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17 August 2004

Sava Re enters the Croatian market

On 17 August, Sava Re acquired 25 percent +1 share of the Croatian insurer Osiguranje Helios. The largest shareholder remains TBIH.

The deal entitles Sava Re to appoint two members of the 7-member Supervisory Board and one member of the Management Board. The new Supervisory Board members, Sergej Rusjan and Maja Krumberger, were appointed during the Helios Annual General Meeting on 4 August 2004. The new member of the Management Board is expected to be appointed at the occasion of the next Supervisory Board meeting.

According to 2003 data, Osiguranje Helios held a 2.2 percent share of the Croatian market. The Company wrote life premiums of HRK 57.8 million and is with a market share of 4.3 percent the eighth largest life insurer. General insurance premium of HRK 74.8 million ranked the Company 10th among all insurers in Croatia, which corresponds to a market share of 1.6 percent.

By acquiring this ownership interest in Osiguranje Helios, Sava Re met one of the strategic goals of its business plan.