CD Projekt

Management Reports • Dec 29, 2025

Report Content Currentreport no. 19/2025

Subject:Disclosureof inside information regarding the commencement of negotiations of anagreement regarding sale of 100% of the shares in GOG sp. z o.o. to MichałKiciński

Legalbasis: Art. 17 item 1 and item 4 of MAR - inside information

TheManagement Board of CD PROJEKT S.A. with its registered office in Warsaw(the "Company"), acting pursuant to Article 17 item 1 and item 4 ofRegulation (EU) No 596/2014 of the European Parliament and of theCouncil of 16 April 2014 on market abuse (market abuse regulation) andrepealing Directive 2003/6/EC of the European Parliament and of theCouncil and Commission Directives 2003/124/EC, 2003/125/EC and2004/72/EC ("MAR"),hereby discloses inside information, the publication of which wasdelayed on 6 December 2025,regarding the commencement of negotiations on the terms of a sharepurchase agreement regarding sale of 100% of the shares in GOG sp. zo.o. with Michał Kiciński (the"Inside Information", the "Negotiations").

Contentof the delayed Inside Information:

TheManagement Board of CD PROJEKT S.A., with its registered office inWarsaw (the "Company"),announces that on 6 December 2025, the Company commenced negotiationswith Michał Kiciński, a significant shareholder of the Company, of theterms of a share purchase agreement regarding 100% of the shares in GOGsp. z o.o., with its registered office in Warsaw ("GOG"),a wholly-owned subsidiary of the Company, and agreed on the proposedtimeline for the envisaged transaction.

Atthe time this information arose, no exclusivity right in relation to theenvisaged transaction was granted to MichałKiciński.

TheCompany will inform through a separate current report about thepotential execution of the GOG share purchase agreement.

Reasonsjustifying the delay in the disclosure of the Inside Information:

Inthe Company's assessment, the delay in making the Inside Informationpublic at the time of the decision to delay disclosure met theconditions set out in MAR as well as in the guidelines concerning thedelay in the disclosure of inside information and the interactions withprudential supervision of the European Securities and Markets Authority(ESMA).

Thedelay in the disclosure of the Inside Information was justified becauseits immediate publication could have adversely affected the Company'slegitimate interests, including by putting the ongoing negotiationsregarding the terms of a share purchase agreement concerning the sale ofshares in GOG at risk and negatively influencing their outcome, whichwould have been contrary to the interests of the Company as well as bothexisting and potential shareholders of the Company.

Inthe Company's assessment, there were no indications that delaying thedisclosure of the Inside Information could mislead the public. TheCompany in its current disclosure practice had not previously disclosedany information concerning the subject matter of the delayed InsideInformation.

TheCompany properly protected the Inside Information in accordance withapplicable legal regulations and the internal standards of the Companyapplied in this area. In particular: (i) the circle of persons withaccess to the information from the moment of its inception was promptlyand correctly identified, and those individuals were, in line with legalrequirements, covered by the procedure of entry onto the list of personswith access to inside information; (ii) the integrity of the IT systemwas ensured, preventing third parties from accessing the InsideInformation and any related documents stored electronically.

Atthe time the decision to delay the public disclosure of the InsideInformation was made, a list of persons having access to the InsideInformation was prepared pursuant to Article 18 of MAR and wascontinuously monitored and, when necessary, updated.

Thedisclosure of the Inside Information takes place upon the completion ofthe Negotiations and the signing of the share purchase agreementconcerning the sale of shares in GOG, which the Company will announce ina separate current report immediately after the publication of thisInside Information.

Pursuantto Article 17 item 4 of MAR, immediately after the publication of thisreport, the Company will notify the Polish Financial SupervisionAuthority of the delay in disclosure of the Inside Information, togetherwith an explanation of how the conditions for such a delay were met.

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.