PFLEIDERER GRAJEWO SA Company Shareholders

Subject: Company Shareholders

Current Report No. 25/2014

The Management Board of Pfleiderer Grajewo S.A. hereby releases the list

of Company shareholders holding 5% or more of the total vote at the

Company's Annual General Shareholders Meeting of June 30th, 2014.

1. Pfleiderer Service GmbH, Ingolstaedter Str. 51, D-92318 Neumarkt,

Germany:

- Number of votes held - 32,308,176

- Percentage share of the total vote at the Annual General Shareholders

Meeting of June 30th, 2014 - 79.79%

- Percentage share of the total vote - 65.11%

2. Aviva OFE Aviva BZ WBK, ul. Domaniewska 44, 02-672 Warsaw, Poland:

- Number of votes held - 3,540,000

- Percentage share of the total vote at the Annual General Shareholders

Meeting of June 30th, 2014 - 8.74%

- Percentage share of the total vote - 7.13%

Pursuant to the Art. 70 item 3 the Act on Public Offering, Conditions

Governing the Introduction of Financial Instruments to Organised Trading

and on Public Companies, dated 29 July 2005 (Journal of Laws No. 184,

item 1539 as amended),

July 3rd , 2014

More information on page: biznes.pap.pl

kom espi pif/