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The Government of the Republic of Serbia

In the service of citizens

Tender sale of insurance company DDOR Novi Sad on November 19

Belgrade, 13 November 2007

State Secretary at the Serbian Ministry of Finance Slobodan Ilic stated today that insurance company DDOR Novi Sad will be offered for sale through a tender on November 19 at the Hyatt Regency hotel in Belgrade and will be broadcast on TV.

Participants in the tender are called to submit their bids by November 19 at 11 am, which should include financial offer and signed contracts of sale of shares.

Ilic said that out of 13 bidders who applied for participation, 11 insurance companies purchased the tender documentation and got the approval from the National Bank of Serbia.

Tender documentation has been purchased by Allianz from Germany, Axa and Groupama from France, Baloise from Switzerland, Ceska poistovna from the Czech Republic, Eureko from the Netherlands, Ethniki from Greece, Fondiaria and Generali from Italy, KBC Group from Belgium and Zavarovalnica Triglav from Slovenia, Ilic specified.

The Agency for Deposit Insurance is in charge of the entire procedure, with the help of the financial advisor BMP Pariba from France.

DDOR Novi Sad is one of the two Serbian largest insurance companies, with the market share of 29%, Ilic said and added that 70% of the socially-owned capital will be offered for sale, while 15% will remain for free distribution to citizens and for privatisation register.

The initiative for privatisation of DDOR Novi Sad was launched in July 2005, and the public invitation was published in May 2006 in Serbian daily Politika and Financial Times.