Announcement of the Tender Offer for Orzeł Biały S.A. shares

Orzeł Biały S.A. (the Company), involved in the purchase and processing of battery scrap, and its main shareholder – NEF Battery Holdings S.a.r.l. (The Tenderer) – will acquire the shares of the Company in the Tender Offer. The offered price is PLN 8.65 per share.

The subject of the Tender Offer is 6,568,261 shares, representing 39.45% of shares in the capital and votes of the Company. The Tender Offer was announced by the Tenderer, with the purchasers of the shares being The Company itself and The Tenderer, which currently holds 60.55% of its shares. Subscriptions to the Tender Offer shall begin on February 10, 2017 and end on March 15, 2017. The Company shall be the first to acquire the shares, by implementing the Ordinary General Meeting Resolution of May 29, 2015, which authorised the Company to acquire its own shares. There will be a maximum of 4,161,849 shares, and the Shares repurchased by the Company shall be redeemed. In turn, NEF Battery Holdings S.a.r.l. participates in the Tender Offer in connection with the possible exceeding of the threshold of 66% of votes and, in the case of acquisition of an appropriate block of shares, with the intention to abolish the dematerialization of shares of the Company and delist them from trading on the WSE. The Tenderer shall acquire no more than 2,406,412 shares in the Tender Offer.

The price, which shall amount to PLN 8.65 per share, shall give a 5.4% premium over the average of 6 months and a 1.3% premium over the average of 3 months.

Orzeł Biały is the largest company in Poland with an international reach which specialises in recycling of used lead-acid batteries. It has been trading on the market for over 30 years. Since 2007, the shares of Orzeł Biały have been listed on the Warsaw Stock Exchange.

NEF Battery Holdings S.a.r.l. has been the majority shareholder of the Company since 2008.

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