CD Projekt — Major Shareholding Notification 2021

Jan 13, 2021

Date:22 October 2015 ESMA/2015/1597

Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the competent authority)ⁱ

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

CD PROJEKT S.A.

1. Reason for the notification (please tick the appropriate box or boxes):

[ x ] An acquisition or disposal of voting rights [ ] An acquisition or disposal of financial instruments

[ ] An event changing the breakdown of voting rights

[ ] Other (please specify)iii:

3. Details of person subject to the notification obligationiv :

Name: Morgan Stanley City and country of registered office (if applicable): Wilmington, Delaware, USA

1. Full name of shareholder(s) (if different from 3.)^v :

5. Date on which the threshold was crossed or reachedvi:

07/01/2021

6. Total positions of person(s) subject to the notification obligation:

		% of voting rights
	% of voting rights at tached to shares (to tal of 7.A)	through financial instru ments (total of 7.B.1 + 7.B.2)	Total of both in % (7.A + 7.B)	Total number of voting rights of is suervii
Resulting situation on the date on which threshold was crossed or reached	0.23%	4.74%	4.97%	100,654,624
Position of previous notification (if appli cable)	0.46%	4.65%	5.11%

7. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:

A: Voting rights attached to shares

Class/type of shares ISIN code (if possi ble)	Number of voting rightsix		% of voting rights
	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)
PLOPTTC00011		227,700		0.23%
SUBTOTAL A		227,700		0.23%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC
Type of financial in strument	Expiration datex	Exercise/ Conversion Periodxi	Number of voting rights that may be acquired if the instrument is exer cised/ converted.	% of voting rights
Right of Recall over a securities lending agreement	At any time	At any time	2,644,924	2.63%
		SUBTOTAL B.1	2,644,924	2.63%

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC
Type of financial instrument	Expiration datex	Exercise/ Conversion Pe riod x i	Physical or cash settlementxii	Number of voting rights	% of voting rights
Equity Swap	2021-12-20	At any time	Cash	734	0.001%
Equity Swap	2022-05-27	At any time	Cash	470	0.0005%
Equity Swap	2022-07-11	At any time	Cash	1,389,738	1.38%
Equity Swap	2022-11-17	At any time	Cash	46,124	0.05%
Equity Swap	2022-12-07	At any time	Cash	13,190	0.01%

Equity Swap	2022-12-12	At any time	Cash	27,178	0.03%
Equity Swap	2022-12-16	At any time	Cash	169,504	0.17%
Equity Swap	2022-12-19	At any time	Cash	14,126	0.01%
Equity Swap	2024-01-16	At any time	Cash	28,000	0.03%
Equity Swap	2024-08-19	At any time	Cash	35,874	0.04%
Equity Swap	2030-09-18	At any time	Cash	300,000	0.30%
Equity Swap	2030-12-10	At any time	Cash	80,579	0.08%
Equity Swap	2030-12-18	At any time	Cash	20,000	0.02%
Retail Struc tured Product	2069-05-29	At any time	Cash	66	0.0001%
Retail Struc tured Product	2070-04-15	At any time	Cash	3	0.000003%
Retail Struc tured Product	2070-12-14	At any time	Cash	20	0.00002%
			SUBTOTAL B.2	2,125,606	2.11%

1. Information in relation to the person subject to the notification obligation (please tick the applicable box):

[ ] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

[X] Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

Namexv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial in struments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Morgan Stanley
Morgan Stanley Capital Management, LLC
Morgan Stanley Domes tic Holdings, Inc.

Morgan Stanley Capital
Services LLC
Morgan Stanley
Morgan Stanley Capital Management, LLC
Morgan Stanley Domes tic Holdings, Inc.
Morgan Stanley & Co. LLC
Morgan Stanley
Morgan Stanley Interna tional Holdings Inc.
Morgan Stanley Interna tional Limited
Morgan Stanley Invest ments (UK)
Morgan Stanley & Co. International plc
Morgan Stanley
Morgan Stanley Capital Management, LLC
Morgan Stanley Domes tic Holdings, Inc.
E*TRADE Financial Holdings, LLC
ETCM Holdings, LLC
E*TRADE Securities LLC

1. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

10. Additional informationxvi:

Of the total voting rights attached to shares in Section 7A, 227,700 (0.23%) of these are the result of stock borrowing agreements.

Done at Glasgow on 13/01/2021

Craig Horsley, Executive Director, Morgan Stanley