Trading in Shares of Management and Supervisory Board Members

In comparison with the situation on 31 December 2010, the number of shares owned by members of the Supervisory Board did not change. Due to the withdrawal of two members of the Management Board (Mirjana Dimc Perko and Franc Košec), the number of shares owned by members of the Management board decreased from 13,230 (31 Dec 2010) to 11,754 shares at the end of 2011, which accounts for a 0.0739 percent ownership share in the Company.

In accordance with applicable laws and the Company's rules, all recipients of internal information, i.e. members of the Management Board, Supervisory Board and the Audit Committee, are required to observe special rules for trading in Gorenje shares, which are commonly referred to as "trading windows". Such persons are not allowed to trade in the Company's shares thirty days prior to the announcement of periodical results or other information that could influence the share price. Regulations governing internal information and informing of persons with respect to the openness of trading windows are kept by the Secretary of the Management Board.

At the end of 2011, the company Ingor, d.o.o.,& co., k.d. was the owner of 794,473 shares accounting for a 4.9945 percent ownership share in Gorenje. The limited partners who invested their own funds in the capital of the Company are members of the narrow and broader management of Gorenje, certain members of the Supervisory board and the SKEI trade union, while the company itself is managed by a general partner – the company Ingor, d.o.o.. This company is not privileged in comparison with other stakeholders. All internal owners who have, or could have, access to internal information are required to consistently observe the so-called trading windows, and are only allowed to trade in Gorenje shares when their information base is balanced with other investors. At Gorenje, we fully observe the principle of equal treatment of all stakeholders.