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INI-427/16

SAVA RE d. d., Ljubljana

Capital Adequacy of the Sava Re Group

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

The Sava Re Group has calculate the opening balance of the Group's capital requirements as at 31 December 2015 in accordance with Solvency II regulations. The Group held eligible own funds of € 403 million, of which most were tier 1 funds. The valuation of both assets and liabilities for determining eligible own funds was carried out in accordance with economic principles. The Solvency Capital Requirement of the Group was € 200 million. The solvency ratio at 31 December 2015 stood at 201 %, which indicates that the capital position of the Sava Re Group is excellent.

The current capital position is the result of the Group's development in recent years. Over the past ten years, the Sava Re Group has made a significant transformation from a reinsurer (70 % of reinsurance business) to an international insurance group (80 % of insurance business) with presence in six insurance markets and a significant position in the Slovenian market (number two). It also managed to reduce risk through the reorganisation of its subsidiaries and continued reducing of market risk exposure by diversifying the investment portfolio. Despite the Group's growth and transformation, its capital position further strengthened and supports the A- financial strength rating. It is also an indicator of the Group's intrinsic value and stability allowing for the implementation of the Group's development and growth strategy. The process of merging the Group's EU-based insurers will support further capital optimisation, as the diversification effect will have a positive impact on the Group's capitalisation.

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: 22.06.2016