In accordance with the rules of the Ljubljana Stock Exchange d.d., Ljubljana, and applicable legislation, Sava Re d.d., Ljubljana, makes the following announcement:

In November 2020, the Sava Insurance Group was informed of new case law and regulatory practices, as well as other important facts in relation to the possible additional negative impacts of Covid-19 on its (FOS) business in the Republic of Ireland and on its business in the United Kingdom. Relating to this, court proceedings were initiated before the competent court in the first half of 2021, with the outcome potentially having a significant impact on other claims filed with Zavarovalnica Sava.

Today, on 24 May 2022, the High Court of Ireland, its Commercial Division, delivered its judgement in the case of Coachouse Catering Limited (trading as the Old Imperial Hotel) v. Zavarovalnica Sava – in favour of the latter. The case was treated as a “test case” under the Central Bank of Ireland’s COVID-19 and Business Interruption Insurance Supervisory Framework. The High Court confirmed that wording of Zavarovalnica Sava’s business interruption [and/or] loss of license policy does not provide cover for the losses arising from the Covid-19 pandemic. Today's judgement is an important milestone for the Sava Insurance Group and its policyholders, as the High Court confirmed its interpretation of policy wording. It will take some time for the parties to review the judgement, and Zavarovalnica Sava will provide an update to the impacted policyholders in the coming weeks.

This announcement will also be available on the Company’s website at www.sava-re.si, at least five years from the date of this announcement.