Pursuant to the rules of the Ljubljana Stock Exchange d.d., Ljubljana, and applicable legislation, Sava Re d.d., Ljubljana, makes the following announcement:

Jošt Dolničar, who was appointed chairman of the management board of Zavarovalnica Sava on 30 December 2021, was granted a licence to perform this function by the Insurance Supervision Agency on 3 May 2022. His term as a member of the management board of Sava Re ends on 4 May 2022, and he will assume the chairmanship of the management board of Zavarovalnica Sava on 5 May 2022 for a five-year term of office.

After the departure of Jošt Dolničar, the Sava Re management board will continue to operate with only three members until further notice.

Marko Jazbec, Chairman of the Management Board of Sava Re: “On behalf of the Sava Re management board, I sincerely thank Jošt Dolničar for his long-standing cooperation on the board, and I wish him every success in heading Zavarovalnica Sava.”

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.