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

The company Sava Reinsurance Company d.d., Dunajska 56, 1000 Ljubljana, (hereinafter:  "Sava Re" or the "Company") pursuant to Article 386 of the Markets in Financial Instruments Act and in accordance with its Share Repurchase Programme (see SEOnet announcement dated 18 November 2014) hereby informs its shareholders and the public that it has commenced a programme for the repurchase of shares outside the regulated market. 

All Sava Re shareholders registered as such on 24 November 2014 in the central register of dematerialized securities maintained by KDD d.d. are invited to submit binding offers for the sale of their Sava Re shares with ticker POSR and ISIN number SI0021110513 from Monday, 24 November 2014, 9:00, to Wednesday, 26 November 2014, 16:00, by completing and submitting the form attached to the invitation to submit a binding offer to sell shares of the Company. 

A description of the procedure for purchasing own shares outside the regulated market, the option to submit a binding offer to sell shares, the method of determining the purchase price and other terms and conditions hereto are detailed in the attached invitation to submit a binding offer to sell shares of the Company. 

ALTA Group d.d. and ALTA Invest d.d. were authorised by the Company to carry out the procedure relating to the purchase of shares and communicate with shareholders. 

This announcement does not constitute an offer to buy shares of the Company, but is, by its legal nature, an invitation to submit offers. Neither does this announcement constitute a share repurchase programme within the meaning of Commission Regulation (EC) No. 2273/2003 of 22 December 2003. 

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.