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 (“Sava Re”, “Pozavarovalnica Sava” or the “Company”), makes the following announcement:

S&P Global Ratings (the “Agency”) today published on its website www.spglobal.com/en that it has revised the outlook on Sava Re and Zavarovalnica Sava to positive from stable and has affirmed its “A” financial strength and issuer credit ratings.

In its announcement, the Agency underlines the strategic focus on strong underwriting performance as the key factor for the improved outlook. Prudence and underwriting discipline have enabled the Group to achieve favourable combined ratios in the non-life insurance business over the past ten years and in the international reinsurance markets in recent years. The Group also achieved consistent underwriting performance in its life insurance business. All of these factors have enabled the Group to deliver steady growth in operating results and a strong 10-year average return on equity of 13%, which the Agency believes compares favourably with its peers in the core markets in which the Group operates.

The Agency also bases its decision to improve the outlook on the Group’s robust capital position, both under the Agency’s capital model and under the Solvency II regime.

The Agency concludes that the positive outlook reflects its view that Sava Re is well positioned to continue its track record of sound operating results and strong underwriting, while expanding profitably in both domestic and international markets and maintaining its robust capitalisation over the next two years. The outlook for continued strong performance is further supported by improved prospects for economic growth in Slovenia and the Adria region, where the Group operates.

The Agency believes that an upgrade could occur in the next 12 to 24 months if the Group maintains its sound operating performance and strong capital position, or if the Agency raises the “AA-” sovereign rating on Slovenia, the outlook on which the Agency has recently revised to positive from stable.

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