2. Pozavarovalnica Sava, d. d. Analyst Meeting Financial report of Sava Re Group Six Months to 30 June 2011 August 2011

3. Major events  Recapitalisation of the subsidiary Sava životno osiguranje (Serbia) with EUR 0,3m EVENTS PRIOR TO THE REPORTING DATE EVENTS AFTER THE REPORTING DATE  Mateja Treven starts her 5-year term of office as Management Board Member on 3 February 2011  Request of the Securities Market Agency relating to a potential takeover bid for POSR shares  Sava Reinsurance Company signs a memorandum of co-operation on setting up a life insurer in Azerbaijan  Claim received from the designers of Sava’s former logo in the amount of EUR 0,4m  Resolution adopted to recapitalise the subsidiary Sava Tabak (Macedonia) with EUR 2,5m  Resolution adopted to recapitalise the subsidiary Velebit usluge (Croatia) with EUR 1,5m 3  The 24th General Meeting takes place on 29 June 2011  In July, Velebit usluge is recapitalised with EUR 0,5m  In July, recapitalisation of Zavarovalnica Maribor of EUR 5,9m completed  In July, the controlling company decides to recapitalise Sava životno osiguranje with EUR 0,4m  Increased stake in Zavarovalnica Maribor to 48,68%  General Meeting of Zavarovalnice Maribor called; proposal for dividend payout

4. Results 1-6 2011; Sava Re Group 4 Sava Reinsurance Company1-6 20101-6 2011Plan 2011 Index 2011/2010 Realised as % of plan Gross premiums written (EUR) 141.824.962143.568.044266.306.189101,253,9% Net profit/loss for the period (EUR) 2.734.4503.990.7758.480.464145,947,1% Net combined ratio 101,6%93,0%98,9%91,594,0% 31.12.201031.6.201131.12.2011 Shareholders’equity (EUR) 154.684.613157.643.413162.038.302101,997,3% -The growth in gross premiums was contributed by the growth in Zavarovalnica Tilia and Illyria (the Kosovan non-life insurer). Premium income dropped in the Serbian market due to the strategy of limiting the growth in motor TPL and in Macedonia due to the loss of a large account. Also the the premium income of the Croatian life insurer dropped as single premium payments were larger in the past and surrenders are becoming more frequent. - Results improved mostly because of more favourable loss ratios as a result of more selective underwriting and achieved growth in profitable busness segments.

5. Key items of the consolidated income statement 5 Sava Re; TiliaFavourable loss developmentSlower growth than premiums earned 1H 2010-foreign exchange differences (Sava Re); 1H 2011-increase in reinsurance commision Increase due to deteriorated payment behaviour in markets (impairment losses on premium receivables) Sava Re Group (EUR)1 - 6 20101 - 6 2011Index 11/10 Net premiums earned109.232.769117.052.188107,2 Net claims incurred67.365.18166.384.53598,5 Change in other technical provisions (including change in the tech.provi. for policyholders who bear the inv.risk) -3.745.360-935.03025,0 Net operating expenses40.586.83343.423.439107,0 Other technical income3.286.6632.827.35686,0 Other technical expenses3.837.9185.142.035134,0 Technical result-3.015.8603.994.505332,4 Income from investments in associates3.900.7092.492.49963,9 Ivestment income9.572.5857.401.18277,3 Expenses from financial assets and liabilities 5.051.8756.459.207127,9 Net investment income8.421.4193.434.47440,8 Other income293.084498.725170,2 Expenses for bonuses and rebates389.310289.22174,3 Other expenses1.209.7101.042.15786,1 Result of other items-1.305.936-832.65363,8 Profit/loss before tax4.099.6246.596.326160,9 Net profit/loss for the period2.734.4503.990.775145,9 Due to results of ZM & Moja naložbaLast year larger capital gains (Sava Re) Drop in funds for the benefit of policyholders, who bear the investment risk and impairments of investments. Note: Investment income includes interest from deposits with cedants of Sava Reinsurance Company Impact of movements of funds of policyholders who bear the investment risk

6. Results 1-6 2011; consolidated income and expenses 6 (EUR)1-6 20101-6 2011 Index 2011/2010 Gross premiums written141.824.962143.568.044101,2 Net premium written126.656.444126.613.819100,0 Change in net unearned premiums -17.423.675-9.561.63154,9 Net premiums earned109.232.769117.052.188107,2 (E UR)1-6 20101-6 2011 Index 2011/2010 Gross claims paid62.413.66563.109.425101,1 Net claims paid55.820.30759.423.545106,5 Change in the net claims provision 11.544.8746.960.99060,3 Net claims incurred67.365.18166.384.53598,5 Reisurance: +1,6% Non-life: +1,2% Life: -2,4% Largest imapact from Sava Re as there were many mid-year renewals Favourable loss developments in reinsurance and in the non-life insurance segment Effect of Sava Re due to fast growth of foreign- soursed business in past year

7. Results 1-6 2011; consolidated expenses 7 (EUR)1-6 20101-6 2011 Index 2011/2010 NET OPERATING EXPENSES40.026.47141.914.581104,7 Acquisition costs including change in deferred acquisition costs 20.149.21322.892.126113,6 Acquisition costs23.201.33623.826.940102,7 Change in deferred acquisition costs -3.052.123-934.81430,6 Other operating expenses20.437.62020.531.313100,5 Income from reinsurance commission-560.362-1.508.858269,3 Gross expense ratio*30,8%30,9%105,7 Net expense ratio**36,6%35,8%97,7 * Gross expense ratio = (Acquisition costs + other operating expenses) / gross premiums written ** Net expense ratio = net operating expenses / net earned premiums

8. Results 1-6 2011; premiums and ratios 8 1)Net incurred loss ratio = net claims incurred / net premiums earned 2)Net expense ratio = (operating expenses – commission income) / net earned premiums 3)Net combined ratio = net incurred ratio + net expense ratio

9. Results 1-6 2011; Sava Re Group investments by type 9 (EUR)31.12.201030.6.2011 Deposits and CDs129.563.386128.116.256 Bonds149.607.354154.511.665 Shares11.482.15811.835.040 Mutual funds24.158.53420.447.788 Strategic shares42.322.36644.210.246 Other6.915.2997.508.692 Total364.049.095366.629.686 Growth of the investment portfolio was mainly driven by positive cash flow from reinsurance business. Sava Reins Co & Zav. Tilia are increasing their fixed-income portfolio Disposals of investments by Sava Reins Co & Zav. Tilia Added share of profit from subsidiaries

10. Results1-6 2011; Sava Re Group investment return 10 (EUR)1 - 6 201020101- 6 2011 Investment income11.719.98821.272.3959.348.725 Investment expenses4.022.8618.529.1404.462.052 Net investment income7.697.12712.743.2554.886.673 Comprehensive income3.580.2914.113.2372.958.803 Note: included are interest income/expenses from deposits with cedants of Sava Reins Co; excluded are gains/losses of policyholders who bear the investment risk. Impairment of investments (EUR)1 - 6 20101 - 6 2011 Corporate bonds99.3000 Shares2.311.4161.093.342 Mutual funds0227.565 Strategic shares01.433.000 Total2.410.7162.753.908 Shares Telekom Slovenija1.036.815 Shares Petrol54.669 Shares Stremput1.859 Perspektiva World Mix Sava Tabak

11. 11 Non-life insurers (EUR)Zavarovalnica Tilia - non-life Sava osiguranje IllyriaSava Tabak Sava Montenegro Velebit osiguranje Gross premium written with coinsurance 39.569.7765.901.9938.120.5995.925.6434.723.0644.758.168 Net premiums earned 24.139.2266.297.4846.901.0775.277.4364.478.5773.372.425 Year-on-year change 16,3%-1,5%17,5%-8,2%-0,2%13,5% Gross claims paid (with coinsurance) 18.628.0353.608.0633.389.4113.497.8892.076.4181.603.768 Net claims incurred 14.480.3093.365.0013.616.0563.261.1742.255.1142.404.338 Net operating expenses 7.077.9483.469.6962.677.0122.136.4352.459.7791.622.755 Technical result719.239-700.852142.000-873.132-422.461-1.099.382 Net investment income 524.797455.64079.258104.642483.285192.840 Result of other items (other income and expenses) -59.709-342.1500-209.209-135.2730 Net profit/loss for the period 668.688-587.362-68.581-977.699-74.449-906.542 Net incurred ratio 1-6 2011 60,0%53,4%52,4%61,8%50,4%71,3% Net expense ratio 1-6 2011 29,3%55,1%38,8%40,5%54,9%48,1% Net combined ratio 1-6 2011 89,3%108,5%91,2%102,3%105,3%119,4% Net combined ratio 1-6 2010 91,3%107,9%90,0%105,5%105,1%133,2% Performance of subsidiaries 1-6 2011

12. 12 Life insurers (EUR) Zavarovalnica Tilia - life Illyria Life Sava životno osiguranje Velebit životno osiguranje Gross premium written with coinsurance 5.151.499550.924264.683445.805 Net premiums earned 5.100.989486.317263.552439.937 Year-on-year change -2,4%70,1%131,5%-51,7% Gross claims paid 2.188.13501.88358.269 Net claims incurred (including change in math.prov.) 2.458.894177.532112.85794.497 Net operating expenses 1.426.665270.470660.712787.527 Technical result1.215.46938.315-510.367-432.449 Net investment income -1.115.76365.427-11.830116.450 Result of other items 00-2.1250 Net profit/loss for the period 99.70676.196-524.322-315.999

13. Pozavarovalnica Sava, d. d. Key performance indicators for Sava Reinsurance Company for the Six Months to 30 June 2011 August 2011

14. Key items of the income statement 14 Reinsurance Company Sava (EUR)1 – 6 20101 – 6 2011Index 11/10 Net premiums earned56.533.94160.419.368106,9 Net claims incurred37.888.79434.676.83491,5 Change in other technical provisions (including change in the tech.provi. for policyholders who bear the inv.risk) -16.6730 Net operating expenses19.376.71320.633.326106,5 Other technical income2.681.5291.850.73369,0 Other technical expenses1.288.291977.81575,9 Technical result644.9985.982.126927,5 Income from investments in associates00 Ivestment income4.791.5083.834.15980,0 Expenses from investments in associates01.433.000 Expenses from financial assets and liabilities 3.655.9752.364.52964,7 Net investment income1.135.53436.6303,2 Other income1.80925113,9 Expenses for bonuses and rebates026.071 Other expenses158106,3 Result of other items1.651-25.830 Profit/loss before tax1.782.1845.992.929336,3 Net profit/loss for the period1.282.1684.220.401329,2 Last year larger capital gains Impact of dollar movements and increase in reinsurance commision Favourable claims developmentGrowth lower than growth in earned premiumsImpairment loss on investment in subsidiary Due to unearned premiums; larger amount of business written in mid-year renewals Note: Investment income: includes interest from deposits with cedants of Sava Reinsurance Company

15. Key ratios for reinsurance business – entire portfolio 15 Notes: calculation of ratios: 1)Net incurred loss ratio = (net claims paid + change in net provision for outstanding claims) / (net premium written + change in net unearned premium) 2)Net expense ratio = (net acquisition costs + change in deferred acquisition cost) / (net premium written + change in net unearned premium)