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30 June 2004

14th annual general meeting of Sava Re

Today at noon the AGM of Sava Re started. At the meeting, 99,95 percent of capital was represented.

After the meeting had been convened, the Company received a statement of Mr Branko Pucelj tendering his resignation from the position of Member of the Supervisory Board. Accordingly, at the meeting a counter proposal was added to point two of the agenda: the AGM was informed of the resignation of Prof. Dr. Marko Pavliha and Mr Branko Pucelj, and voted on two new Members of the Supervisory Board, Mr Uros Slavinec and Prof. Dr. Miha Juhart. The mandate of the newly appointed Members is to start on 1 July 2004.

The AGM was presented the annual report and accounts, it adopted the proposal for the appropriation of the distributable net profit for 2003 and discharged all Members of the Board of Management and Supervisory Board of all personal responsibility in respect of the past financial year.

The distributable net profit of the Company for 2003 amounts to SIT 2.641.723.536,70. Part of the distributable net profit of SIT 16.375.000 is to be used for bonus payments to the Members of the Supervisory Board; the remaining of distributable net profit is to go to reserves. Pursuant to the decision of the Supervisory Board, bonus payments to the Members of the Board of Management have been made as expenses of the Company in the same amount as for 2002. The Members of the Board of Management have thus received SIT 31.596.300.

The AGM appointed BDO EOS Revizija, d.o.o. as auditors for the financial year 2004.

In accordance with the Law on the Ownership Transformation of Insurance Companies, the AGM was informed of the findings of the special audit on the operations of the Company from 1990 to 2002. The special audit has found no irregularities.

All resolutions proposed were adopted anonymously.