Gorenje shareholders did not vote in favour of replacement of two Supervisory Board members at the extraordinary general meeting

The company Gorenje d.d. convened the Shareholders Assembly upon request by the shareholders Home Products Europe B. V., Netherlands; Raiffeisenbank Austria d.d. and Splitska banka d.d., Croatia; and Unicredit Bank Hungary, Hungary; who proposed that the term of office of two Supervisory Board members be terminated and that two new members, Philip Sluiter and Robert Ličen, be appointed in their place. At the Shareholders Assembly, 16.914.487 shares bearing voting right were represented, which makes a total od 69.6% of all company shares bearing voting right. Out of 16.897.414 cast votes, a total of 44,7% voted in favour of the proposal, which equals 31.1% of all shares bearing voting right. Thus, the proposal to replace the Supervisory Board members was not adopted.

After the Assembly, President and CEO Franjo Bobinac commented: "We are pleased that the shareholders supported Gorenje's stable long-term development rather than partial interests of certain individuals. Major shareholders also delivered an important message with their votes as they supported the Supervisory Board and the Management Board, allowing them to finish their work. Operations in last year were very challenging and there is still a lot to be done to offset the exceptional growth of raw and processed material price growth. In light of long-term value creation for all our stakeholders, we have also approached the search for a future strategic partner with whom Gorenje Group could grow together and develop new products and services even faster."

Performance estimate for 2017 and the business plan for 2018 will be released after the discussion at the Supervisory Board session scheduled for January 12, 2018.