GORENJE, d.d., Velenje

Management Board Statement, regarding the compatibility with Slovenian Corporate Governance Code

The company Gorenje, d.d., honors the principles of the Slovenian Corporate Governance Code or applies them suitably, as declared in the 2004 Annual Report which brings detailed description of management and governance particularities of the Company. Governance of subsidiaries is also subject to the rules of fair practice in accordance with the Slovenian Corporate Governance Code.

Date: 13. 4. 2005