Pozavarovalnica Sava, d. d.

Financial Report1-6 2012

August 2012

1-6 2012 Consolidated Results

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Sava Re Group 1-6 2011 1-6 2012 Plan 2012% Change

1-6 12/1-6 11Plan/actual

Net profit (EUR) 3.990.775 10.304.211 10.588.677 158,2% 97,3%

Net combined ratio S&P 97,4% 96,1% 97,8% -1,3 o.t. -1,7 o.t.

ROE 2,6% 6,6% 6,6% +4,0 o.t.  31.12.2011 30.6.2012 31.12.2012    

Equity (EUR) 148.080.050 164.066.369 166.426.254 10,8% 98,6%

1-6 2012 Results: Sava Reinsurance Company

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Sava Reinsurance Company 1-6 2011 1-6 2012 Plan 2012% Change

1-6 12/1-6 11Plan/actual

Net profit (EUR) 4.220.402 4.582.351 9.597.535 8,6% 47,7%

Net combined ratio S&P 90,4% 94,1% 97,3% +3,7 o.t. -3,2 o.t.ROE 2,7% 2,8% 5,7% +0,1 o.t. -2,9 o.t.  31.12.2011 30.6.2012 31.12.2012    Equity (EUR) 158.454.528 166.794.919 172.376.906 5,3% 96,8%

Pozavarovalnica Sava, d. d.

Financial ReportSava Re Group

1-6 2012

The Sava Re Group

6

After the reporting date, Sava Reinsurance Company purchased minority interests and is at the time of preparing this presentation sole owner of Tila.

Structure of Results

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*The operating result and the investment result do not include data relating to policyholders who bear the investment risk.

cumulative cumulative

1-6 2012 Results: Premiums & Ratios

8

1-6 2012 Results: Reinsurance Business9

**Figures are unconsolidated and net of tax.*The Other item includes other income, expenses for bonuses and rebates and other expenses.

cumulative

1-6 2012 Results: Non-life Insurance Business10

** Figures are unconsolidated and net of tax.*The other item includes: other income, expenses for bonuses and rebates and other expenses.

cumulative

1-6 2012 Results: Life Insurance Business11

** Figures are unconsolidated and net of tax.* The other item includes: other income, expenses for bonuses and rebates and other expenses.

cumulative

1-6 2012 Results: Consolidated Expenses

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EUR 1-6 2011 1-6 2012% Change

1-6 12/1-6 11

NET OPERATING EXPENSES 41.914.581 42.410.389 1,2%

Acquisition costs including change in DAC 25.067.547 28.514.147 13,7%

Other operating expenses 18.355.892 15.387.720 -16,2%

Income from reinsurance commission -1.508.858 -1.491.478 -1,2%

The increase is a combined effect of portfolio growth and a favourable loss burden for the reinsurance portfolio as well

as of increased commissions.

1-6 2012 Results: Net Profit by Group Company

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EUR 1-6/2011 1-6/2012

Sava Re 4.220.399 4.582.348

Zavarovalnica Tilia 768.394 3.125.041

Sava osiguranje -587.362 151.995

Illyria -68.581 -31.539

Sava osiguruvanje -977.699 -669.789

Sava Montenegro -74.449 378.702

Illyria Life 76.196 = 75.552Sava Life -524.322 -135.122

Velebit osiguranje -906.542 -379.053

Velebit Life -315.999 -352.324

Ostale družbe -73.008 350.706

Zavarovalnica Maribor 2.339.200 3.102.592

Moja naložba 114.548 105.102

Total 3.990.775 10.304.211

1-6 2012: Sava Re Group Investments

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* The other item includes loans, land and buildings and other.

409,3 million EUR

380,3 million EUR

+8%

- 2%

+11%

- 49%

+13%

- 6%

-14%

+23%

- Increased share of deposits as a result of a larger share of call deposits. - Increase in corporate bonds due to decision to purchase covered bonds and other highly-rated corporate bonds, and

foreign government guaranteed bonds. - Reduced share of government bonds partly because of maturity of Slovenian government bond. - Reduced share of shares due to impairment losses. - Reduced share of mutual funds as a result of decision to sell them.

Investments by issuer credit rating

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Investments by region

Investments by IFRS categories

1-6 2012 Results: Investments of the Sava Re Group

*Investments do not include strategic investments, deposits with cedants nor investments for the benefit of policyholders who bear the investment risk.

Investments by issuer

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Issuer: financial institutions

1-6 2012 Results: Investments of the Sava Re Group

Issuer: government

*Investments do not include strategic investments, deposits with cedants nor investments for the benefit of policyholders who bear the investment risk.

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.

1-6 2012 Results: Consolidated Statement of Financial Position

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+32%

+7%+11%

EUR 31.12.2011 30.6.2012% Change

1-6 12/1-6 11

ASSETS 582.037.025 645.586.482 10,9%

Financial investments in associate companies 49.085.007 54.471.244 11,0%

Financial investments 325.188.363 349.138.982 7,4%Funds for the benefit of policyholders who bear the investment risk

24.138.957 25.787.321 6,8%

Reinsurers' share of technical provisions 21.608.381 31.232.930 44,5%

Receivables 86.266.849 111.973.476 29,8%

EQUITY AND LIABILITIES 582.037.027 645.586.482 10,9%

Equity 148.080.052 164.066.369 10,8%

Subordinated liabilities 31.220.817 31.230.592 0,0%

Technical provisions 320.875.142 362.989.304 13,1%Technical provisions for the benefit of life insurance policyholders who bear the investment risk

23.673.423 25.108.983 6,1%

Liabilities from operating activities 41.486.024 45.379.587 9,4%