The Management Board of Orzeł Biały S.A. (“The Issuer”, “The Company”) hereby submits the position of the Management Board of the Company regarding a Tender Offer by NEF Battery Holdings S.a.r.l. announced on January 23, 2017 to subscribe for the sale of shares of the Company along with the opinion of an external entity, Acropolis Advisory Marcin Anklewicz.
