CAPITAL GROUP OF POWSZECHNY ZAKŁAD UBEZPIECZEŃ SPÓŁKA AKCYJNA

CAPITAL GROUP OF POWSZECHNY ZAKŁAD UBEZPIECZEŃ SPÓŁKA AKCYJNA CONSOLIDATED FINANCIAL DATA FOR THE YEAR ENDED DECEMBER 31, 2005 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS

TABLE OF CONTENTS CONSOLIDATED BALANCE SHEET... 3 CONSOLIDATED INCOME STATEMENT... 5 STATEMENT OF CHANGES IN CONSOLIDATED EQUITY... 6 CONSOLIDATED CASH FLOW STATEMENT... 7 DESCRIPTION OF SIGNIFICANT DIFFERENCES BETWEEN PAS AND IFRS... 8 2

CONSOLIDATED BALANCE SHEET (in PLN thousands) Assets 2005 2004 Intangible assets 45 128 58 541 Goodwill on consolidation 5 475 5 475 Property, plant and equipment 1 280 350 1 210 514 Investment property 255 137 248 908 Entities accounted for using the equity method - - Financial assets Held-to-maturity investments 17 553 180 16 275 311 Available-for-sale financial instruments 6 521 781 5 327 398 Financial assets at fair value through profit or loss 12 462 993 12 079 241 Loans and receivables 3 007 425 1 798 237 Receivables, including insurance receivables 1 266 377 1 261 666 Reinsurers share in technical provisions 1 344 960 1 417 693 Estimated salvages and subrogations 64 210 51 871 Deferred tax assets 9 421 37 614 Current income tax receivables 100 916 71 443 Deferred acquisition costs 388 278 411 109 Prepayments 42 791 31 478 Other assets, of which: 65 215 54 798 - inventories 15 812 20 577 Cash and cash equivalents 295 272 278 996 Assets related to continuing activities 44 708 909 40 620 293 Non-current assets held for sale and disposal groups 1 606 3 823 Total assets 44 710 515 40 624 116 3

CONSOLIDATED BALANCE SHEET (cont.) (in PLN thousands) Equity and liabilities Equity 2005 2004 Issued capital and reserves attributable to equity holders of the parent company Share capital 86 352 86 352 Other reserves 6 709 068 5 932 525 Retained earnings 5 219 333 3 532 825 Minority interest - - Total equity 12 014 753 9 551 702 Liabilities Technical provisions Unearned premium provision and unexpired risk provision 3 590 531 3 474 553 Life insurance (mathematical) provision s 15 826 361 14 792 929 Outstanding claims provisions 4 229 719 4 642 605 Annuities provisions 3 600 004 3 084 486 Provisions for bonuses and rebates for the insured 1 729 3 548 Other technical provisions 983 807 866 712 Technical provisions in unit-linked life insurance 1 506 704 1 297 345 Investment contracts - with discretionary participation features - - - measured at amortized cost 276 037 263 499 - measured at fair value 428 269 52 353 Employees benefits provision 233 512 249 538 Other provisions 16 209 18 747 Deferred tax liability 640 035 615 671 Current income tax liability 83 209 310 724 Derivatives 22 480 1 836 Other liabilities 569 260 696 308 Accruals and deferred income Accrued costs 546 968 518 178 Deferred income 140 928 183 382 Liabilities relating to continuing activities 32 695 762 31 072 414 Liabilities relating to non-current assets held for sale and disposal groups - - Total liabilities 32 695 762 31 072 414 Total equity and liabilities 44 710 515 40 624 116 4

CONSOLIDATED INCOME STATEMENT (in PLN thousands) Consolidated income statement January 1-2005 January 1 2004 Gross premium written in property and casualty insurance 7 651 536 7 481 540 Reinsurers share in gross premium written in property and casualty insurance (399 231) (537 553) Gross premium written in life insurance 5 468 051 5 190 585 Reinsurers share in gross premium written in life insurance (8 645) (7 826) Net premium written 12 711 711 12 126 746 Movements in unearned premium provision in property and casualty insurance (114 457) (188 970) Reinsurers share in unearned premium provision in property and casualty insurance (13 587) 16 045 Movements in unearned premium provision in life insurance (1 521) (6 971) Reinsurers share in unearned premium provision in life insurance - - Net movements in unearned premium provision (129 565) (179 896) Net premiums earned 12 582 146 11 946 850 Commissions in pension insurance 187 978 151 681 Net income from financial assets 2 291 707 1 926 304 Realised gains and losses and impairment losses on financial assets 434 364 432 209 Result on revaluation of assets to fair value 648 443 543 063 Other operating income 171 880 275 091 Net income 16 316 518 15 275 198 Claims and benefits paid out and movements in technical provisions in property and casualty insurance (4 455 121) (4 379 468) Reinsurers share in claims and benefits paid out and in movements in technical provisions in property and casualty insurance 163 960 14 612 Claims and benefits paid out and movements in technical provisions in life insurance (4 911 682) (5 221 885) Reinsurers share in claims and benefits paid out and in movements in technical provisions in life insurance 1 274 2 179 Net claims and benefits paid out (9 201 569) (9 584 562) Expenses in pension insurance (85 565) (82 530) Investment benefits (29 107) (11 174) Acquisition costs (1 260 752) (1 184 384) Administration costs (1 601 224) (1 511 798) Other operating expenses (253 463) (257 856) Costs (12 431 680) (12 632 304) Operating result 3 884 838 2 642 894 Finance costs - - Share in profits/ (losses) of entities accounted for using the equity method - - Gross result 3 884 838 2 642 894 Corporate income tax - current (723 877) (351 762) - deferred (40 687) (158 014) Net result from continuing operations 3 120 274 2 133 118 Net result from discontinued operations and on revaluation to fair value less costs to sell of assets held for sale or disposal groups - - Net result, of which; 3 120 274 2 133 118 - result attributable to equity holders of the parent company 3 120 274 2 133 118 Net result from continuing activities 3 120 274 2 133 118 Net result from discontinued operations - - Net result attributable to equity holders of the parent company 3 120 274 2 133 118 Basic and diluted weighted average number of shares 86 352 300 86 352 300 Basic and diluted earnings/ (loss) per ordinary share from continuing activities (in PLN) 36,13 24,70 Basic and diluted earnings (loss) per ordinary share from discontinued operations (in PLN) - - Basic and diluted earnings/ (loss) per ordinary share (in PLN) 36,13 24,70 5

STATEMENT OF CHANGES IN CONSOLIDATED EQUITY (in PLN thousands) STATEMENT OF CHANGES IN CONSOLIDATED EQUITY Issued capital and reserves attributable to the equity holders of the parent company Share capital Reserve capital Revaluation reserve Other reserves Retained earnings Accumulated profits/ (losses) from previous years Net profit/ (loss) for the year Total Total equity Balance as at January 1, 2005 86 352 5 810 652 121 873 3 532 825-9 551 702 9 551 702 Revaluation of available-for-sale financial instruments - - 50 872 - - 50 872 50 872 Total net increase/ (decrease) recognized directly in equity (after taxation) - - 50 872 - - 50 872 50 872 Net profit/ (loss) for the financial year - - - - 3 120 274 3 120 274 3 120 274 Total increases/ (decreases) - - 50 872-3 120 274 3 171 146 3 171 146 Other movements, of which: - 725 671 - (1 433 766) - (708 095) (708 095) Dividend paid in the financial year - - - (708 088) - (708 088) (708 088) Transfer of net result to reserve capital - 725 158 - (725 158) - - - Other - 513 - (520) - (7) (7) Balance as at 2005 86 352 6 536 323 172 745 2 099 059 3 120 274 12 014 753 12 014 753 STATEMENT OF CHANGES IN CONSOLIDATED EQUITY Issued capital and reserves attributable to the equity holders of the parent company Other reserves Retained earnings Share capital Reserve capital Revaluation reserve Accumulated profits/ (losses) from previous years Net profit/ (loss) for the year Total Total equity Balance as at January 1, 2005 86 352 4 546 849 73 858 2 922 717 7 629 776 7 629 776 Revaluation of available-for-sale financial instruments - - 48 015 - - 48 015 48 015 Total net increase/ (decrease) recognized directly in equity (after taxation) - - 48 015 - - 48 015 48 015 Net profit/ (loss) for the financial year - - - - 2 133 118 2 133 118 2 133 118 Total increases/ (decreases) - - 48 015-2 133 118 2 181 133 2 181 133 Other movements, of which: - 1 263 803 - (1 523 010) - (259 207) (259 207) Dividend paid in the financial year - - - (259 057) - (259 057) (259 057) Transfer of net result to reserve capital - 1 263 639 - (1 263 639) - - - Other - 164 - (314) - (150) (150) Balance as at 2005 86 352 5 810 652 121 873 1 399 707 2 133 118 9 551 702 9 551 702 6

CONSOLIDATED CASH FLOW STATEMENT (in PLN thousands) Consolidated cash flow statement January 1 2005 January 1 2004 Cash flow from operating activities Inflows 14 961 105 14 330 614 - cash inflows from gross premium written 13 088 881 12 693 292 - cash inflows from investment contracts 626 173 286 174 - cash flows from reinsurance commissions and shares in reinsurers profits 137 844 95 760 - amounts paid by reinsurers due to their share in claims paid 291 009 278 567 - other operating inflows 817 198 976 821 Outflows (13 429 785) (12 682 319) - premiums paid to reinsurers (543 818) (518 941) - commissions paid out and share of profits from reinsurance inwards (1 899) (1 291) - gross claims paid out (7 833 816) (7 782 708) - investment benefits paid out (360 542) (27 861) - acquisition expenditures (985 581) (977 849) - administration expenditures (1 831 267) (1 693 409) - interest expenditures (66 107) (7) - income tax expenditures (909 931) (679 860) - other operating expenditures (896 824) (1 000 393) Net cash flow from operating activities 1 531 320 1 648 295 Cash flow from investing activities Inflows 280 191 049 203 727 286 - proceeds from sale of investment property 894 882 - proceeds from investment property 22 877 18 654 - proceeds from sale of intangible assets and property, plant and equipment 3 775 3 024 - proceeds from sale of associates and not consolidated subsidiaries 48 29 000 - proceeds from sale of shares in other entities 3 067 755 1 296 129 - realization of debt securities issued by associates and not consolidated subsidiaries and 36 792 6 221 repayment of loans issued to those entities - realization of debt securities issued by other entities 18 281 951 12 372 544 - liquidation of term-deposits with financial institutions 144 905 071 113 494 023 - liquidation of other deposits 112 676 549 75 412 190 - interest received 1 067 051 1 031 107 - dividends received 124 903 63 242 - other inflows from investments 3 383 270 Outflows (280 998 911) (205 085 963) - purchase of investment property (3 471) (11 892) - expenditures related to investment property maintenance (38 376) (25 638) - purchase of intangible assets and property, plant and equipment (221 352) (165 416) - purchase of shares in related parties (116 865) (76 265) - purchase of shares in other entities (2 739 923) (1 526 808) - purchase of debt securities issued by related parties (2 241) (755) - purchase of debt securities issued by other entities (19 014 438) (14 784 001) - purchase of term deposits with financial institutions (145 191 376) (113 779 850) - purchase of other term deposits (113 631 622) (74 686 758) - other expenditures related to investments (39 247) (28 580) Net cash flow from investing activities (807 862) (1 358 677) Cash flows from financing activities Inflows - - Outflows (707 119) (256 071) - dividend paid to the equity holders of the parent company (707 119) (256 071) Net cash flow from financing activities (707 119) (256 071) Total net cash flow 16 339 33 547 Cash and cash equivalents at the beginning of the period 278 996 245 471 Change in cash and cash equivalents due to foreign exchange differences (63) (22) Cash and cash equivalents at the end of the period, of which: 295 272 278 996 - of restricted use 128 680 100 273 7

DESCRIPTION OF SIGNIFICANT DIFFERENCES BETWEEN PAS AND IFRS Presented below is a description of significant differences between the accounting policies applied for the purpose of preparing the consolidated financial statements in accordance with PAS and IFRS. 1. Valuation of property 1.1 Valuation of property used for own needs (owner occupied property ) at fair value as at the date of transition to IFRS In accordance with the provisions of the Decree on specific accounting principles for insurance companies, owner-occupied property is stated at cost less any accumulated depreciation as at the balance sheet date and less any accumulated impairment losses. In accordance with paragraph 16 of IFRS 1, as at the date of transition to IFRS i.e. January 1, 2004, an entity may measure the items of its property, plant and equipment at their fair value as at that date. The fair value determined as at the date of transition to IFRS is then treated as the initial cost of the item of property, plant and equipment, and represents a point of reference for the subsequent measurement of property, plant and equipment in accordance with IAS 16. As at the transition date the PZU Group entities performed the valuation of owner-occupied property to their fair value and recorded the resulting difference in Accumulated results from previous years. 1.2 Valuation of owner occupied property in the reporting periods after transition to IFRS For the purpose of the IFRS consolidated financial statements, owner-occupied property is measured at cost less straight-line depreciation. This method of measurement is in accordance with both IAS 16 and with the method of valuation of owner-occupied property for the purpose of PAS. However, due to a difference between the cost of the property IFRS and PAS (described in Note 1.1), there is a difference in the amount of the depreciation charges and accumulated depreciation on this property. 1.3 Valuation of investment property In accordance with PAS, property (including investment property) is measured as at the balance sheet date at cost less any accumulated depreciation and less any accumulated impairment losses. As at the date of transition to IFRS, the PZU Group entities adopted the fair value model for valuation of investment property. In accordance with IAS 40, the PZU Group entities measure their investment property at fair value as at the balance sheet date with changes in the fair value recognised in the consolidated income statement for the period in which they arose. 2. Perpetual usufruct right According to PAS, the perpetual usufruct right received free of charge on the basis of an administrative decision has the corresponding entry under deferred income and is subsequently amortized. In accordance with the definition of revenue included in paragraph 7 of IAS 18 a free of charge receipt of assets with no additional conditions shall be recognized as income upon asset receipt. The perpetual usufruct right has also been covered by adjustments described in Notes 1.1, 1.2 and 1.3 to the consolidated financial statements. 3. Revaluation reserve In accordance with the Accounting Act and based on separate regulations relating to revaluation of property, plant and equipment during the 90-ties, the entities of the PZU Group performed revaluations of non-current assets and recognized the resulting gains and losses in the revaluation reserve. The revaluations of non-current assets recorded in the Polish books of account do not meet the requirements of IAS 29. Due to the fact that the assets subject to revaluation (except for the property that as at the date of transition to IFRS, i.e. January 1, 2004 - were measured in accordance with IFRS 1 and IAS 40) have been fully depreciated, the amount included in the revaluation reserve has been transferred to accumulated results from previous years. 8

4. Risk equalization reserve in property and casualty insurance (PZU) The Decree on specific accounting policies for insurance companies defines the principles for creation and use of risk equalization reserve. This reserve does not relate to any specific obligations under insurance policy contracts. In accordance with paragraph 14.a of IFRS 4, the insurer shall not expense catastrophe reserve and risk equalization reserve in the consolidated income statement. Given the above, PZU (the only entity of the PZU Group that is concerned) does not expense such reserves in the consolidated income statement for IFRS reporting purposes. The current balance of the risk equalisation reserve arising from Polish regulations is disclosed in retained earnings. 5. Catastrophe reserve in property and casualty insurance (PZU) In accordance with the provisions of the Decree on specific accounting policies for insurance companies, and based on the Company s Articles of Association and the Regulations concerning technical reserves, PZU creates catastrophe reserve. As described in Note 4 above, IFRS 4 does not allow creating such provision against the costs of the current period. For the purpose of IFRS reporting, PZU (the only company of the PZU Group that is affected) does not expense such reserve in the consolidated income statement. The current balance of this reserve is presented in retained earnings. 6. Prevention fund In accordance with the Insurance Act, PZU and PZU Życie may expense amounts transferred to the prevention fund in the consolidated income statement for the current reporting period. In accordance with the Decree on specific accounting principles for insurance companies, this fund is presented in Special funds in liabilities. In accordance with IAS 37 funds of this type should not be expensed. PZU and PZU Życie allocate part of their net results to the funds and any expenses resulting from preventive activities are recognised at the moment they are incurred. The current balance of the prevention fund created in accordance with PAS is disclosed in retained earnings. 7. Valuation of subsidiaries and associates According to PAS, not consolidated subsidiaries and associates have been measured at cost less any impairment losses. In accordance with the provisions of the Accounting Act, if the reason for which the impairment loss of a financial asset was made is no longer valid, the equivalent of the whole or appropriate part of the previously made impairment losses increases the value of the given asset and is recognized under financial income. In accordance with the Decree on specific accounting principles for insurance companies, shares in subsidiaries and associates are accounted for using the equity method. Gains on such valuation are taken to revaluation reserve, while any decreases in the carrying amount below the cost of these shares are charged to the consolidated income statement. For the purpose of IFRS reporting, the PZU Group classifies shares in not consolidated subsidiaries and associates not accounted for using the equity method as available-for-sale and measured at fair value and if the fair value cannot be reliably estimated at cost any less impairment losses. In accordance with the provisions of paragraph 66 of IAS 39, it is not possible to reverse impairment losses recognized on unquoted equity instruments that are measured at cost less impairment losses and for which fair value cannot be reliably determined. 8. Goodwill on consolidation According to PAS, goodwill on consolidation is amortized over five years, commencing in the month following the month, in which the goodwill was recognised. According to IFRS, goodwill on consolidation is not amortized, but is subject to impairment tests at each balance sheet date. At the date of transition to IFRS, i.e. January 1, 2004, the PAS net goodwill on consolidation calculated on that date became goodwill on consolidation for the purpose of the restated balance sheet and calculation of amortization charges ceased to be calculated for the purpose of the IFRS reporting. 9

As of the date of transition to IFRS, goodwill on consolidation is subject to impairment tests at each balance sheet day. 9. Presentation of participation units in open-end investment funds managed by TFI PZU As at 2005, 2004 and as at the transition date PZU Życie had participation units in the following open-end investment funds: PZU Fundusz Inwestycyjny Otwarty Akcji KRAKOWIAK ( KRAKOWIAK Fund ), PZU Specjalistyczny Fundusz Inwestycyjny Otwarty Stabilnego Wzrostu MAZUREK ( MAZUREK Fund ) and PZU Fundusz Inwestycyjny Otwarty Papierów Dłużnych POLONEZ ( POLONEZ Fund ). PZU Życie exercises control over the management company of those funds, i.e. Towarzystwo Funduszy Inwestycyjnych PZU S.A., the share of PZU Życie in the net assets of each of those funds exceeded 50% and the funds met the conditions required to treat them as special purpose entities ( SPE ). Given the above, KRAKOWIAK Fund, MAZUREK Fund and POLONEZ Fund have been consolidated as in the opinion of the parent company only such recognition ensures a true and fair presentation of the PZU Group financial position. 10. Social Fund 10.1 Social Fund assets In accordance with Polish law, the PZU Group entities manage Social Funds on behalf of their employees. Contributions made to the Social Fund are kept on separate bank accounts. According to PAS, assets financing Social Funds have been classified as cash and cash equivalents or receivables. According to IFRS, no Social Funds assets were recognized due to the lack of expected future economic benefits that may contribute to the inflow of cash and cash equivalents to the Group account. 10.2 Allocation of accumulated profits from previous years to the Social Funds During the year 2005, the Annual General Shareholders Meeting of certain PZU Group entities decided to allocate a part of net profit for the prior year to their Social Funds. In the PAS consolidated financial statements, such transactions were recorded as appropriation of net prior year profit and did not affect the consolidated net profit for the financial year 2005. The above-described transactions meet definition criteria of costs provided by IFRS and in accordance with paragraph 99 of IAS 1 are recognized in the consolidated income statement of the year 2005. 11. Deferred taxation Where appropriate, for differences between PAS and IFRS, the effect of deferred tax was calculated and included in the calculation of all adjustments. 12. Classification of the products as investment contracts Based on the analysis made, the Management Board of PZU Życie stated that among their products are such products that transfer insignificant insurance risk (some products with guaranteed rate of return and some unitlinked products) and therefore do not meet definition criteria of an insurance contract as required by IFRS 4 and were classified for the purpose of the IFRS consolidated financial statements as investment contracts measured in accordance with IAS 39, i.e. depending on the structure of the product at amortized cost or at fair value. 13. Presentation of assets and liabilities resulting from life insurance with equity fund In accordance with PAS, the net assets of equity funds are presented as separate item. In accordance with IFRS, the related assets and liabilities are classified as financial assets or other liabilities, as appropriate. 14. Discounting of non-insurance provisions Non-insurance provisions have been discounted in the IFRS consolidated financial statements. These liabilities were not subject to discounting in the PAS consolidated financial statements. 15. Presentation of assets held for sale In accordance with IFRS 5, as at 2005 and 2004, PZU classified certain elements of property, plant and equipment and investment property into Assets held for sale and disposable groups. 10

16. Presentation of reinsurers share in technical provisions and estimated salvages and subrogations In accordance with PAS, the reinsurers share in technical provisions and the amount of estimates salvages and subrogations was presented as a liability item (with negative value). According to IFRS, the reinsurers share in technical provisions and estimates salvages and subrogations have been presented under assets. 17. Reconciliation of equity prepared in accordance with PAS and IFRS as at the date of transition to IFRS, i.e. as at January 1, 2004 Item Note Equity Consolidated PAS financial data 6 454 899 Property valuation 1 120 989 Perpetual usufruct right 2 15 025 Risk equalization reserve in property and casualty insurance (PZU) 4 471 108 Catastrophe reserve in property and casualty insurance (PZU) 5 496 464 Prevention fund 6 69 124 Presentation of participation units in open-end investment funds managed by TFI PZU 9 1 784 Discounting of non-technical provisions 14 383 Total adjustments 1 174 877 Consolidated IFRS financial data 7 629 776 18. Reconciliation of equity as at 2004 and net profit for the year 2004 prepared in accordance with PAS and IFRS Description Note Net profit Equity Consolidated PAS financial data 2 123 354 8 365 504 Property valuation 1 (4 807) 117 721 Perpetual usufruct right 2 3 765 18 790 Risk equalization reserve in property and casualty insurance (PZU) 4 (18 393) 452 715 Catastrophe reserve in property and casualty insurance (PZU) 5 (16 012) 480 452 Prevention fund 6 32 481 101 605 Measurement of subsidiaries and associates 7 10 822 10 840 Goodwill 8 1 871 1 871 Presentation of participation units in open-end investment funds managed by TFI PZU 9 182 1 966 Discounting of non-technical provisions 14 (145) 238 Total adjustments 9 764 1 186 198 Consolidated IFRS financial data 2 133 118 9 551 702 19. Comparability of the consolidated PAS financial statements with the consolidated IFRS financial statements for the year ended 2005 Item Note Net profit Equity Consolidated PAS financial data 3 214 792 10 892 938 Property valuation 1 (6 191) 111 818 Perpetual usufruct right 2 (2 774) 16 016 Risk equalization reserve in property and casualty insurance (PZU) 4 1 658 454 373 Catastrophe reserve in property and casualty insurance (PZU) 5 (48 963) 431 489 Prevention fund 6 12 390 113 995 Valuation of subsidiaries and associates 7 (20 587) (9 757) Goodwill 8 1 871 3 742 Presentation of participation units in open-end investment funds managed by TFI PZU 9 (1 966) - Social Fund 10 (29 857) - Discounting of non-technical provisions 14 (99) 139 Total adjustments (94 518) 1 121 815 Consolidated IFRS financial data 3 120 274 12 014 753 11

Assets PAS financial data Note Adjustment IFRS financial data Intangible assets 45 128-45 128 Goodwill on consolidation 1 733 8 3 742 5 475 Property, plant and equipment 1 175 450 104 900 1 280 350 1 106 382 15 (1 482) Investment property 222 828 32 309 255 137 1 32 433 15 (124) Entities accounted for using the equity method - - - Financial assets - - - Held-to-maturity financial instruments 17 553 180-17 553 180 Available-for-sale financial instruments 6 533 442 7 (11 661) 6 521 781 Financial instruments at fair value through profit or loss 12 407 079 55 914 12 462 993 9 47 778 13 8 136 Loans and receivables 2 901 404 9 106 021 3 007 425 Receivables, including insurance receivables 1 276 989 (10 612) 1 266 377 9 6 451 10 (23 594) 13 6 531 Reinsurers share in technical provisions - 16 1 344 960 1 344 960 Estimated salvages and subrogations - 16 64 210 64 210 Deferred tax assets 9 421-9 421 Current income tax receivables 100 916-100 916 Deferred acquisition costs 388 278-388 278 Prepayments 42 791-42 791 Other assets, of which: 65 215-65 215 - inventories 15 812-15 812 Cash and cash equivalents 317 824 (22 552) 295 272 10 (29 422) 9 6 870 Assets related to continuing activities 43 041 678 1 667 231 44 708 909 Non-current assets held for sale and disposal groups - 15 1 606 1 606 Total assets 43 041 678 1 668 837 44 710 515 Equity and liabilities PAS Note Adjustment IFRS Equity - - - Issued capital and reserves attributable to equity holders of the parent company - - - Share capital 86 352-86 352 Other reserves 6 728 973 (19 905) 6 709 068 Unpaid share capital - - - Treasury shares - - - Reserve capital 6 536 323-6 536 323 Revaluation reserve 192 650 (19 905) 172 745 1 1 623 3 (21 536) 7 8 Retained earnings 4 077 613 1 141 720 5 219 333 Accumulated results from previous years 862 821 1 236 238 2 099 059 1 116 386 2 18 790 3 21 536 4 452 715 5 480 452 6 101 605 12

Equity and liabilities PAS Note Adjustment IFRS 7 10 822 8 1 871 9 1 966 10 29 857 14 238 Net profit/ (loss) for the year 3 214 792 (94 518) 3 120 274 Minority interest - - - Total equity 10 892 938 1 121 815 12 014 753 Liabilities - - - Technical provisions - - - Unearned premium provision and unexpired risk provision 3 430 190 16 160 341 3 590 531 Life insurance (mathematical) provisions 16 102 377 (276 016) 15 826 361 12 (276 055) 16 39 Outstanding claims provisions 3 506 731 722 988 4 229 719 12 (635) 16 723 623 Annuities provisions 3 068 500 16 531 504 3 600 004 Provision for bonuses and rebates for the insured 1 729-1 729 Other technical provisions 2 077 463 (1 093 656) 983 807 4 (560 955) 5 (532 701) Technical provisions in unit-linked life insurance 1 777 314 12 (270 610) 1 506 704 Investment contracts - - - - with discretionary participation feature - - - - measured at amortized cost - 12 276 037 276 037 - measured at fair value - 428 269 428 269 9 157 006 12 271 263 Employees benefits provisions 233 512-233 512 Other provisions 22 685 (6 476) 16 209 16 (6 337) 14 (139) Deferred tax liability 380 438 259 597 640 035 1 26 997 4 106 582 5 101 212 6 26 710 7 (1 904) Current income tax liability 83 209-83 209 Derivatives 22 480-22 480 Other liabilities 738 200 (168 940) 569 260 6 (140 705) 9 10 114 10 (53 016) 13 14 667 Accruals and deferred income - - - Accrued costs 546 968-546 968 Deferred income 156 944 2 (16 016) 140 928 Liabilities relating to continuing activities 32 148 740 547 022 32 695 762 Liabilities relating to non-current assets held for sale and disposal groups - - - Total liabilities 32 148 740 547 022 32 695 762 Total equity and liabilities 43 041 678 1 668 837 44 710 515 13

Consolidated income statement PAS Note Adjustment IFRS Gross premium written in property and casualty insurance 7 651 536-7 651 536 Reinsurers share in gross premium written in casualty and property insurance (399 231) - (399 231) Gross premium written in life insurance 6 094 224 12 (626 173) 5 468 051 Reinsurers share in gross premium written in life insurance (8 645) - (8 645) Net premium written 13 337 884 (626 173) 12 711 711 Movements in unearned premium provision in property and casualty insurance (114 457) - (114 457) Reinsurers share in movements in unearned premium provision in property and casualty insurance (13 587) - (13 587) Movements in unearned premium provision in life insurance (1 521) - (1 521) Net movements in unearned premium provision (129 565) - (129 565) Net premiums earned 13 208 319 (626 173) 12 582 146 Commissions in pension insurance 187 978-187 978 Net income from financial assets 2 270 571 21 136 2 291 707 6 2 121 9 19 015 Realised gains and losses and impairment losses on financial assets 481 685 (47 321) 434 364 1 (450) 7 (81 089) 9 34 218 Result on revaluation of asset to fair value 625 671 22 772 648 443 1 485 7 56 805 9 (34 518) Other operating income 175 144 (3 264) 171 880 1 (498) 2 (2 766) Net income 16 949 368 (632 850) 16 316 518 Claims and benefits paid out and movements in technical provisions in property and casualty insurance (4 396 720) (58 401) (4 455 121) 4 2 047 5 (60 448) Reinsurers share in claims and benefits paid out and in movements in technical provisions in property and casualty 163 960-163 960 insurance Claims and benefits paid out and movements in technical provisions in life insurance (5 556 008) 644 326 (4 911 682) 12 644 326 Reinsurers share in claims and benefits paid out and in movements in technical provisions in life insurance 1 274-1 274 Net claims and benefits paid out (9 787 494) 585 925 (9 201 569) - - - Expenses in pension insurance (85 565) - (85 565) Investment benefits - (29 107) (29 107) 9 (10 954) 12 (18 153) Acquisition costs (1 260 752) - (1 260 752) Administration costs (1 570 704) (30 520) (1 601 224) 1 (863) 10 (29 657) - Other operating expenses (253 006) (457) (253 463) 14

Consolidated income statement PAS Note Adjustment IFRS 1 (5 046) 2 (8) 6 13 175 8 1 871 9 (10 150) 10 (200) 14 (99) Costs (12 957 521) 525 841 (12 431 680) Operating result 3 991 847 (107 009) 3 884 838 Gross result 3 991 847 (107 009) 3 884 838 Corporate income tax - - - - current (723 877) - (723 877) - deferred (53 178) 12 491 (40 687) 1 181 4 (389) 5 11 485 6 (2 906) 7 3 697 9 423 Net result on continuing operations 3 214 792 (94 518) 3 120 274 Net result 3 214 792 (94 518) 3 120 274 15