CD Projekt — Capital/Financing Update 2022

Mar 25, 2022

CurrentReport no. 8/2022

Subject:Changein decision concerning diversification of investment of surplus cashassets held by the Company

Legalbasis:Art. 17 of MAR inside information

Inrelation to information disclosed in Current Report no. 4/2020 of 6 May2020 and Current Report no. 5/2021 of 21 January 2021, the ManagementBoard of CD PROJEKT S.A. with a registered office in Warsaw atJagiellońska 74 ("the Company") hereby publiclydiscloses its decision to modify existing policies concerningdiversification of surplus current cash. The updated policy specifiesthat debt instruments held by the Company may account for not more than80% of the Company's current financial assets ("FinancialAssets"), which are defined as the sum of the following: cash andcash equivalents, bank deposits with maturity periods longer than 3months, Polish State Treasury bonds, other bonds guaranteed by thePolish State Treasury,bondsissued by foreign governments and bonds guaranteed by foreigngovernments, together with the corresponding forward hedging transactions.The Financial Assets may be invested in the following types of bonds:

a)domestic State Treasury bonds,

b)domestic bonds guaranteed by the State Treasury,

c)foreign treasury bonds issued by countries with a Moody's rating of atleast Aa3,

d)foreign bonds guaranteed by countries with a Moody's rating of at leastAa3.

Theupdated policy upholds the rule that foreign exchange rate risksassociated with holding foreign bonds are to be mitigated by enteringinto offsetting purchase transactions concerning derivative instruments,particularly forward currency sale contracts, subject to a provisionthat up to 15% of Financial Assets may be held in unhedged positionsdenominated in either USD or EUR.

Disclaimer:This English language translation has been prepared solely for theconvenience of English speaking readers. Despite all the efforts devotedto this translation, certain discrepancies, omissions or approximationsmay exist. In case of any differences between the Polish and the Englishversions, the Polish version shall prevail. CD PROJEKT, itsrepresentatives and employees decline all responsibility in this regard.