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13 June 2011

Memorandum on Co-operation Between Sava Reinsurance Company and AtaHolding OJSC, Azerbaijan, Signed

On Friday, June 10th the Slovenian-Azerbaijani Business Forum was held at the Ljubljana Grand Hotel Union.

The Slovenian-Azerbaijani business forum was opened by Igro Plestenjak, Managing Director of JAPTI, and Adil Mammadov, President of AZPROM at 10:00 hrs.

The delegations of both counties were welcomed and addressed by the President of the Republic of Slovenia Dr Danilo Türk and the President of the Republic of Azerbaijan Dr Ilham Alijev.

Then the delegates of both countries spoke on the opportunities of co-operation for both countries and presented a Slovenian company in Azerbaijan as an example of good practice. The forum was concluded by bilateral talks between Slovenian and Azerbaijani businesses. In this part of the forum Sava Reinsurance Company signed a Memorandum of Co-operation with the insurer AtaHolding, Azerbaijan. The signatories for Sava Reinsurance Company were Jošt Dolničar and Srečko Čebron, both members of the Management Board, and for AtaHolding OJSC, Farid Fuad oglu Asadov, Chairman of the Company's Executive Board.

The Memorandum was on co-operation in developing life insurance in the Republic of Azerbaijan on the basis of European experiences. In the document, both Parties state their intention to co-operate in order to establish the life insurance company AtaHəyat Sığorta OJSC, setting out relevant supporting activities, all in accordance with the laws of the Republic of Azerbaijan and obligations and responsibilities of both Parties.

Sava Reinsurance Company is already co-operating in establishing the life insurer AtaHəyat Sığorta in Azerbaijan, where we our equity contribution will be in the form of know-how. Currently, the project is in the phase of arranging relevant permits and registration in accordance with the laws of the Republic of Azerbaijan.

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