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9 September 2013

Exposure of the Sava Re Group to Probanka and Factor banka

Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and relevant legislation, Pozavarovalnica Sava, d.d., Ljubljana ("Sava Reinsurance Company") hereby announces the following: 

Due to the liquidation of the banks Probanka and Factor banka, the Sava Re Group will recognise impairment losses relating to subordinate bonds and shares totalling € 4.813.104. Of this, € 1.840.927 relate to subordinate bonds of Factor banka held by Sava Reinsurance Company, and € 2.925.841 to Probanka subordinate bonds and € 46.336 to Probanka shares both held by Zavarovalnica Maribor. 

These impairment losses will affect the estimated consolidated Sava Re Group result for 2013; however, the estimated result of Sava Reinsurance Company until the end of 2013 will remain unchanged for the time being. Accordingly, there will be no amendments to the expected basis for dividend pay-outs of Sava Reinsurance Company. 

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.