2. Pozavarovalnica Sava, d. d. Financial Report Three Months to 31 March 2012 (1-3 2012) May 2012

3. 1-3 2012 Consolidated Results 3 Sava Re Group1-3 20111-3 2012Plan 2012 % Change 1-3 12/1-3 11 Plan/actual Gross premiums written (EUR)82.992.81792.378.003271.148.31811,3%34,1% Net profit (EUR)1.884.7923.690.47410.588.67795,8%34,9% Net combined ratio S&P99,9%97,8% -2,1 p.p. ROE1,7%2,4%6,6%+0,7 p.p.-4,2 p.p. 31.12.201131.3.201231.12.2012 Equity (EUR)148.080.050158.712.385166.426.2547,2%95,4% 42% 28% 22% % plan % growth +5% +2% +20% +11%34,1%

4. 1-3 2012 Results: Sava Reinsurance Company 4 Sava Reinsurance Company1-3 20111-3 2012Plan 2012 % Change 1-3 12/1-3 11 Plan/actual Gross premiums written (EUR)50.289.31158.783.712141.645.53516,9%41,5% Net profit (EUR)735.7281.707.7599.597.535132,1%17,8% Net combined ratio S&P97,6%96,5%97,3%-1,1 o.t.-0,8 o.t. ROE0,5%1,1%5,7%+0,6 o.t.-4,6 o.t. 31.12.201131.3.201231.12.2012 Equity (EUR)158.454.528164.809.973172.376.9064,0%95,6% 44% 40% 42% % plan % growth +17% +26% +8%

5. Pozavarovalnica Sava, d. d. Financial Report Sava Re Group 1-3 2012

6. The Sava Re Group 6

7. Major Items of the Consolidated Income Statement 7 *The U/W result and investment result do not include figures relating to policyholders who bear the investment risk (EUR)1-3 20111-3 2012 Y-o-y % chg Net earned premiums55.008.13857.391.8404,3% Net claims incurred32.269.76335.444.7479,8% Change in other net technical provisions (+/-)-684.282-325.69252,4% Commission income448.673580.45029,4% Expenses for bonuses and rebates217.42238.741-82,2% Net operating expenses19.619.48819.012.283-3,1% Underwriting result2.665.8563.150.82718,2% Income from investments in associates1.454.857995.642-31,6% Investment income3.198.5384.884.04452,7% Expenses for financial assets and liabilities1.629.6971.707.0014,7% Net investment income3.023.6984.172.68538,0% Other income801.402911.71813,8% Other expenses3.386.4632.756.616-18,6% Result of other items-2.585.061-1.844.89828,6% Income tax expense670.7541.403.029109,2% Net profit for the period1.884.7923.690.47495,8%

8. 1-3 2012 Results: Premiums & Ratios 8

9. 1-3 2012 Results by Operating Segment 9

10. 1-3 2012 Results: Consolidated Expenses 10 (EUR)1-3 20111-3 2012 % Change 1-3 12/1-3 11 NET OPERATING EXPENSES19.170.81618.431.834-3,9% Acquisition costs including change in DAC10.248.51710.467.2222,1% Acquisition costs11.804.35113.699.13316,1% Change in DAC-1.555.834-3.231.911107,7% Other operating expenses9.370.9728.545.062-8,8% Income from reinsurance commission-448.673-580.45029,4%

11. 1-3 2012: Sava Re Group Investments 11 * The “Other” item comprises loans, land and buildings and other investments. Decrease in government bonds and temporary increase in deposits due to capital market conditions (increase in bond prices) 388,0 million EUR 371,8 million EUR +2,3% -45,1% -4,8% +0,9% -5,0% +22,3% +5,2% +3,8%

12. Investments by issuer credit rating 13 Investments by region Investments by IFRS categories 1-3 2012 Results: Investments of the Sava Re Group

13. Investments by issuer 14 Issuer: government Issuer: financial institutions The "Other" item includes: business, investment property and strategic investments. Financial institutions include: banks incl. savings banks, insurance companies, mutual funds and other financial institutions. 1-3 2012 Results: Investments of the Sava Re Group

14. 14 (EUR)1-3 20121-3 2011Index Investment income5.879.6864.653.395126,4 - Income from investments in associates995.6421.454.85768,4 - Interest income3.386.9422.901.370116,7 - Other financial income1.497.102297.168503,8 Investment expenses1.707.0011.629.697104,7 - Impairment of investments136.098889.35915,3 - Interest expenses462.956437.982105,7 - Other investments expenses1.107.947302.356366,4 Net investments income (inv. Income - inv. expenses)4.172.6853.023.698138,0 Average investments387.733.312375.899.771103,1 Investment return including finance costs %4,33,2133,8 Investment return excluding finance costs %4,83,7129,8 1-3 2012: Sava Re Group Investments income and expenses

15. Pozavarovalnica Sava, d. d. Sava Reinsurance Company 1-3 2012

16. Major Items of the Income Statement – Sava Reinsurance Company 16 Note: Investment income: included are deposits with cedants of Sava Reinsurance Company Sava Reinsurance Company (EUR)1-3 20111-3 2012 % Change 1-3 12/1-3 11 Net earned premiums27.023.45430.288.51612,1% Net claims incurred16.706.46019.536.87516,9% Change in other net technical provisions (+/-)00 Other technical income355.807503.11441,4% Expenses for bonuses and rebates10.9318.040-26,4% Net operating expenses9.689.59410.023.1153,4% Underwriting result972.2761.223.60025,8% Income from investments in subsidiaries and associates9230-100,0% Investment income1.844.1072.483.94234,7% Expenses for financial assets and liabilities1.424.9731.419.146-0,4% Net investment income420.0571.064.796153,5% Other income246.348293.87419,3% Other expenses567.199444.312-21,7% Result of other items-320.851-150.43853,1% Income tax expense335.754430.19928,1% Net profit for the period735.7281.707.759132,1%

17. Key ratios for the reinsurance portfolio 17

18. 1-3 2012 Results: Operating Expenses 18 (EUR)1-3 20111-3 2012 % Change 1-3 12/1-3 11 NET OPERATING EXPENSES9.333.7879.520.0012,0% Acquisition costs including change in deferred acquisition costs 8.226.4308.442.8182,6% - Acquisition costs 9.478.16411.290.79219,1% - Change in deferred acquisition costs -1.251.734-2.847.974127,5% Other operating expenses 1.463.1641.580.2978,0% Income from reinsurance commission and reinsurance contract profit participation -355.807-503.11441,4%

19. 1-3 2012 Results: Statement of Financial Position Sava Reinsurance Company (EUR)31.12.201131.3.2012 % Change 1-3 12/1-3 11 ASSETS417.051.463458.481.4209,9% Financial investments in associate companies 114.423.243116.860.8002,1% Financial investments208.748.194215.039.2113,0% Reinsurers' share of technical provisions17.615.76123.780.05135,0% Receivables59.848.46285.406.47042,7% EQUITY AND LIABILITIES417.051.463458.481.4209,9% Equity158.454.529164.809.9744,0% Subordinated liabilities31.220.81731.222.6750,0% Technical provisions183.891.042213.558.79716,1% Liabilities from operating activities42.059.35047.654.84313,3% Other liabilities1.281.2661.091.166-14,8% +56% +5% +4% (EUR)1-3 20111-3 2012 Y-o-y % chg Available solvency margin41.144.01144.338.5827,8% Required solvency margin20.192.59723.825.62818,0% Surplus of available over required20.951.41420.512.954-2,1% 19