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SAVA RE, d. d., Ljubljana

Standard and Poor's Rates Zavarovalnica Sava 'A-' with a Positive Outlook

Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and the Market in Financial Instruments Act, Sava Re, d.d., Dunajska 56, Ljubljana hereby announces the following:

On 8 November 2017, Standard & Poor's assigned Zavarovalnica Sava, d.d. 'A-' (excellent) issuer credit and financial strength ratings with a positive outlook.

The agency regards Zavarovalnica Sava as a core subsidiary of Sava Re and the largest contributor to the Group's premiums and profits. Zavarovalnica Sava has a strong position in the Slovenian insurance market, where it is the second largest player with a 17 % market share.

The positive outlook reflects the outlook on Sava Re's core operating entities with a potential that the ratings improve over the next two years provided the Group maintains a stable capital position, ensures growth in premiums and earnings, cost efficiency and capital adequacy above the agency's 'AAA' threshold.

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: 10.11.2017