With the withdrawal of the 333.333 pieces of shares the Company aims to decrease the number of outstanding ordinary shares after the conversion of interest bearing shares into ordinary shares. The owners of A” ordinary shares gave their consent to the decrease of the capital on the General Meeting.

According to subsection 4 of section 3:309 of the Civil Code – if the conditions of the share capital reduction are fulfilled - section VI/I. of the Articles of Association of the Company changes as follows: The amount of the share capital of the Company decreases by HUF 13,333,320. The General Meeting also lays down that if the conditions of the share capital reduction are fulfilled, section VI/2. of the Articles of Association of the Company changes as follows: The number of the dematerialized registered voting series “A” ordinary shares of HUF 40 of nominal value each decreases by 333,333 pieces. The share capital reduction does not affect the shareholders shareholdings.

The General Meeting authorised the Board of Directors of the Company to perform the tasks in connection with the share capital reduction (share withdrawal) in particular as regards to the tasks determined by the Act on the Civil Code and the Act V of 2006 on Public Company Information, Company Registration and Windingup Proceedings.

The Company shall publish an announcement on the capital decrease in the Company Gazette in accordance with the relevant legal requirements.

CIG Pannónia Life insurance Plc.