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28 May 2010

Announcement on Sava Re Supervisory Board Meeting

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

In its 14th session held on 27 May 2010, the Supervisory Board was presented the Unaudited Unconsolidated Report of Sava Reinsurance Company for the Three Months to 31 March 2010. In accordance with the Company's financial calendar, the Unaudited Unconsolidated Report of Sava Reinsurance Company for the Three Months to 31 March 2010 will be published through the website of the Ljubljana stock exchange and the LSE SEO-net electronic information system (www.ljse.si), and posted on the Company's website (www.sava-re.si) on 31 May 2010.

The Supervisory Board drafted the resolution for appointment of auditor for the 2010 financial year to be presented to the General Meeting, and approved the proposed wording of the agenda as set out in the Notice of the 23rd General Meeting of Sava Reinsurance Company. In accordance with the Company's financial calendar, the notice of General Meeting will be published on 28 May 2010, in the daily newspaper Delo, through the website of the Ljubljana stock exchange and the LSE SEO-net electronic information system (www.ljse.si) and posted on the Company's website (www.sava-re.si). The General Meeting will be held at 10:00 hrs on 30 June 2010.

The Supervisory Board also discussed the newspaper articles about Sava Reinsurance Company published in the daily Finance from 24 to 27 May 2010. The allegations are not true. The Supervisory Board has full confidence in the Management Board. Currently, the Management Board's high priority duties include adapting to new key tasks arising from its strategy, attaining target business results and enhancing the efficiency of the management of the Sava Re Group.

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

Branko Tomažič
Chairman of the Supervisory Board of Sava Reinsurance Company