2. Pozavarovalnica Sava, d. d. Roadshow Stockholm, May 2011 SAVA RE GROUP AND SAVA REINSURANCE COMPANY RESULTS 2010

3. Pozavarovalnica Sava, d. d. Roadshow Stockholm, May 2011 WHO WE ARE AND OUR PAST DEVELOPMENT

4. DEVELOPMENT THROUGHOUT TIME 1973 – Starts as reinsurance department of Sava Insurance 1977 – Spin-off from Sava Insurance and incorporation under the name Reinsurance Community Sava 1990 – Reorganises as a joint-stock company under the new Slovenian Companies Act 1991 – Slovenia declares independence from Yugoslavia; transition from socialist system to market economy 1991 – 2% of reinsurance premiums coming from international markets; decision to expand in international reinsurance markets 1998 – Acquisition of Zavarovalnica Tilia; entry into Slovenian direct insurance market 1999 – Starts to increase minority stake in Zavarovalnica Maribor to 45,79% as of today 2003 – Unallocated portion of share capital transferred to SOD, who becomes 99,9% owner Consolidation of Sava Re’s position in Slovenia and crystallisation of ownership structure Beginnings during Yugoslav socialist period 1973 1991 2003 KEY STORY BEHIND DEVELOPING REINSURANCE BUSINESS INTERNATIONAL INWARDS PREMIUM FROM NIL IN 1973 TO NIL IN TIMES OF YUGOSLAV HYPERINFLATION TO 50,0% IN 2010 OF NON-CONSOLIDATED REINSURANCE PREMIUM INCOME DEVELOPMENT & GROWTH IN TIME 4

5. DEVELOPMENT THROUGHOUT TIME 2004 – Acquisition of a minority stake in Osiguranje Helios in Croatia, 2006 – sale of entire stake in Osiguranje Helios when there was an indirect change in control in the majority shareholder 2006 – Acquisition of majority stakes in Dukagjini (now renamed Illyria) and Sava osiguranje; entry into Kosovan and Serbian non-life insurance markets 2007 – Acquisition of majority stakes in Sava Tabak and Sava Montenegro, entry into Macedonian and Montenegrin non-life insurance markets Acquisition-driven expansion to insurance markets of former Yugoslavia 2004 2008 Expansion to life insurance business and return to Croatia 2008 – 100% owned greenfield Sava životno osiguranje a life insurance operation in Serbia 2008 – Now 100% owned greenfield Dukagjini Life (now renamed Illyria Life) in Kosovo 2009 – Acquisition of majority stakes in Velebit osiguranje and Velebit životno osiguranje; return to the Croatian non-life and life insurance market KEY STORY BEHIND DEVELOPING INSURANCE BUSINESS STARTED AS A REINSURANCE COMPANY - NOW AN IMPORTANT REGIONAL INSURANCE GROUP 2010 PREMIUM (1) STRUCTURE: - 47% REINSURANCE PREMIUM - 48% NON LIFE INSURANCE PREMIUM - 5% LIFE INSURANCE PREMIUM 20042008 __________________________________________________________________________________________________________________________________________________ Note: (1) Consolidated premium income, DEVELOPMENT & GROWTH IN TIME 5

6. 6 INTRODUCTION TO THE SAVA RE GROUP Ljubljana Maribor Novo mesto Kosovo  Overview  10 companies in reinsurance, non-life and life insurance business  Reinsurance relations with numerous players worldwide  Insurance operations in 6 markets of former Yugoslavia  Total consolidated GPW of EUR 259,1m (1) Reinsurance (GPW: EUR 120,8m)  Largest locally-based non-captive reinsurer in CEE  No.1 reinsurer in Slovenia (2)  37 years of presence in Slovenia and internationally  181 reinsurance clients  Rated by S&P since 2005; current rating (November 2010) A- with a stable outlook Direct insurance (GPW: EUR 138,3m)  Mostly non-life exposure, life insurance operated through Green-Fields  Operating in direct insurance market since 1998 through Tilia  Substantial long-term equity investment in 3 rd largest Slovenian insurer, Maribor with GPW of EUR 259,6m (3)  Exposure to market potential in countries of former Yugoslavia through acquisition of 4 subsidiaries in 2006-2007, establishment of 2 life companies in 2008 and acquisition of 2 subsidiaries in 2009 __________________________________________________________________________________________________________________________________________________ Notes: (1) As per December 31, 2010 (2) Market share measured on reinsurance GWP in Slovenia (3) As per December 31, 2010

7. 7 WHO WE ARE TODAY – 3 KEY SEGMENTS REINSURANCE SLOVENIAINTERNATIONAL INSURANCE SLOVENIA INSURANCE FORMER YU

8. OUR MARKETS 8 THE SAVA RE GROUP REINSURANCENON LIFE INSURANCELIFE INSURANCEPREMIUM INCOME 2010 INDEX (10/09) SLOVENIASava ReTilia Insurance Company (Composite Insurer) 99,7% owned by Sava Re Tilia Insurance Company (Composit Insurer) R: EUR 120,8m NL: EUR 63,7m L: EUR 10,2m T: EUR 194,7m + 0,4% + 2,8% - 1,5% + 1,0% CROATIAVelebit osiguranje 56,35% owned by Sava Re Velebit životno osiguranje 53,35% owned by Sava Re NL: EUR 8,5m L: EUR 1,3m T: EUR 9,8m + 20,3% - 8,0% + 17,3% SERBIASava osiguranje 99,99% owned by Sava Re Sava životno osiguranje 99,99% owned by Sava Re NL: EUR 15,6m L: EUR 0,3m T: EUR 15,9m + 17,5% + 936,8% + 19,7% KOSOVOIllyria Wholly-owned by Sava Re Illyria Life Wholly-owned by Sava Re NL: EUR 13,1m L: EUR 0,8m T: EUR 13,9m + 9,8% + 492,2% + 14,1% MONTENEGROSava Montenegro Wholly-owned by Sava Re NL: EUR 9,7m T: EUR 9,7m - 12,6% MACEDONIASava Tabak 66,7% owned by Sava Re NL: EUR 15,2m T: EUR 15,2m - 8,6% - Greenfields - Established Company COVERING MOST OF THE FORMER YUGOSLAV MARKETS SLOVENIA – THE GROUP’S MOST IMPORTANT MARKET LIFE OPERATIONS IN EARLY STAGES R – reinsurance NL – non-life L – life T – total

9. 9 OWNERSHIP STRUCTURE OF SAVA RE 75% free float3% foreign investorsPOSR (listed on the LJSE since 14 June 2008) P/B 1 = 0,48P/E 2 = 13,56P/GPW 3 = 0,29 1)P/B = price per share on 31 December 2010 / book value of shares on 31 December.2010 2)P/E = price per share on 31 December 2010 / earnings per share in 2010 3)P/GWP = price per share on 31 December 2010 / GPW 2010 per share 4)ROE = net profit/loss / average equity 5.481 shareholders

10. Pozavarovalnica Sava, d. d. Roadshow Stockholm, May 2011 WHERE WE ARE GOING

11. CAGR 2008 – 2010 To balance international and domestic portfolio Greenfield in Croatia, high growth rates on all markets, developing health in Kosovo 11 GPW million EUR (consolidated) Reinsurance 14,8% Non-life insurance 12,5% Life insurance Greenfields in Serbia, Kosovo and Croatia 7,4% PERMANENT GROWTH

12. OUR INVESTMENT STORY 12 REINSURANCE GROWTH ON FOREIGN MARKETS Asian markets will be the source of our future growth

13. OUR INVESTMENT STORY 13 THE WESTERN BALKANS HAVE GROWTH POTENTIAL THE SAVA RE GROUP OUR MARKET SHARESMARKET PENETRATION & VOLUME 2010 CROATIA2010: NL 0,92%; L 0,39% 2009: NL 0,75%; L 0,40% 2008: NL 0,54%; L 0,31% TOTAL PREMIUM: EUR 1,2bn PENETRATION IN GDP: 2,8% PREMIUM/CAPITA: EUR 284 SERBIA2010: NL 3,35%; L 0,37% 2009: NL 2,95%; L 0,04% 2008: NL 2,37%; L 0,00% TOTAL PREMIUM: EUR 550m PENETRATION IN GDP: 1,9% PREMIUM/CAPITA: EUR 74 KOSOVO2010: NL 21,8%; L 100 % 2009: NL 23,7%; L 100 % 2008: NL 19,3%; L 0,00% TOTAL PREMIUM: EUR 72m PENETRATION IN GDP: 1,7% PREMIUM/CAPITA: EUR 33 MONTENEGRO2010: NL 15,1% 2009: NL 16,6% 2008: NL 18,7% TOTAL PREMIUM: EUR 63m PENETRATION IN GDP: 2,0% PREMIUM/CAPITA: EUR 105 MACEDONIA2010: NL 14,4% 2009: NL 16,6% 2008: NL 15,6% TOTAL PREMIUM: EUR 105m PENETRATION IN GDP: 1,5% PREMIUM/CAPITA: EUR 53 Sava Re has cleaned the balance sheets & portfolios of its subsidiaries to prepare for future opportunities on these markets

14. OUR INVESTMENT STORY 14 REGIONAL FOCUS ON THE SLOVENIAN DIRECT MARKET INSURANCE SLOVENIA THE SAVA RE GROUP OUR MARKET SHARESMARKET PENETRATION & VOLUME 2010 SLOVENIA2010: NL 4,4%; L 1,6% 2009: NL 4,3%; L 1,6% 2008: NL 4,2%; L 1,7% TOTAL PREMIUM: EUR 2,1bn PENETRATION IN GDP: 5,8% PREMIUM/CAPITA: EUR 1.047 Increase market share & focus on portfolio profitability We will try to stabilise our presence on the Slovenian market SAVA RE AFFILIATE: Insurance Company Maribor; 3rd biggest on Slovenian market; GPW EUR 259,6m Sava Re share 45,7%

15. Pozavarovalnica Sava, d. d. Roadshow Stockholm, May 2011 2010 WAS A GOOD YEAR

16. 2010 – YEAR OF POSITIVE TURNAROUND SAVA RE GROUP - Increase in gross premiums in all business segments - Adjusting reserving levels to Group policy - Strengthening of agency networks - Restructuring of investment portfolio led to positive investment return - Implementation of systematic risk management approach and tools SAVA REINSURANCE COMPANY - Achieved strategic goal of balance between international and domestic portfolio - Largest growth of foreign reinsurance premium achieved on Asian market - Light loss year 2010 with improved combined ratio - Long-term credit and financial strength rating of A- with a stable outlook reaffirmed - Allocation of capital to subsidiaries to support further development & growth - Positive investment return and restructuring of investment portfolio towards reducing market risks 16

17. 17 International premium as % of total GPW (year 2010) 50,2% Net combined ratio (2010) 96,1% Premium growth in Asian markets in 2010 (compared to 2009) (1) 190,5% Realised investment return (2010) 3,6% Profit for the period (2010) EUR 5,5m ROE 3,5% 2010 – YEAR OF POSITIVE TURNAROUND Gross Premium Written = GPW (1) Calendar-year basis

18. 18 ( EUR )Sava Re GroupSava Reinsurance Company 2009201020092010 Gross premiums written251.416.588259.103.050147.082.330142.861.784 Year-on-year change9,5%3,1%9,2%-2,9% International premium as % of total GPW45,9%50,2%41,9%50,0% Net incurred loss ratio 1 68,0%60,4%75,8%66,2% Net expense ratio 2 35,2%35,7%29,8%30,1% 3 Net combined ratio 3 103,2%96,1%105,5%96,3% Realised investment return-1,4%3,6%-2,3%0,8% Profit/loss for the period-28.216.2125.520.670-12.598.6457.193.724 Comprehensive income-17.691.5844.113.237-3.744.8826.143.048 Net earnings / loss per share-3,010,59-1,350,77 Total assets560.711.611578.385.408404.105.057418.350.613 Change on 31 December previous year4,7%3,2%1,2%3,5% Shareholders’ equity161.677.406154.684.609149.995.279156.138.328 Change on 31 December previous year-7,1%-4,3%-2,4%4,1% Net technical provisions277.337.473307.179.072144.578.495156.415.674 Change on 31 December previous year22,2%10,8%18,9%8,2% ROE (Net profit/loss to average equity)-16,8%3,5%-8,3%4,7% Share price at 31 December 13,838,00 Book value of shares17,2716,5216,0216,68 Market capitalisation 129.483.63874.900.152 2010 – YEAR OF POSITIVE TURNAROUND 1)Net incurred loss ratio = net claims incurred / net premiums earned 2)Net expense ratio = (net aquisition cost + administrative costs) / net premiums earned 3)Net combined ratio= (net claims incurred + net aquisition costs + administrative costs) / net premiums earned

19. Pozavarovalnica Sava, d. d. SAVA RE GROUP

20. 1)Net incurred loss ratio = net claims incurred / net premiums earned 2)Net expense ratio = (net aquisition cost + administrative costs) / net premiums earned 3)Net combined ratio= (net claims incurred + net aquisition costs + administrative costs) / net premiums earned 20 2010 – YEAR OF POSITIVE TURNAROUND

21. INVESTMENT STRUCTURE - SAVA RE GROUP 21 (EUR)31 Dec 200831 Dec 200931 Dec 2010 Deposits and CDs73.288.27390.825.019129.563.385 Government bonds71.243.90078.650.19075.678.951 Corporate bonds57.775.89970.736.06673.928.404 Shares17.171.72317.052.68211.482.158 Mutual funds35.299.56030.627.90224.158.534 Strategic shares32.773.00937.646.48042.322.366 Other16.760.03610.244.3916.915.298 Total304.312.400335.782.730364.049.096

22. INVESTMENT RETURN OF SAVA RE GROUP (EUR)200820092010 Investment income29.357.29322.350.39524.950.660 Investment expenses33.239.64423.701.13110.235.493 Net investment income-3.882.351-1.350.73614.715.167 22

23. Pozavarovalnica Sava, d. d. PLANS 2011 Roadshow Stockholm, May 2011

24. KEY ACTIONS IN 2011 Reinsurance Diversifying and growing the reinsurance portfolio Profitability of reinsurance portfolio Capital adequacy (Solvency II) Cost control Upgrading risk control systems Insurance Profitability of insurance portfolio Improving the underwriting process Developing IT systems Strengthening sales networks 24

25. STRATEGIC ORIENTATION Reinsurance Annual average growth on international markets > 8% Decreasing premium from Slovenia to mitigate double exposure Combined ratio of 95% Insurance Slovenia Tilia to achieve 5%-market share Accelerated growth in life business Seeking better governance solutions for ZM for both strategic shareholders Insurance W Balkan Growth of non-life insurance business (organic growth) Taking advantage of high growth potential in life business Focus on small and medium size risks (consistent system of concluding treaties) 25

26. PLAN 2011 3,4% decrease in premium; Double investment return and expected improvement of loss ratios (2010 better than long-term average) Premium growth of 2,8% (non-life premium growth of 4,8%, life premium growth of over 40%, decrease in reinsurance premium of 3,6%) 26 1)Net incurred loss ratio = net claims incurred / net premiums earned 2)Net expense ratio = (net aquisition cost + administrative costs) / net premiums earned 3)Net acquisition cost = acquisition costs + change in diferred acquisition cost Sava Re GroupSava Reinsurance Company (EUR)2010Plan 20112010Plan 2011 Net earned premiums231.874.029244.239.929123.497.230121.411.427 Gross premiums written259.103.050266.984.900142.861.784138.093.827 Net incurred loss ratio60,4%62,3%66,2%71,4% Net expence ratio35,7%32,7%30,1%27,7% Net combined ratio96,1%95,0%96,3%99,1% Realised investment return3,6%3,9%0,8%1,5% ROE (Net profit/loss to average equity)3,5%5,4%4,7%3,1% MID TERM ROE TARGET 8-10%