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Open JSC «Insurance Company «Universalna» entered the top three cargo and luggage insurance companies in the corporate sector (№ 1 among the companies offering standard insurance services) in accordance with the results for the first half of 2008. This data was presented in the All-Ukrainian rating program «GVardiya Korporatsiy» insurance market rating list.

In accordance with this rating list Insurance Company «Universalna» holds the 7^th position among companies offering KASKO insurance in the corporate sector. The company holds the same position among companies offering mandatory insurance of civil-legal liability of owners of land transport in the corporate sector.

«Universalna» holds the 11^th position in the overall rating list of insurance companies in the corporate sector (№ 6 among companies offering standard insurance services).

As part of the project an overall rating list of the most expensive corporations and companies in Ukraine and a rating list of the cost of businesses on separate markets were compiled. The financial sector was presented by a rating list made up for two groups: banks and insurance companies. Businesses were not appraised as the approach to determining the cost of financial companies is not always one and the same. Taking into consideration the above-mentioned the main goal of presenting the financial sector in the project was to show the involvement of companies in the service of the corporate sector of economy.

The All-Ukrainian rating program «GVardiya» is prepared annually by the Ukrainian Rating Agency «URA» and publishing house «Galytski kontrakty».

OJSC Insurance Company «Universalna» has paid out the interest income and fulfilled all the obligations concerning the prior redemption of Series A Bonds.

IC «Universalna» has paid out the interest income of Series A Bonds for the 8^th coupon period speedily and comprehensively. The amount of interest income for 1 bond accounted for UAH 36,15, which corresponds to 14,5% annual yield. IC «Universalna» has fulfilled all the obligations concerning prior redemption of Series A Bonds in compliance with concluded contracts.

The total issue of bonds accounted for UAH 30 mln., life — 3 years (maturity date — October 27, 2009). Interest income is being paid quarterly. The bonds stipulate an annual offer. The date of the next interest payment — January 27, 2009.

CJSC «Alfa Bank» has acted as the underwriter of the bond issue.

OJSC Insurance Company «Universalna» has been awarded the «Insurance Company of the Year» title in the international competition «MasterCard Bank of the Year».

According to the results, «Universalna» has been ranked 3^rd among the other insurance companies — participants of the competition. Let us remind, that in 2007 the company was ranked 1^st in this competition.

«This award evidences the correctly chosen strategy and the effectiveness of initiatives, which we have implemented», — said Ruslana Palayda, Deputy Chairman of the Company’s Management Board.

20 Ukrainian companies, which in 1H 2008 had the biggest GWP (according to the open sources like the rating of AA «Expert Rating» as of 15.09.2008), have been selected to participate.

Under the rules of «MasterCard Bank of the Year» competition, every participant has sent a summary about its company’s activity. The information has been sent along with the market’s analytical survey performed by Fincentrum. The jury has used the special forms for the secret ballot and the data has been handled under the notary officer’s observation.

«MasterCard Bank of the Year» is the international initiative, one of the most authoritative ratings in Eastern Europe. The competition «Bank of the Year» is aimed at determining the best products and services provided by Ukrainian financial companies.

Open joint stock company «Universalna» has finished corporate training program for managers of the company run by Kyevo-Mogylianska business-school (KMBS) which had been carried under the course «Managerial and organizational development». The training has lasted since December 2007.

The studies for «Universalna» have been developed for the purpose of knowledge broadening and enhancing experience in the fields of management, finances, personnel administration and operations management.

Managers of the company have studied in 6 segments which were: «Business strategy: development and implementation», «Project management», «Financial management», «Strategic marketing», «Operations management», «Leader’s and manager’s role».

The studies have been led by the best teachers of «KMBS»: Anna Vlasova, Sergiy Gvozdev, Mykhailo Kolisnyk, Olena Maltseva, Evgen Pentsak, Darius Radkevichus, Andriy Fedorov, Pavlo Sheremet and Olga Scherbina.

During 11 months «KMBS» has been making the best possible impression on participants of the studies by its high professional standards in teaching, positive team spirit and ability to inspire to make change for the Company.

Kyevo-Mogylianska business-school was established in 1999 in one of the most ancient universities of Eastern Europe — Kyevo-Mogylianska Academy. Innovation and courage are the properties which distinguish «KMBS» from other business schools. In 2002 «KMBS» for the fist time in Ukraine opened innovative 5-categories program called Executive MBA, 2005 was the year when unique program for business-owners appeared — Presidential MBA «KMBS». In 2006 «KMBS» received unconditional accreditation by CEEMAN [Central and Eastern Europe Management Development Association] for the term 5 years.

«KMBS» twice has won the title of «business-school No.1 in Ukraine» according to the credit raiting carried out by «Delovoy» magazine.

Open joint stock company «Life insurance company «Universalna» has carried out study in the form of seminar for directors and deputies directors of regional representative offices of the company.

The subject of the seminar was: «Implementation of trainings for consultant officers and managers under the program «Intensive».

The seminar was conducted for the purpose of caring out prompt training and subsequent introduction of financial consultants to working places to provide consulting services to clients. The participants of the seminar received comprehensive information on the methods and tools for development of consulting network in the region in general.

Aside from the training the executives from the head quarter and regional offices took on opportunity to communicate in friendly atmosphere and to exchange experience.

Open joint stock company «Insurance company «Universalnaia» has paid out insurance benefits in amount 133.99 thousand UAH. to Open joint stock company «Ivano-Frankivske leather enterprise «Plie».

The enterprise «Plie» has been subjected to material losses due to nature disaster — floods and rain showers which were recorded on the territory of West Ukraine from July 22 to July 27 2008.

The insured object of the client according to insurance agreement entered in by «Universalnaia» company is property (construction premises): administrative building (public dining room), pumping station for silt pumping, pumping station for flow pumping and flow recorder. All the premises have been flooded.

On October 10, 2008, OJSC «Insurance Company «Universalna» has opened 12 regional points of sale in 9 regions of Ukraine.

Particularly, IC «Universalna» has opened its POS in such regions of Ukraine as: Lviv region (city of Chervonograd), Vinnutsya region (city of Zhmerinka, city of Bershad), Zhitomyr region (city of Novograd-Volynskiy), Ivano-Frankivsk region (city of Rogatyn), Sumy region (city of Konotop, city of Shostka), Cherkasy region (city of Zolotonosha), Lugansk region (city of Severodonetsk), Mykolaiv region (city of Yuzhnoukrainsk), Odesa region (city of Belgorod-Dnistrovskiy, city of Ismail).

IC «Universalna» intends to open 9 more regional points of sale by the end of October, 2008.

Insurance Company «Universalna» has declared to open not less than 30 points of sale by the 2008YE.

Universalna Insurance Company CJSC held the Conclusive Meeting of the Principal Office and the Branch Directors entitled «Company’s business results in the 1^st half of 2008».

On the first day of the event, the company’s top-management noted the achievement of the company’s major goals set in the first half of 2008: winning a market share by way of expanding the regional network and the increase of the gross premium volume. Let us remind you that the company declared further active expanding of its network: opening 56 branch offices in regional centers in the throughout 2008 and the early 2009.

At present, the Universalna Company in finishing the process of creating regional damage settlement centers, making the repayment process faster and more convenient for clients. It is arranging the underwriting process and risk calculations. It is also working on establishing more precise rules of work with sellers, optimization of the product line, including the simplification of the insurance products in biggest demand.

In the framework of the Meeting, current tissues concerning the company’s development were discussed, also, key directions of its further activities were set out. Among the strategic goals of the company for the period of 2008—2009 the following were singled out in particular: improvement of the operational outcome; portfolio segmentation and the growth of business in profitable market segments, optimization of effective business processes, as well as divisions’ operation evaluation and personnel motivation systems.

The second day of the event was devoted to the team project with the title «Universal -Cinema», in which the management of the company and regional offices partook in filmmaking, being shooting crew members and actors. The Universalna employees were divided into 7 teams before which a task was set to create a movie inspired by the famous films («The Golden Calf», «Ivan Vasyliovych changes his occupation», «Office romance», «The Diamond Hand» etc.), but also to change the motion picture’s genre.

In the evening, the newly-made films were demonstrated in the company’s festival called «Universal — Cinema». The actors walked the red carpet. After the demonstration, the Jury chose the best pictures and awarded the victors with «Oscars» from the Universalna Company.

On September 24, 2008, Oleksandr Kulieshyn was chosen Chairman of Universalna Life Insurance Company OJSC, who has acted as the Director General of Universalna Life Insurance Company. This fact is stated in the Minutes No. 02/08 of the General Meeting of the Shareholders of Universalna Life Insurance Company OJSC dated September 23, 2008.

Before joining the Universalna Company, O. Kulieshyn held the office of the Chairman of the Fortis Life Insurance OJSC and Etalon-zhyttia OJSC.

The General Meeting of Shareholders of the Open Joint Stock Company amended the company’s Articles of Association in connection with the change of the company’s seat from «Ukraine, 46008, Ternopil, 12a Medova Street» to «Ukraine, 03067, Kyiv, 4 Ivana Lepse Blvd.» Also, a decision was made to change the name «Board of the Company» to «Supervising Board», and «Board of Directors», to «Management» as well as introduce some other offered changes by way of issuing a new edition of the company’s Articles of Association (annex 1 to the protocol).

The Meeting resolved to appoint the Supervision Board of Universalna Life Insurance Company OJSC, starting the date following the day of the state registration of the new edition of the Articles of Association of the Universalna Life Insurance Company OJSC approved on September 23, 2008, the members of the Board being as follows:

1. O.V. Muzychko — Chairman of the Supervision Board,
2. O.V. Velyka — Deputy Chairman of the Supervision Board,
3. Ya.Ya. Prokopiuk — Member of the Supervision Board
4. 4. R.M. Palaida — Member of the Supervision Board

Let us remind you that since the beginning of 2008, Universalna Life Insurance Company OJSC opened 17 offices. By the end of the year, the company is planning to open subsidiaries in all regions of Ukraine, the total number of offices being 26.

Universalna Insurance Company amended the company’s Articles of Association in connection with the change of the company’s seat from «Ukraine, 79015, Lviv, 65 Turgenieva Street» to «Ukraine, 03067, Kyiv, 4 Ivana Lepse Blvd.»

This fact is stated in the Minutes No. 03/08 of the General Meeting of Shareholders of the Open Joint Stock Company dated September 16, 2008.

8 shareholders were present (by proxy) in the Meeting holding the aggregate 77.13% of the authorized capital of the Universalna Insurance Company OJSC.

Among other questions resolved by the Meeting of Shareholders are the change of the name «Board of the Company» to «Supervisory Board», as well as election of the Supervisory Board consisting of the following members:

1. Vitalii Borysovych Antonov — Chairman of the Supervisory Board,
2. Pavlo Mykhailovych Sheremeta — Deputy Chairman of the Supervisory Board,
3. Bedivire Investments Limited — Member of the Supervisory Board
4. Vasyl Valeriiovych Danyliak — Member of the Supervisory Board
5. Iurii Liubomyrovych Kuchabskyi — Member of the Supervisory Board