GORENJE, d.d., Velenje

Velenje / Slovenia, 1 October, 2009 - Gorenje Management Board met for the fourth time with trade union and employee representatives to continue negotiations regarding salaries that will be paid out till the end of the year. An agreement suitable for both sides was concluded.

Gorenje Management Board concludes Agreement with employee representatives

The Management Board started negotiations with sincere intentions to conclude an agreement with employee and trade union representatives that would suit employees and would not endanger Gorenje further business activities.

It was agreed that as from 1 September, 2009 the minimal salary paid out in the company Gorenje, d.d. amounts to 540 euro net. That is 25 percent more than the amount of the present minimal salary in Slovenia which is 432 euros.

Further it was agreed that employees receive an additional payment in the amount of 90, 70 and 50 euros gross in September, October, November and December in order to ease hardships that they have been enduring due to the current crisis.

As from 1 October, 2009 employees return to 40-hour working week as Gorenje managed to increase the volume of orders despite the still on-going crisis. Because of the change in working week employees are going to receive higher salaries.

The Management Board is in favour of financial participation of employees in the terms of profit sharing as it regards it a good way to motivate employees in meeting company's aims. It is going to continue talks with the trade union in order to conclude a contract that would enable employees to participate in the profit sharing. It will also propose to competent institution of the Republic of Slovenia certain changes and amendments of the act in force in order to simplify procedures and ensure more convenient conditions of the financial participation.

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The information of this announcement will be available on the official web site of the company Gorenje, d.d., Velenje, Slovenia, gorenje.com, at least 5 years from the date of the announcement.

Date: 2. 10. 2009