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

3. 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 2011. 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.

4. 1–9/2001 results versus plan 2 Sava Reinsurance Company1-9 20101-9 2011Plan 2011 Index 2011/2010 Realised as % of plan Gross premiums written (EUR) 113.390.047110.933.925138.093.82797,880,3% Net profit/loss for the period (EUR) 1.594.6787.092.0304.731.783444,7149,9% Net combined ratio 101,3%93,3%99,1%92,094,1% 31.12.201030.9.201131.12.2011 Shareholders' equity (EUR) 156.138.327160.552.919156.015.965102,8102,9% Benign claims environment Planned drop in premium volume; reducing exposure to the Slovenian insurance market Dividends of Zavarovalnica Maribor and Zavarovalnica Tilia

5. Major items of the income statement 5 (EUR) Three quarters 2010 Three quarters 2011 Index 11/10 Net earned premiums92.527.58192.265.32499,7 Net claims incurred65.084.04357.893.47489,0 Operating expenses28.691.25228.180.70498,2 Other technical income2.286.3621.181.01351,7 Other technical expenses1.894.5941.334.62770,4 Technical result-854.9476.037.532906,2 Income from investments in affiliates345.0384.540.4481.315,9 Investment income7.253.7566.186.99685,3 Expenses for investments in affiliates02.549.076 Expenses for financial assets and liabilities4.684.4474.993.462106,6 Net investment income2.914.3473.184.906109,3 Other income21.2561.7798,4 Other expenses1586239,2 Result of other items (12 + 13 + 14)21.0981.7178,1 Profit/loss before tax2.080.4989.224.155443,4 Tax on profit485.8172.132.125438,9 Net profit for the period1.594.6807.092.030444,7 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

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

7. 1–9/2011 results: operating expenses 8 (EUR)1-9 20101-9 2011 Index 2011/2010 NET OPERATING EXPENSES28.691.25128.180.70498,2 Acquisition costs including change in deferred acquisition costs 25.551.84525.069.06998,1 Acquisition costs25.125.44124.980.09799,4 Change in deferred acquisition costs 426.40488.97320,9 Other operating expenses4.530.5854.578.978101,1 Income from reinsurance commission and reinsurance contract profit participation -1.391.179-1.467.344105,5 Gross expense ratio26,2%26,6%101,9 Net expense ratio31,0%30,5%98,5

8. 1–9/2011 results: investment structure 8 (EUR)31.12.201030.9.2011 Deposits and CDs73.003.230 54.980.459 Bonds108.879.179 121.253.305 Shares9.350.409 9.044.993 Mutual funds16.172.633 7.999.139 Strategic shares106.236.355 117.030.606 Other6.863.251 9.471.001 Total*320.505.056 319.779.503 *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

9. 1–9/2011 results: investment return & income 9 (EUR)1-9 20101-9 2011Index 2011/2010 Investment income 9.710.72010.637.536109,5 Investment expenses 7.282.8787.542.538103,6 Net investment income* 2.427.8423.094.999127,5 *The net investment income does not include interest income from deposits with cedants of EUR 120.000 for 3Q 2010 and EUR 90,000 for 3Q 2011. 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

10. 1–9/2011 results: statement of fin. position 10 EQUITY AND LIABILITIES (30.9.2011) = EUR 422.9m Structure 31.12.2010 Structure 31.12.2011 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 (30.9.2011) = EUR 160,6m 31.12.201030.9.2011Index Share capital39.069.099 100,0 Share premium33.003.752 100,0 Profit reserves83.238.20482.994.63499,7 Fair value reserve-2.767.816-5.445.255196,7 Net profit for the period3.596.8627.335.600203,9 TP = EUR 188,6m31.12.201030.9.2011Index Unearned premiums41.861.44345.776.823109,4 Provision for outstanding claims 131.492.898142.256.220108,2 Other TP587.633598.780101,9 (EUR)1-9 20101-9 2011 Available capital42.276.24133.834.199 Required kapital20.300.83121.140.440 Excess of available over required capital* 21.975.41012.702.759 208,2%160,1% *estimate until end of 2011: EUR 19.503.024 (193%)

11. Thank you for your attention. 11