I. RATING REPORT

The Slovak Rating AgencyTM hereby confirms the rating for Prva Doplnkova Dôchodkova Poisťovňa Tatry -Sympatia as follows:

Long-term domestic koruna rating	BBB + (stable outlook)
Long-term foreign currency rating	BBB- (stable outlook)
Short-term rating	S2

The assigned long-term rating of BBB+ (stable outlook) in the category of transactions in Slovak koruna is 1 point under the rating of the State (A - stable outlook). In the category of transactions in foreign currencies, Prva DDP Tatry - Sympatia was assigned the rating of BBB- (stable outlook). The short-term rating of Prva DDP Tatry - Sympatia is S2, which is the best possible short-term rating for entities with a long-term rating of BBB+.

Justification:

• Despite diversification of the market of supplementary pension insurance, Prvá Doplnková Dôchodková Poisťovňa TATRY - SYMPATIA has preserved its leading position on the Slovak market with a market share of 46% as of 30.9.2004. It is in first place also in terms of the volume of received premium and the payment of allowances, as well as in terms of the volume of assets it administers. As of 30.9.2004 Prvá Doplnková Dôchodková Poisťovňa Tatry - Sympatia administered assets worth almost SKK 6.5 billion.
  
  
• The system of supplementary pension insurance, which constitutes part of the pension system, is currently undergoing reform. The rules of the new system of supplementary pension insurance, including the manner of investment and the handling of funds, is governed by the Act on Supplementary Pension Insurance, which is to acquire force on 1 January 2005, and pursuant to which existing supplementary pension insurance companies will have to transform into joint stock companies by the end of 2005 based on license proceedings. The operation of the original supplementary insurance companies in 2005 until the incorporation of the new entities will be governed by the original act.
  
  
• A priority of Prva DDP Tatry - Sympatia in 2005 is also its transformation into a new type of supplementary pension company as prescribed by law. Despite the absence of methodical guidelines and regulations accompanying the act, the insurer is currently actively preparing for the transformation process. A substantial benefit for Prva DDP Tatry - Sympatia will be the application of the experience gained from the process of preparing for incorporation and operation of pension management company Sympatia - Pohoda, a.s. which operates in the 2nd capitalisation pillar as part of the TBIH Group, which the agency regards as positive.
  
  
• In respect of implementation of its strategic objectives, VSP Tatry a. s. as the administrator of Prva DDP Tatry - Sympatia bought shares in a commercial insurance company in 2004, meaning Vzájomná Životná Poisťovňa Sympatia a.s. became a member of the TBIH Group. The acquisition of a license for the pension management company operating within the 2nd pillar, the transformation of the existing supplementary pension insurer and the purchase of shares of the commercial insurance company means the TBIH Group can offer its clients a full service concerning pension assurance.
  
  
• The investment strategy of Prva DDP Tatry - Sympatia for 2005 is similar to the preceding periods, having a conservative nature. The insurer will endeavour to continue to uphold the principles of prudent business practices when appreciating the assets of insured. The economic management of the insurer has been stable over the long-term, with redistributed profit of SKK 141.1 million going to the accounts of insured.
  
  
• As part of the sales strategy, a priority of the insurer is to continue increasing the level of customer care. The insurer plans to ensure that the standard of customer care is preserved by providing various loyalty products. Products include the "customary" publication entitled Your Second Pension, which among other things provides up to date information on the development of ongoing pension reform.

Please don't hesitate to address your questions to autner@slovakrating.sk, or call +421 2 5464 5151.

Slovak Rating Agency
Bratislava, 30 November 2004