The notice of invitation to tender for the purchase of perpetual usufruct rights to developed real estate

• Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, posted revenues at 211.0 million in the first half-year of 2014  as against PLN 204.9 million a year ago. 
• EBITDA (operating profit before depreciation and amortisation) was PLN 6.9 million and twice as high as EBITDA for the similar period of H1 last year. The increase is largely due to lower battery scrap prices. 
• The volume of lead processed and shipped amounted to 14.7 kT in Q2 2014 (up 8% year-on-year) – that was another best second quarter in the Company`s history.

• Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at PLN 100.7 million in Q1 2014 as against PLN 101.1 million a year ago. 
• EBITDA (operating profit before depreciation and amortisation) was PLN 4.8 million, an increase of over 5-fold EBITDA for Q1 2013. The significant performance improvement is mainly due to the stabilisation of the raw materials market and to lower battery scrap prices. 
• The volume of lead processed and shipped amounted to 13.5 kT in Q1 2014 (up 3% year-on-year) – that was the best first quarter in the Company`s history in this respect.

• Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at PLN 420.8 million in 2013, up 2.1% y-o-y. EBITDA (operating profit before depreciation and amortisation) was negative at PLN 20.0 million while the pre-tax result was negative at PLN 20.4 million. The financial result of 2013 was strongly affected by provisions and write-offs related to the review and internal audit and the planned transfer of the entire business of the company from Bytom to Piekary Śląskie.
• The volume of lead processed and shipped hit a record high at 55.46 kT while more technologically advanced lead alloys contributed to the overall sales structure.
• 2013 was not favoured by market conditions for battery scrap, the key input material used in the lead manufacturing. Battery scrap prices rose to historically highest values, affected by the shadow economy operations and shortages of this raw material in the country. In the face of this trend, the company is making all efforts to further improve efficiencies.

Orzeł Biały announces putting the equipment out to tender. See details enclosed.

We are profoundly saddened by death of our dear friend Krzysztof Opawski.
Our sympathies to His family and relatives
The Supervisory Board, the Management Board and the Employees of Orzeł Biały S.A.

• Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at PLN 304.9 million after three quarters of 2013, with PLN 5.1 million of EBITDA (operating profit before depreciation and amortisation).
• The Company is still struggling with shortages of the raw materials in the country which have resulted in the detrended increase in the key cost manufacturing cost driver of battery scrap. As a result, the profitability of Orzeł Biały has been affected. In the face of this trend, the company is making all efforts to further improve efficiencies.

• Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at PLN 204.8 million in the first half-year of 2013, with EBITDA at PLN 3.3 million (operating profit before depreciation and amortisation).
• The Company is making all efforts to improve efficiencies as a response to the grey market operations causing shortages of the raw material in Poland and to the detrended increase in the key cost manufacturing cost driver of battery scrap. Owing to efforts made, the Company could regain its profitability in Q2 2013 while sourcing the input material increasingly more cost-effectively.

The Ordinary General Shareholders Meeting of Orzeł Biały, Poland’s leading recycler of end-of-life lead-acid batteries and accumulators, resolved to pay the dividend. The Company will distribute to the shareholders PLN 3.66 million put of PLN 10.85 million of last year’s net profit. Thus, PLN 0.22 will fall upon one share.

• Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at PLN 101.1 million in Q1 2013, with EBITDA at 0.9 million (operating profit before depreciation and amortisation). The volume of lead processed and shipped in Q1 2013 hit a record high and was 13.07 kT.
• The Company is still struggling with shortages of the raw materials in the country which have resulted in the detrended increase in the key cost manufacturing cost driver of battery scrap. As a result, the profitability of Orzeł Biały has been affected.

• Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at PLN 412.1 million in 2012, with EBITDA at PLN 27.2 (operating profit before depreciation and amortisation), as well as the pre-tax profit at PLN 10.7. The volume of lead processed and shipped in 2013 hit a record high and was 55.4 kT, up 8.4% as against the previous year.
• In the second half of the year, the market circumstances were not favourable, notably in terms of battery scrap, the input material. The Company has been reporting lower volumes with simultaneously higher prices.

In the past 2 years (2010 to 2012) the Company’s four-strong Management Board did not have any woman incumbent (0%). In the said period, the Supervisory Board of Orzeł Biały S.A. consisting of five members has had and still has one woman member incumbent (20%).

• Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at PLN 196.7 million in H1 2012 and reached almost PLN 20 million of EBITDA (operating profit before depreciation and amortisation) and nearly PLN 11 of pre-tax profit. The volume of lead processed and shipped increased in H1 2012 to 26.7 kT, up 11,7% y-o-y.
• The market circumstances are not favourable, notably as regards the raw material as battery scrap. The Company has been reporting lower volumes with simultaneously higher prices.
• Adapting to present market conditions, the Company has been launching initiatives to improve efficiencies in coming quarters.

The Management Board of Orzeł Biały S.A. hereby announces that on 12.06.2012 it received the Decision by the District Court Katowice – Wschód in Katowice, 9^th Division Commerce of the National Court Register dated 31.05.2012, by virtue of which the change was registered to the corporate headquarters of Orzeł Biały S.A.

The new corporate address of Orzeł Biały S.A.
ul. Roździeńskiego 24
41-946 Piekary Śląskie
At the same time, the correspondence address and other telecommunications particulars remain unchanged.

The corporate correspondence address of Orzeł Biały S.A.
ul. Siemianowicka 98
41-902 Bytom

Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at PLN 94.4 million in Q1 2012, or up 5.4% as against the similar period of 2011. The pre-tax profit of Q1 was PLN 5.8 million, up 8.7% as against the previous year. The volume of lead processed and shipped in Q1 2012  was 13 Kt, or more than 10.8% more than in the same period of 2011.

Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at PLN 383.6 million in Q4 2011, up 15.5% as against 2010. The pre-tax profit last year was PLN 37.5 million – against PLN 3.2 million a year ago*. The volume of lead processed and shipped in 2011 hit a record high and was 51.1 kT, up more than 6% as against 2010.

Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at PLN 100.8 million in Q3 2011. It is 12.7% more than a year ago. The pre-tax profit was the highest in the bourse history of the Group, amounting to PLN  17.3 million, or up 44.2% as against the same period in 2010. The volume of lead processed and shipped in increased 4.1% in Q3 2011 to 13.1 kT.

Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at PLN 178.6 million in H1 2011, up 22.4% as against the preceding year. The Group’s pre-tax profit was PLN 13.1 million as against PLN 18.5 million in the previous year. The volume of lead processed and shipped in 1H 2011 was up 7.4%, reaching 23.9 kT.

The General Shareholders Meeting of Orzeł Biały, Polish leading recycler of end-of-life lead-acid batteries and accumulators, resolved to pay the dividend from the 2010 and previous years’ profits. The Company will distribute to the shareholders more than PLN 10 million, or PLN 0.61 per share. This will be the first dividend of Orzeł Biały in nearly 5-year history of the Company at the stock exchange and the second ever – the last dividend payment took place 14 years ago.

Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, earned revenues at 332.2 million in 2010, up 67.3% as against the year earlier. The Group’s pre-tax profit was PLN 38.5 million, up 167% as against 2009. The Company strengthened its position as the lead market leader in Poland. Its market share is estimated at 38% according to data for 9 months of 2010, up 2 percentage points as against the 2009 year-end status.

In 2010 Orzeł Biały, Poland`s largest company specialising in the recycling of end-of-life lead-acid batteries and accumulators, processed and sold 45.3 kT of refined lead, up 23% as against 2009 when the Company sold 36.8 kT of the metal. Just in Q 4 2010 Orzeł Biały sold 12.5 kT – up 10% as against the similar period of 2009.

In 2011, Orzeł Biały, Polish leading recycler of end-of-life lead-acid batteries and accumulators, processed and sold 51.1 kT of refined lead. It is a record performance in history, up 6.2% as against 2010 when the Company sold 48.1 kT of the metal. Just in Q4 2011, Orzeł Biały sold 14.2 kT – up 6.9% as against the similar period of 2010.

Orzeł Biały will receive will receive a subsidy in the amount of PLN 14.4 million for new pro-growth investments. The funds that have been granted to the company come from EU funds under the Operational Programme Innovative Economy – Support to Investments of
Great Economic Significance. Over the next few years, the Company will spend approx. PLN 63 million for the implementation of the capex programme.

Orzeł Biały earned consolidated revenue at PLN 145.9 million in the first half of this year, an increase of 75 per cent as compared to the same period last year. The pre-tax profit of the Group amounted to PLN 18.5 million during the first six months of this year and was nearly four times higher than the one recorded in the same period last year (after eliminating the results of last year`s one-off events). The operating profit reached PLN 21.5 million while EBITDA amounted to PLN 25.3 million.

On 18 August Orzeł Biały S.A. received a notification from the London Metal Exchange (LME) about the lead brand registration of the lead brand manufactured by the Company under the name of EAGLE 9997. See the attachment for the notice.