At 19th regular meeting, held on 18th November 2010, the Supervisory Board of Sava became acquainted with the resolutions by the audit committee of the Supervisory Board, which was held on 17 November 2010. The Board of Management of Sava d.d. presented the information about indebtedness, liquidity and solvency of Sava for the current quarter and the adopted measures for improving the liquidity situation. At the meeting, the Supervisory Board of Sava d.d. became acquainted with a proposal, reasons and planned activities of the Board of Management for selling the investment that Sava d.d. has in Abanka Vipa d.d., and it gives its support to begin of the sales process for Sava’s 23.83% shareholding in this bank. Sava d.d. together with other partners – shareholders of the bank intends to perform the sale process in the first half of the next year. Divesting the investment in Abanka Vipa is a part of the strategy, which will contribute to strengthening the effectiveness of Sava’s business performance over the longer period of time.

The joint stock company Sava is the owner of 1,715,814 shares or a 23.83% shareholding of Abanka Vipa d.d. Sava acquired a significant shareholding in third largest Slovene bank in 2007 and it kept it also a year later when it participated in the increase in capital of Abanka Vipa.

The decision of Sava d.d. to purchase investment in Abanka Vipa was in a close relation with the strategy of developing financial operations in direction of a tie-up between Gorenjska Banka and Abanka Vipa. Already at that time Sava was the owner of a 45.9% shareholding in Gorenjska Banka d.d., and the estimate of the synergetic effects resulting from a tie-up of both banks showed a potential for an above-average growth, and, as a result, the growth in the value of Sava's financial investments. The interest of Sava as a significant shareholder in both banks was always to harmonise the expectations of their shareholders and thus a desired tie-up as soon as possible. Differences in opinions of shareholders of one or the other bank as to the suitability of the exchange relation based on the assessed value of both banks were too big, which led to the fact that after time-consuming adjustments, the project came to a dead end and was stopped. The Board of Management of Sava d.d. proposed other alternatives for a tie-up of both banks too, however, its endeavours did not bear fruit. The Board of Management of Sava d.d. has therefore estimated that any further insisting in this direction is not reasonable, as it is not likely for a tie-up to be actually carried out in the foreseeable future.

The need for selling the investment in Abanka Vipa is now demanded by other business reasons as well. The economic environment in the past two years has strongly changed and so have the conditions in which the holders of shares of Abanka Vipa, among them Sava, are operating. Divesting the investment that Sava d.d. has in Abanka Vipa above all rests on the need for decreasing financial liabilities. The net indebtedness of Sava d.d., which at the end of October amounted to about €281 million would be significantly decreased after the sale of the investment in Abanka Vipa and so would financing expenses. By selling the stake in Abanka Vipa Sava d.d. would strongly improve its capital structure.

Based on the support provided by the Supervisory Board, the Management Board of Sava d.d. together with other shareholders of Abanka Vipa, who have confirmed their participation in the sale of shares and whose total shareholding already exceeds 50 percent, will accede to the joint sale, to which all shareholders interested will be invited too.

The implementation of selling a 23.83% shareholding of Sava d.d. in Abanka Vipa d,d, is foreseen for the first half of 2011.

Any important changes to data in the company's prospectus shall be promptly released in public announcements on SEOnet of the Ljubljana Stock Exchange. This public release will also be available on-line at the address www.sava.si as of the day of the announcement for a period of 5 years.