Notice regarding the receipt of a decision from the Constitutional Court

In accordance with the provisions of the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana, and the applicable legislation, KD Group, d.d., Ljubljana hereby issues the following announcement:

KD Group, financial company, d.d., Celovška cesta 206, Ljubljana, hereby informs the public that on 19 December 2008 it received Constitutional Court decision number U-I-66/08-14 dated 11 December 2008 concerning the proceedings to review the constitutionality of the Act on the Legal Successors of Authorised Investment Companies, in which the Constitutional Court ruled:

1. The fourth paragraph of Article 4 of the Act on the Legal Successors of Authorised Investment Companies (Official Gazette of the Republic of Slovenia, Nos. 68/07 and 7/08) is repealed.
2. The second paragraph of Article 4 of the Act on the Legal Successors of Authorised Investment Companies is inconsistent with the Constitution.
3. The National Assembly must remedy the inconsistency identified in the previous point within six months of the publication of this decision in the Official Gazette of the Republic of Slovenia.
4. The second paragraph of Article 6 of the Act on the Legal Successors of Authorised Investment Companies is inconsistent with the Constitution if it is interpreted to mean that a shareholder of the company referred to in the first paragraph of Article 2 of this Act, who has already made a successful takeover bid for that company in accordance with the regulations governing takeovers, either to make a fresh takeover bid for that company or to reduce the number of shares or voting rights in the company to less than 15 per cent of the voting rights.
5. The second paragraph of Article 2, the first to third paragraphs of Article 3, the first, third and fifth paragraphs of Article 4, the second to fourth and sixth paragraphs of Article 5, the first and third to fifth paragraphs of Article 6, and Article 7 of the Act on the Legal Successors of Authorised Investment Companies are not inconsistent with the Constitution.
6. Until the inconsistency identified in point 2 point of the operative part of this decision, one or more shareholders, representing at least nine-tenths of the company’s share capital and voting in favour of the resolution on withdrawal, must offer an appropriate financial compensation to all other shareholders.
7. The time limit referred to in the second paragraph of Article 6 of the Act on the Legal Successors of Authorised Investment Companies shall expire three months after the publication of this decision in the Official Gazette of the Republic of Slovenia.
8. The application to initiate proceedings to review the constitutionality of the first to fourth paragraphs of Article 12 and the first to fourth paragraphs of Article 13 of the Act on the Legal Successors of Authorised Investment Companies is dismissed.
9. The application for the initiation of proceedings to review the constitutionality of Articles 9, 10, 11, the fifth and sixth paragraphs of Article 12, and the fifth and sixth paragraphs of Article 13 of the Act on the Legal Successors of Authorised Investment Companies is dismissed.

The decision will be published in the Official Gazette of the Republic of Slovenia and on the Constitutional Court’s website at www.us-rs.si.

This notice will also be published on the company’s website www.kd-group.com under ‘Public Announcements’ from 22 December 2008 onwards.



KD Group d.d.
Management Board