Ciech S.A.

Capital/Financing Update • Nov 9, 2017

Report:

TheManagement Board of CIECH S.A. with its registered office in Warsaw (the"Company" or "Issuer") informs that today a decision has been made tocommence negotiations on an annex to the Loan Agreement*, the conclusionof which was advised by the Issuer in its current report no. 38/2015 on30.10.2015.

TheManagement Board has decided to renegotiate the terms and conditions ofthe Loan Agreement due to the favourable conditions on the bankingmarket, and possible development projects, the implementation of whichis being considered.

Thenegotiations on the annex will be conducted both with existing and newlenders.

Lendershave submitted to the Issuer proposals to change the terms of the LoanAgreement, the most important of which are:

1.changeof the repayment date of the Term Loan and Revolving Loan - to the datefalling within five years from the date of entry into force of theannex, but not later than 31 December 2022,

2.changeof the Term Loan repayment schedule - to depreciation amounting to anequivalent of PLN 350,000,000 by 30 December 2021, and the equivalent ofPLN 350,000,000 by 30 September 2022; the remainder of the Term Loanwill be repaid within the due date of the aforementioned Loan, asindicated above.

At thesame time, no changes to the interest rates on the loans are expected.

TheIssuer informs that the conclusion of the annex will require corporateapprovals of the Issuer.

*Anyterms capitalised herein have the meaning assigned to them in Report No.38/2015 of 30.10.2015.