The Management Board’s opinion on the buy-out offer

Pursuant to the provisions of the Rules of the Ljubljana Stock Exchange d.d. and the ZTVP-1 (Official Gazette of the Republic of Slovenia, No. 56/99), KD Group, d.d., Ljubljana hereby issues the following announcement:

The Management Board of KD Holding, finančna družba, d.d., Ljubljana, pursuant to Article 25 of the Takeovers Act (Official Gazette of the Republic of Slovenia, No. 47/97), hereby publishes its opinion regarding the offer to purchase ordinary shares announced on 31 July 2002 by KD Group, a financial company, d.d.



Matjaž Gantar
Director