADMINISTRATIVE EXPENSES 1.432.1061.463.164102,2 Depreciation of operating assets 40.28951.311127,4 Labour costs 959.2241.114.913116,2 Costs of services by natural persons not performing business, incl. contributions 8.39215.606186,0 Other operating expenses 424.201281.33466,3 NET OPERATING EXPENSES 9.400.0339.333.78799,3

11. 1Q Results: Investment structure 9 (EUR)31 Dec 201031 Mar 2011 Deposits and CDs 73.003.23057.295.598 Bonds 108.879.179117.674.363 Shares 9.350.4099.847.772 Mutual funds 16.172.63314.814.302 Strategic shares 106.236.355108.046.939 Other 6.863.2516.462.501 Total 320.505.056314.141.476

12. 1Q Results: Net investment income 10 (EUR)1-3 20101-3 2011Index 2011/2010 Investment income 2.435.0791.845.03075,8 Investment expenses 1.394.0641.424.973102,2 Net investment income 1.041.015420.05740,4 Comprehensive income 2.202.720769.55534,9 Impairment losses on quoted equities already valued at fair value through the fair value reserve Impacts on the investment portfolio: - Settlement of consideration for Zav. Illyria of EUR 8,5m. - Cash flows from reinsurance operations of EUR 1,8m and fair- value revaluation of investments amounting to EUR 0,3m. Impact: - Impairment losses on the equity portfolio

13. 1Q Results: Statement of financial position 11 EQUITY AND LIABILITIES (31 Mar 2011) = EUR 423,7m Structure 31 Dec 2010 Structure 31 Dec 2011 Equity 37,3%37,0% Technical provisions 41,6%44,4% Liabilities from operating activities 7,6%7,1% Other 13,5%11,5% EQUITY (31 Mar 2011) = EUR 156,9m 31 Dec 201031 Dec 2011Index Share capital 39.069.099 100,0 Share premium 33.003.752 100,0 Profit reserves 83.238.20482.930.42999,6 Fair value reserve -2.767.816-2.733.98998,8 Net profit/loss for the period 3.596.8621.043.50329,0 TR = EUR 188,2m31 Dec 201031 Mar 2011Index Unearned premiums 41.861.44353.300.709127,3 Claims provision 131.492.898134.337.924102,2 Other TP 587.633598.564101,9 (EUR)1-3 20101-3 2011 Available solvency margin 44.104.99443.879.681 Required solvency margin 18.876.63820.471.591 Surplus of available over required 25.228.35623.408.090