Pozavarovalnica Sava dd : Sava Re Supervisory Board Appoints Management Board Members for a New Term of Office

Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and applicable legislation, Sava Re, d.d., Ljubljana hereby announces the following:

At its meeting of 9 November 2017, the supervisory board of Sava Re appointed management board members for a new term of office.

Taking into account the fact that on 1 June 2018, the five-year term of office of three management board members (Srečko Čebron, Jošt Dolničar and Mateja Treven) expires, the supervisory board of Sava Re authorised Marko Jazbec, chairman of the management board, to put forward a proposal for the composition of the new management board.

After completion of the appointment procedure, the supervisory board at its today's meeting unanimously supported the proposal of Marko Jazbec, chairman of the management board, and appointed a new Sava Re management team with a vision, ambitious objectives and the energy required to run the company successfully also in the future. After two consecutive terms of office, the current management board members Srečko Čebron and Jošt Dolničar were re-appointed today, while Polona Pirš Zupančič, also a current employee of Sava Re, was appointed as the fourth management board member.

Srečko Čebron was appointed management board member for a five-year term of office starting on 1 June 2018, and will continue to be responsible for the areas of reinsurance operations, facultative reinsurance underwriting, and actuarial affairs.

Jošt Dolničar was appointed management board member for a five-year term of office starting on 1 June 2018, and will be responsible for the management of strategic investments in direct insurance subsidiaries and for modelling, IT, technologies and innovations, and pension insurance.

Polona Pirš Zupančič was appointed for a five-year term of office starting on the day following the receipt of the decision of the Insurance Supervision Agency to award her the licence for performing the function of a management board member. She will be responsible for the areas of corporate finance and controlling, accounting, investor relations, and risk management.

Polona Pirš Zupančič holds a master's degree in economics (University of Ljubljana, Faculty of Economics, postgraduate course in actuarial science, insurance finance programme). She was employed by Sava Re in 1999, and has been the executive director of corporate finance and controlling since 2009.

The supervisory board believes that in this composition, the management board, with its knowledge, experience, competences and target orientation, will be successful in implementing the strategy of Sava Re and the Sava Re Group.

The current management board member Mateja Treven was not appointed to the new management board as, upon the expiry of her second term of office, she decided - for personal reasons - to continue her career outside the management board. Both the supervisory board and the management board thank her sincerely for her work on the management board, for her commitment and strong expertise and substantial contribution to the development of the Sava Re Group, and at the same time wish her every success in her new business challenges.

The decision on the selection of new management board members was made with a view to setting up a management board with diverse and mutually complementary knowledge, experience and skills so as to ensure, also in the future, effective and successful management of the company. In addition, account was also taken of the required diversity in terms of gender, age and education of management board members, as well as the continuity of work of the management board.

The proposal put forward by the chairman of the management board was previously discussed by two supervisory board committees: the nominations and remuneration committee, and the fit and proper committee.