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30 September 2010

Announcement on the official recording of the increase in share capital of Velebit Osiguranje, d.d. Zagreb

Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and relevant legislation, Sava Reinsurance Company d.d., Dunajska 56, 1000 Ljubljana, hereby announces the following:

Pursuant to Articles 106 and 386 of the Market in Financial Instruments Act (ZTFI) (Off. Gaz. of the Republic of Slovenia, No. 67/2007), relating to the announcement of regulated information, Sava Reinsurance Company hereby announces that on 29 September 2010, the relevant court in Zagreb issued an order on the increase in the share capital of the indirect non-life insurance subsidiary VELEBIT OSIGURANJE d.d., Zagreb, Savska 144a to HRK 77.000.000,00 (EUR 10.554.740,72).

In the process of the capital injection into VELEBIT OSIGURANJE d.d., a total of HRK 11.000.000,00 was paid up, of this the direct subsidiary wholly owned by Sava Reinsurance Company VELEBIT USLUGE d.o.o. contributed 58.357 new shares, totalling HRK 5.835.700, while VELEBIT ŽIVOTNO OSIGURANJE d.d. contributed 48.643 new shares, totalling HRK 4.864.300. Other investors not affiliated with Sava Reinsurance Company contributed 3.000 new shares, totalling HRK 300.000.

As a result of the capital increase in VELEBIT OSIGURANJE, the shareholding of companies affiliated to Sava Reinsurance Company increased: the holding of VELEBIT USLUGE d.o.o. increased from 51,14% to 51,41%; the holding of VELEBIT ŽIVOTNO OSIGURANJE d.d. increased from 4,44% to 9,90%.

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

The Management Board