CD Projekt — Share Issue/Capital Change 2020

Sep 23, 2020

Current report no. 44/2020

Subject: Take-up of Series M shares of the Company by the entitledparties as a result of exercising the rights incorporated by Series Bsubscription warrants issued under the Company incentive programcovering the 2016-2019 period

Legal basis: Art. 17 section 1 of MAR - Inside Information

In relation to Current Report no. 29/2020 of 4 September 2020, theManagement Board of CD PROJEKT S.A. with a registered office in Warsaw,Jagiellońska 74 (hereinafter referred to as "the Company") herebyannounces that on 23 September 2020, as a result of exercising therights incorporated by 4 650 800 previously assigned Series Bsubscription warrants (hereinafter referred to as "the Warrants"), eachof which entitles its holder to claim one Series M ordinary bearer shareof the Company (hereinafter referred to as "Share") at an issue price ofeither 22.35 PLN or 25.70 PLN, 66 of the 67 entitled participants of theIncentive Program which remained in force between 2016 and 2019submitted to the Company statements which collectively indicate thetake-up of 4 534 624 Shares. Consequently, 97.5% of rights incorporatedby Warrants have now been exercised. The rights incorporated by Shareswill become effective on the day the Shares are deposited, throughdematerialization (by being registered in the securities depositorymaintained by the Central Securities Depository of Poland; KPDW), in thesecurities accounts belonging to the entitled parties. Deposition ofdematerialized Shares in individual securities account should beconstrued as equivalent to the issuance of share certificates, asspecified by Art. 451 § 2, 2nd sentence of the Commercial CompaniesCode. The remaining 116 176 Warrants (incorporating the right to claimthe equivalent number of Shares) may be exercised not later than on 31October 2022. A one-year lock-up period applies to all Shares.

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.