PFLEIDERER GRAJEWO SA Resolutions adopted by the Annual General Shareholders Meeting

Subject: Resolutions adopted by the Annual General Shareholders Meeting on June 30th, 2014

Current Report No. 23/2014

The Management Board of Pfleiderer Grajewo S.A. with its seat in Grajewo(hereinafter the "Company") informs about the contents of the resolutions adopted by the Annual General Shareholders Meeting on June 30th, 2014.

Resolution No. 1

of the Annual General Shareholders Meeting

of Pfleiderer Grajewo SA

of June 30th 2014

concerning approval of the Directors' Report on the Company's activitiesin the period from January 1st to December 31st 2013.

1.

The Annual General Shareholders Meeting of Pfleiderer Grajewo SA, actingon the basis of Art. 393.1 and of Art. 395.2.1 of the Commercial companies code, hereby resolves to approve the Directors' Report on the Company's activities in the period from January 1st to December 31st 2013.

2.

The resolution comes into force on the day of its adoption.

In voting on Resolution no. 1 number of shares used to cast valid voteswas 36,990,679 which constitutes 74.54% % of share capital. Number of votes "in favour" 36,990,679 , "abstain" - 0 , "against" - 0 .

Resolution No. 2

of the Annual General Shareholders Meeting

of Pfleiderer Grajewo SA

of June 30th 2014

concerning approval of the Company's financial statements for the periodfrom January 1st to December 31st 2013.

1.

The Annual General Shareholders Meeting of Pfleiderer Grajewo SA, actingon the basis of Art. 393.1 and of Art. 395.2.1 of the Commercial companies code, hereby resolves to approve the financial statements of Pfleiderer Grajewo SA for the period from January 1st to December 31st 2013, comprising:

a) statement of financial position as at 31.12.2013, showing an amountof PLN 1,080,579 thousand,

b) statement of comprehensive income for a period from 01.01.2013 to31.12.2013 showing net profit amounting to PLN 86,003 thousand,

c) statement of changes in equity for a period from 01.01.2013 to31.12.2013 showing increase in equity by an amount of PLN 86,003 thousand,

d) statement of cash flows for a period from 01.01.2013 to 31.12.2013showing a net increase in cash amounting to PLN 3,107 thousand,

e) notes to the financial statements and other explanatory information.

2.

The resolution comes into force on the day of its adoption.

In voting on Resolution no. 2 number of shares used to cast valid voteswas 36,990,679 which constitutes 74.54% % of share capital. Number of votes "in favour" 36,990,679 , "abstain" - 0 , "against" - 0 .

Resolution No. 3

of the Annual General Shareholders Meeting

of Pfleiderer Grajewo SA

of June 30th 2014

concerning approval of the Executive Board's consolidated report on theGroup's operations for the period from January 1st 2013 to December 31st 2013.

1.

The Annual General Shareholders Meeting of Pfleiderer Grajewo SA, actingon the basis of Art. 393.1 and of Art. 395.2.1 of the Commercial companies code, hereby resolves to approve the Executive Board's consolidated report on operations of the Group in the period from January 1st to December 31st 2013.

2.

The resolution comes into force on the day of its adoption.

In voting on Resolution no. 3 number of shares used to cast valid voteswas 36,990,679 which constitutes 74.54% % of share capital. Number of votes "in favour" 36,990,679 , "abstain" - 0 , "against" - 0 .

Resolution No. 4

of the Annual General Shareholders Meeting

of Pfleiderer Grajewo SA

of June 30th 2014

concerning approval of the Group's consolidated financial statements forthe period from January 1st to December 31st 2013.

1.

The Annual General Shareholders Meeting of Pfleiderer Grajewo SA, actingon the basis of Art. 393.1 and of Art. 395.2.1 of the Commercial companies code, hereby resolves to approve the Group's consolidated financial statements for the period from January 1st to December 31st 2013, comprising:

a) consolidated statement of financial position as at 31.12.2013,showing an amount of PLN 1,118,793 thousand,

b) consolidated statement of comprehensive income for a period from01.01.2013 to 31.12.2013 showing net profit amounting to PLN 167,558 thousand,

c) consolidated statement of changes in equity for a period from01.01.2013 to 31.12.2013 showing increase in equity by an amount of PLN 67,110 thousand,

d) consolidated statement of cash flows for a period from 01.01.2013 to31.12.2013 showing a net decrease in cash amounting to PLN 1,068 thousand,

e) notes to the consolidated financial statements and other explanatoryinformation.

2.

The resolution comes into force on the day of its adoption.

In voting on Resolution no. 4 number of shares used to cast valid voteswas 36,990,679 which constitutes 74.54% % of share capital. Number of votes "in favour" 36,990,679 , "abstain" - 0 , "against" - 0 .

Resolution No. 5

of the Annual General Shareholders Meeting

of Pfleiderer Grajewo SA

of June 30th 2014

concerning distribution of net profit for the period from January 1st toDecember 31st 2013.

1.

The Annual General Shareholders Meeting of Pfleiderer Grajewo SA, actingon the basis of Art. 395.2.2 of the Commercial companies code, hereby resolves to allocate entire net profit for the period from January 1st to December 31st 2013 in the amount of PLN 86,003 thousand to the Company's supplementary capital.

2.

The resolution comes into force on the day of its adoption.

In voting on Resolution no. 5 number of shares used to cast valid voteswas 36,990,679 which constitutes 74.54% % of share capital. Number of votes "in favour" 36,990,679 , "abstain" - 0 , "against" - 0 .

Resolution No. 6

of the Annual General Shareholders Meeting

of Pfleiderer Grajewo SA

of June 30th 2014

concerning approval of the performance of duties by members of theCompany's Management Board for the period from January 1st to December 31st 2013.

1.

The Annual General Shareholders Meeting of Pfleiderer Grajewo SA, actingon the basis of Art. 393.1 and of Art. 395.2.3 of the Commercial companies code, hereby resolves to approve performance of duties by all members of the Company's Management Board composed of: Wojciech Gątkiewicz, Rafał Karcz, Dariusz Tomaszewski, Radosław Wierzbicki for the period from January 1st to December 31st 2013.

2.

The resolution comes into force on the day of its adoption.

In voting on Resolution no. 6 number of shares used to cast valid voteswas 36,990,679 which constitutes 74.54% % of share capital. Number of votes "in favour" 36,990,679 , "abstain" - 0 , "against" - 0 .

Resolution No. 7

of the Annual General Shareholders Meeting

of Pfleiderer Grajewo SA

of June 30th 2014

concerning approval of the performance of duties by members of theCompany's Supervisory Board for the period from January 1st to December 31st 2013.

1.

The Annual General Shareholders Meeting of Pfleiderer Grajewo SA, actingon the basis of Art. 393.1 and of Art. 395.2.3 of the Commercial companies code, hereby resolves to approve performance of duties by all members of the Company's Supervisory Board composed of: Gerd Hammerschmidt, Richard Mayer, Jochen Schapka, Dr. Hans-Kurt von Werder, Michael Wolff, Jan Woźniak, for the period from January 1st 2013 to December 31st 2013.

2.

The resolution comes into force on the day of its adoption.

In voting on Resolution no. 7 number of shares used to cast valid voteswas 36,990,679 which constitutes 74.54% % of share capital. Number of votes "in favour" 36,990,679 , "abstain" - 0 , "against" - 0 .

Resolution No. 8

of the Annual General Shareholders Meeting

of Pfleiderer Grajewo SA

of June 30th 2014

on changes to the composition of the Company's Supervisory Board

Pursuant to article 385 §1 of commercial companies code and article 17paragraph 2 of the Company's statute, the General Shareholders Meeting resolves, as follows:

1.

The General Shareholders Meeting of Pfleiderer Grajewo SA herebyresolves to appoint Mr. Gerd Schubert to the Company's Supervisory Board.

2.

The resolution comes into force on the day of its adoption.

In voting on Resolution no. 8 number of shares used to cast valid voteswas 36,990,679 which constitutes 74.54% % of share capital. Number of votes "in favour" 35,848,176 , "abstain" - 1,100 , "against" - 1,141,403 .

The General Meeting departed from appointment of the Ballot-CountingCommittee. No protest was raised to be entered into the minutes during the meeting.

Pursuant to the Regulation of the Polish Council of Ministers on currentand periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009 (Dz. U. No. 33, item 259).

June 30th, 2014

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