5 May 2003

Legal results of the ownership transformation of unnominated capital of Sava Re entered in the court register

On 29 April 2002, the District Court of Ljubljana, pursuant to the Decision of the Republic of Slovenia relating to the ownership transformation of Sava Re, entered the legal consequences of the ownership transformation of unnominated capital of Sava Re. The subscribed capital was increased from SIT 10,500,000 to SIT 7,862,519,000. Pursuant to the Decision, the increase of subscribed capital was effected from the Company’s own funds.

Today (5 May 2003) Sava Re will instruct the Central Securities Clearing Corporation, Ljubljana, to issue new shares and enter them in the registration account of the Slovene Restitution Fund, Ljubljana.

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