GORENJE, d.d., Velenje

The main company Gorenje, d.d., hereby publishes the announcement from the 13th Supervisory Board Meeting, held on May 5, 2004 in Velenje, Slovenia and Audited and Consolidated Annual Report 2003 Summary, according to International Financial Reporting Standards for Gorenje Group.

13th Supervisory Board Meeting of Gorenje, d.d., and Annual Report 2003 Summary, according to IFRS

At the meeting, held on 5th May 2004, the Supervisory Board adopted audited Annual Report of Gorenje, d.d. and the Consolidated Annual Report of the Gorenje Group for the Year 2003, according to Slovenian Financial Reporting Standards and confirmed the proposal for the application of the balance-sheet profit for the year 2003. The Supervisory Board adopted the Report on the revision of Annual Report, which will be submitted to the Annual General Meeting.

Apart from it the Supervisory Board adopted the non-audited financial report on business operations of Gorenje, d.d. and the Gorenje Group for the period January - March 2004, according to Slovenian Financial Reporting Standards.

The Supervisory Board was briefed on the letter of resignation submitted by Mr. Igor Omerza on 23rd April 2004, due to the incompatibility of both functions - acting as the officer of the local community and the member of the Supervisory Board - in compliance with the Prevention of Corruption Act. The Supervisory Board is going to propose to the General Meeting the by-election arrangements for vacancy in the Supervisory Board.

The Supervisory Board briefed the members about the Corporate Governance Code, and for this purpose appointed the team which will, together with the Company Management, prepare for the next meeting of the Supervisory Board the declaration on harmonisation with recommendations from the Code.

Please, see attached file, regarding Audited and Consolidated Annual Report 2003 Summary, according to International Financial Reporting Standards for Gorenje Group.

Date: 26. 5. 2004