Report of the Supervisory Board

Throughout 2011, the Supervisory Board carried out the tasks as defined by law and by the Articles of Association. It performed its supervision over the activities of the insurance company and passed its opinions to the Board of Directors.

Having reviewed the Company's financial statements for the period from 1 January to 31 December 2011 and on the basis of the external audit report on these financial statements, the Supervisory Board reports that accounting records were maintained in a transparent manner and in accordance with the generally binding regulations arranging the bookkeeping of insurance companies, and also in compliance with the Company's Articles of Association, and that the financial statements present a true view of the Company's financial situation in all major respects.

The statutory external auditor performed an audit of the Company's financial statements for the year ended 31 December 2011; the audit states that the financial statements give a true and fair view, in all material respects, of the assets, liabilities, equity and financial position of the Company as of 31 December 2011, as well as the results of its operations for 2011 in compliance with the relevant regulations of the Czech Republic.

The Supervisory Board recommends that the General Meeting approve the financial statements for 2011, as proposed by the Board of Directors.

The Supervisory Board reviewed the Related Party Report for 2011, prepared by the Company under the provision of Section 66a(9) of the Commercial Code, and stated, based on the presented documents, that during the accounting period of 1 January 2011 to 31 December 2011, Komerční pojišťovna, a.s. did not suffer any harm.

Prague, on 8 March 2012

On behalf of Komerční pojišťovna, a.s. Supervisory Board

Signature Perret

Philippe Perret

Chairman of the Supervisory Board