Tuesday, 18/11/2014

Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and relevant legislation, Pozavarovalnica Sava, d.d., Ljubljana ("Sava Reinsurance Company") hereby announces the following:

On the basis of the Slovenian Companies Act (ZGD), the 28th general meeting of shareholders, which took place on 23/04/2014, authorized the management board of Sava Reinsurance Company to acquire treasury shares. The general meeting authorization is for acquiring up to a total of 1,721,966 shares, representing 10 percent of the Company's share capital, including treasury shares owned by the Company at the date of the authorization. In accordance with the general meeting authorization, the Company may acquire its own shares, either by transactions on the regulated financial instruments market or outside the organized market. 

In line with this general meeting authorization, the Company started repurchasing its shares in July 2014. To date, the Company has acquired own shares exclusively in transactions concluded on the regulated market of financial instruments, at current market prices. 

Due to the poor liquidity of the Slovenian market (which under EU legislation has an effect on quantitative restrictions on acquiring own shares in the regulated market), we note that the fund of own shares may be increased only by a symbolic amount, and so the Company cannot fully make use of the general meeting authorization to acquire and dispose of treasury shares. For this reason, it seems doubtful that the purposes for which the management board was granted the general meeting authorization can be realized. Prior to the recent capital increase (2013), the shareholders of Sava Reinsurance Company tasked the management board of the Company to achieve admission to at least one developed organized securities market by the end of 2016, for which the Company could use its own shares. If the pace of acquiring own shares is slow, this general meeting task dating from January 2013 will be difficult to carry out. 

In view of the above, Sava Reinsurance Company has prepared a share repurchase programme in order to provide a basis for public and transparent trading in own shares. 

To date, the Company has acquired own shares only on the regulated market of financial instruments; from the publication of this programme onwards, the Company will acquire own shares both on the regulated as well as outside the regulated market of financial instruments, for which the Company was granted the general meeting authorization.

Publication of the share repurchase programme

The share repurchase programme is published in the attached document.

The share repurchase programme is also published in softcopy on the Company's website (http: // www.sava-re.si).

The share repurchase programme is available to the Company's shareholders in the secretary's office at the Company's headquarters in Ljubljana, Dunajska cesta 56, every working day between 9:00 and 15:00. 

This announcement will be available on the Company's website at www.sava-re.si, at least five years from the date of the announcement.

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