Ciech S.A.

Report Publication Announcement • Mar 23, 2022

The Management Board of CIECH S.A. with itsregistered office in Warsaw (the "Issuer"), in connectionwith the change of the date of publication of the separate annual reportfor 2021 and the consolidated annual report for 2021, as announced inCurrent Report No. 4/2022 of 22.03.2022, beyond control of the Issuer,and in order to avoid any uncertainty related to the aforementionedchange of date, with reference to the forecast of the CIECH Group'sresults in 2021, published in Current Report No. 12/2021 on 22.04.2021,of selected estimated consolidated results of the CIECH Group for 2021,published in Current Report No. 3/2022 on 02.03.2022 (the "EstimatedResults"), presentsbelow selected updated estimated consolidated results of the CIECH Groupgenerated in 2021 (the "Updated Estimated Results").

-_#160;estimated consolidated sales revenuesfor 2021: PLN 3,460 million (an increase by 16% year-on-year (y/y), i.e.PLN 484 million);

-_#160;estimated consolidated adjusted EBITDAon continued operations for 2021: PLN 727 million (an increase by 24%y/y, i.e. PLN 141 million);

-_#160;estimated consolidated adjusted EBITDAon continued operations, net of the non-cash allowance for the incentiveprogramme (LTIP) recognised in 2021: PLN 778 million (an increase by 33%y/y, i.e. PLN 193 million);

-_#160;consolidated net profit for 2021: PLN292 million (an increase by 128%, i.e. PLN 164 million);

-_#160;consolidated cash flow from operatingactivities in 2021 (OCF): PLN 1,279 million (an increase by 67% y/y,i.e. PLN 512 million);

-_#160;consolidated net debt (calculated inaccordance with the methodology adopted in loan agreements) at the endof 2021: PLN 1,178 million (a decrease by 23% y/y, i.e. PLN 354million), the net debt/EBITDA ratio amounted to 1.63x (a decrease by 33%y/y, i.e. 0.82 pp).

Compared to the Estimated Results, there is a slightdifference with regard to the Updated Estimated Results. The deviationsof the Updated Estimated Results from the Estimated Results are asfollows:

-_#160;sales revenues are higher by PLN 1million;

-_#160;adjusted EBITDA is higher by PLN 3million;

-_#160;adjusted EBITDA, net of the non-cashallowance for the incentive programme (the LTIP) recognised in 2021, ishigher by PLN 1 million;

-_#160;operating cash flow is higher by PLN129 million;

-_#160;net debt, as defined in loanagreements, is higher by PLN 1 million;

-_#160;net debt/EBITDA ratio remainsunchanged; and

-_#160;Estimated Results did not containinformation on the amount of net profit.

The final consolidated results of the CIECH Group for2021 will be published by the Company on 29 March 2022 in theconsolidated financial statements of the CIECH Group audited by astatutory auditor.

Legal basis:Article 17.1 of the Regulation of the European Parliament and of theCouncil (EU) No. 596/2014 of 16 April 2014 on Market Abuse (the MarketAbuse Regulation) and repealing Directive 2003/6/EC of the EuropeanParliament and of the Council and Commission Directives 2003/124/EC,2003/125/EC and 2004/72/EC (Official Journal of the European Union L No.173, p. 1)