CIG Pannónia Life Insurance Plc. (Registered office: 1033 Budapest, Flórián tér 1; company registration number: Cg.01-10-045857, hereinafter: “the Company”) hereby informs its shareholders and the capital market participants that the  Hungarian Financial Supervisory Autrhority (hereinafter referred to as: HFSA) has closed its investigation towards CIG Pannónia First Hungarian General Indurance cPlc. (EMABIT), 100% Subsidiary of the Company, and imposed a supervisory fine of HUF 50 million. The HFSA has set a deadline of 30 June 2020 for the elimination of deficiencies.

At the same time, by resolution 15/2020, the HFSA rejected the recovery plan submitted by EMABIT on 6 January 2020 and supplemented on 28 February 2020, and, ordered the Subsidiary to submit a new recovery plan by – not later than - 15 April 2020.The new recovery plan should be appropriate for the followings 4 May 2020 at the latest: - restoring the margin of the solvency capital recovering the solvency capital requirement, - or to reduce the risk profil to meet the solvency capital requirement. In addition, the abovementioned resolution, until the ban is lifted, suspends the payment of dividends of EMABIT, and, until the restorement of the solvency capital, but no longer than one year, prohibits new insurance contracts to be entered into and existing insurance contracts to be extended.

EMABIT takes measures to eliminate the identified deficiencies within the deadline and to create a new recovery plan as soon as possible.

The Company publishes the operative part of the abovementioned resolutions on its website.

CIG Pannónia Life Insurance Plc.