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21 October 2003

Sava Re interim results – promising trends

The Company generated a gross profit of SIT1.3bn in the first six months, which indicates that the Company will be able to achieve its year-end target. Gross written premiums increased 14,2%, which is 1,75 points above the growth in the Slovenian insurance market. The retention rate increased slightly compared with 2002 to 80,7%, while administrative expenses remained low at 4,1% of gross written premium.

Other important events and projects:

• Completion of the ownership transformation
  The Slovenian Restitution Fund became 99,9% owner of Sava Re;
• In February the Company established the insurance brokerage company Sava Plus d.d. (for more information see www.sava-plus.si);
• Preparations for the acquisition of Slovenica Insurance Company
  A binding offer was submitted on 7 July 2003, but the sale process was later suspended by the seller.

Based on interim trends, Sava Re will be able to meet the targets set for the year-end.