Current report no. 12/2020

Subject: Commencement of buyback of Company shares

Legal basis: Art. 17 of MAR – Inside information

The Management Board of CD PROJEKT S.A. with a registered office in Warsaw (hereinafter referred to as “the Company”) hereby announces that earlier today it had undertaken a decision concerning the conditions and means of carrying out the buyback of Company’s own shares.

The Management Board was empowered to carry out buyback of own shares by the General Meeting resolution no. 21 of 28 July 2020 concerning empowerment of the Management Board to buy back Company shares and creation of a reserve capital to finance said buyback.

Pursuant to Art. 5 of the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 supplementing Regulation (EU) No. 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures along with the provisions of national law, the Management Board shall delegate the buyback of Company shares to an investment broker – Trigon Dom Maklerski S.A.

Company shares will be bought back on the official regulated market managed by the Warsaw Stock Exchange by way of broker’s orders, including block trades.

In the framework of the aforementioned delegation, Company intends to purchase not more than 516 700 (say: five hundred and sixteen thousand seven hundred) shares and has allocated an amount not greater than 250 000 000 PLN (say: two hundred and fifty million PLN) to finance said buyback. The purchase may not be lower than 1.00 PLN per share and may not exceed 500.00 PLN per share. Furthermore, the purchase price must meet the conditions specified in Art. 3 of Regulation 2016/1052.

The buyback will be carried out between 30 July 2020 and 19 August 2020 inclusive, unless the maximum number of shares to which the buyback program applies is bought before that date, or the allocated funds are fully exhausted before that date.

Where shares are bought by way of broker’s orders, the total number of shares bought during any single day may not exceed 20% of the Company’s average daily trading volume calculated over a period of 20 days preceding the date on which shares are bought.

The goal of the share buyback program is to enable entitled parties to purchase the acquired shares in the framework of exercising entitlements granted under the Incentive Program instituted on basis of a General Meeting resolution adopted on 24 May 2016.

The Management Board will make further public disclosures regarding the buyback program, as appropriate.

Disclaimer: This English language translation has been prepared solely for the convenience of English speaking readers. Despite all the efforts devoted to this translation, certain discrepancies, omissions or approximations may exist. In case of any differences between the Polish and the English versions, the Polish version shall prevail. CD PROJEKT, its representatives and employees decline all responsibility in this regard.