In the afternoon hours of December 14th, 2011, Sava d.d. received a press release and shortly afterwards an email with questions from the Minor Shareholders’ Society (Društvo MDS). In the press release and the letter, the MDS Society reproaches Sava d.d. with insufficient information of shareholders, and indirectly raises doubts about economic effectiveness of two stock-exchange transactions which influenced the below changes in ownership structure:

• increase of the Sava d.d. ownership stake by 0.43 per cent (from 21.34 to 21.77 per cent of ownership) in the investment in Maksima Invest d.d., and
• increase of the Sava d.d. ownership stake by 8.58 per cent (from 0.45 to 9.03 per cent of ownership) in the investment in Finetol d.d.

For this reason, we are informing the shareholders and the general public about all the facts as follows: 
The company Sava d.d. did not buy the shares of the company Finetol d.d. and the shares of Maksima Invest d.d., as stated by the MDS Society, but it acquired the shares of the two companies in the process of closing the claim to the company Nufin d.o.o., in accordance with the previously agreed contract provisions on mutual settlement of liabilities.
In the said process, the company Sava d.d. complied with the applicable legislation on the financial instruments market. In other words, Article 123 of The Law on the financial instrument market binds shareholders and/or reporting agents to inform relevant publicity traded company about any change in the significant interest within four trading days, and Sava d.d. proceeded accordingly. 
On Friday, December 9th, 2011, Sava d.d. was notified by the brokerage company of the transfer of 44,300 Finetol d.d. shares, and thus became 9.03 per cent owner of the company. We notified the company Finetol d.d. about the change in stake on Tuesday, December 13th, 2011, and simultaneously – according to the legal requirements – we gave notice about the said change also to the competent Security Market Agency. 
On the same day, i.e. in December 9th, 2011, Sava d.d. was informed by the brokerage company also about the transfer of 50,000 shares of the company Maksima Invest d.d. to the company Sava d.d. This transfer did not represent a change of the significant interest, as Sava d.d. had already been a 21,34 per cent owner of this company prior to the transfer, and after the said transfer the stake percentage increased to 21.77. 
The company Sava d.d. did not pay any sum of money for the transfer of shares and for the simultaneous closing of claims to the company Nufin d.o.o. The market value of the acquired shares in total does not exceed 60,000 Euros. Considering the transaction value and statutory provisions of the company Sava d.d., we are not obliged to specifically inform the Supervisory Board of the matter in question or to obtain their consent.

 Sava, d.d.
Corporate Communications