PPF Investments Group acquires a further 56% of S.C Asigurare Reasigurare Ardaf S.A (ARDAF)

Mar 1, 2007

PPF Investments is pleased to announce that Sabile Limited, a Cyprus based company and a member of PPF Investments Group, has acquired in excess of 900 million shares of S.C. Asigurare Reasigurare Ardaf S.A. (ARDAF) through the Bucharest Stock Exchange.

This transaction represents approximately 56% of ARDAF’s registered capital. Together with the already existing shareholding of 14.6%, Sabile has become a majority shareholder with total equity participation in excess of 70%.

The acquisition by Sabile of ARDAF was earlier approved by the Romanian Insurance Supervision Commission (Comisia de Supraveghere a Asigurarilor), and is subject to the consent of the Romanian antimonopoly authorities.

Pavel Kuta, Managing Director of PPF Investments (CR) a.s. commented on the transaction shortly after it was executed on the Bucharest Stock Exchange:

“Today’s acquisition of ARDAF’s majority stake represents a landmark transaction for PPF Investments Group in the Romanian market. We view this as a strategic investment and plan to re-establish the company as a key player within the Romanian insurance sector. Acquiring a majority stake in ARDAF follows and complements our purchase earlier this year of 100% of Roumanie Assurance International S.A. (RAI).”

Daniel George Tudor, the recently appointed Chairman and CEO of  S.C. Asigurare Reasigurare Ardaf S.A. (ARDAF):

 “I am glad that ARDAF has a new, financially strong investor who is able to support the restructuring of the company and contribute to its growth in both life and non-life products. Our goal now is to become one of the top five insurance companies in Romania this year”.