Atlantic Insurance Public : Consequences of the crisis in Ukraine

Atlantic Insurance

Nicosia, 17 March 2022

ANNOUNCEMENT

Re: Restrictive measures of the Council of the European Union and other sanctions against Russia in response to the crisis in Ukraine / War in Ukraine - Economic consequences / risks and uncertainties

Atlantic Insurance Company Public Ltd wishes to inform investors that, based on the developments to date in relation to the war in Ukraine, the restrictive measures of the Council of the European Union and the other sanctions imposed against the Russian Federation have not affected at this stage the insurance operations of the Company.

With regard to investments/placements, the Company's exposure in Russia and Belarus is limited to bonds of one investment portfolio under management which corresponds to less than 0.7% of the Company's total assets. Despite the significant losses in the value of the specific bonds and the general decline observed in international markets, the Company's investment portfolio as a whole remains profitable during the current financial year as a result of the wide dispersion of the portfolio and the increased investments in the fields of energy, commodities and raw materials.

Any indirect impact will depend on the duration and intensity of the crisis and its impact on the Cyprus economy which remains uncertain at this stage. It is, therefore, difficult to determine at this stage with reasonable accuracy the possible indirect economic consequences on the Company's operational activities.

The Company's Board of Directors monitors closely the developments so as to take all actions necessary to limit as much as possible any negative effects that may occur.

Yours,

Emilios Pirishis

Chairman