CD Projekt — Capital/Financing Update 2021

Jan 21, 2021

Current report no. 5/2021

Subject: Change in decision concerning diversification of investment ofsurplus cash assets held by the Company

Legal basis: Art. 17 of MAR - inside information

In relation to information disclosed in Current Report no. 4/2020 of 6May 2020, the Management Board of CD PROJEKT S.A. with a registeredoffice in Warsaw at Jagiellońska 74 (hereinafter referred to as "theCompany") hereby publicly discloses its decision to modify existingpolicies concerning diversification of surplus current cash. The amendedpolicy specifies that debt instruments held by the Company may accountfor not more than 50% of the Company's current financial assets, whichare defined as the sum of the following: cash and cash equivalents, bankdeposits with maturity periods longer than 3 months, Polish StateTreasury bonds, other bonds guaranteed by the Polish State Treasury andbonds issued by foreign governments, estimated at the price specified inthe corresponding forward contract hedges. Such assets may assume theform of the following low-risk debt instruments:

a) domestic State Treasury bonds

b) domestic bonds guaranteed by the State Treasury

c) foreign treasury bonds issued by the USA, Germany and Switzerland.

The foreign exchange rate risk associated with holding foreign bondswill be mitigated by entering into offsetting purchase transactionsconcerning derivative instruments, particularly forward currency salecontracts.

Disclaimer: This English language translation has been prepared solelyfor the convenience of English speaking readers. Despite all the effortsdevoted to this translation, certain discrepancies, omissions orapproximations may exist. In case of any differences between the Polishand the English versions, the Polish version shall prevail. CD PROJEKT,its representatives and employees decline all responsibility in thisregard.