Pozavarovalnica Sava

Governance Information • Apr 7, 2017

Statement of compliance with the Corporate Governance Code

for Public Joint-Stock Companies

The management and the supervisory boards of Sava Re hereby confirm that they operate in compliance with the Corporate Governance Code for Public Joint-Stock Companies as adopted on 8 December 2009 by the Ljubljana Stock Exchange, the Slovenian Directors' Association and the Managers' Association of Slovenia and available from the website of the Ljubljana Stock Exchange, Ljubljana (http://www.ljse.si) in Slovenian and English, with individual deviations that are disclosed and explained below.

Supervisory board

Recommendation 6.2: The supervisory board has two members who are employee representatives. They are employed with the Company and therefore have business ties with it.

Transparency of operations

Recommendation 20.2: The Company does not have in place a single document including a communication strategy for the prevention of situations leading towards insider trading. Recommendation 20.2 is partly included in internal acts and partly implemented based on day-to-day management board decisions.

This statement relates to the period from the adoption of the previous statement of compliance with the Corporate Governance Code for Public Joint-Stock Companies, i.e., from 31 March 2016 to 31 March 2017.

Ljubljana, 31 March 2017

Management Board of Sava Re, d.d. Supervisor Board of Sava Re, d.d.

Jošt Dolničar, chairman Mateja Lovšin Herič, chair

Srečko Čebron, member

Mateja Treven, member