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TOS-73/15

SAVA RE d. d., Ljubljana

Share Repurchase

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:

On the basis of the Slovenian Companies Act (ZGD), the 28th general meeting of shareholders, which took place on 23 April 2014, granted the management board of Sava Reinsurance Company authorization to acquire own shares. The general meeting authorization is for acquiring up to a total of 1,721,966 shares, representing 10 percent of the Company's share capital, including own shares held by the Company at the date of the authorization. The authorization of the management board is valid for a period of 36 months, i.e. until 23 April 2017.

In line with this general meeting authorization, the Company started repurchasing its shares on 24 November 2015.

The Company will repurchase its shares based on open orders on the regulated market on an ongoing basis, i.e. also during close periods as determined by the Company's internal rules governing trading with POSR shares. Notwithstanding the preceding sentence, the Company will not undertake any share repurchases during "silent periods" as determined by the Company in the financial calendar.

On the day of this announcement, the Company holds 376,066 own shares, representing 4.27 percent of all shares.

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

The management board
Date: 24.11.2015