CD Projekt — Share Issue/Capital Change 2020

Sep 4, 2020

Current report no. 29/2020

Subject: Assignment of Series B subscription warrants to entitledparties in the course of implementing the Company incentive program

Legal basis: Art. 17 section 1 of MAR - inside information

The Management Board of CD PROJEKT S.A. with a registered office inWarsaw, at Jagiellońska 74 (hereinafter referred to as "the Company")hereby announces that on 4 September 2020 - based on Resolution no. 21of the Ordinary General Meeting of the Company held on 24 May 2016 (asamended by Resolution no. 20 of the Ordinary General Meeting of theCompany held on 28 July 2020) and in line with the Terms and Conditionsof the Incentive Program for 2016-2021 (hereinafter referred to as "theProgram") instituted on the basis of the aforementioned resolution, inlight of the attainment of goals specified by the Program, the entitledparties who had submitted the appropriate subscription notificationshave been assigned a total of 4 650 800 subscription warrants, each ofwhich incorporates the right to claim 1 (one) Series M bearer share ofthe Company at an issue price, subject to specific provisions defined inthe Program, of either 22.35 PLN or 25.70 PLN (hereinafter referred toas "the Warrants").

The Warrants were issued in material form (as collective certificates)in the framework of a conditional increase in the Company share capitalbased upon and in order to facilitate the provisions of the Programwhich had originally been disclosed by the Company in Current Report no.18/2016 of 24 May 2016. The right to claim up to 4 650 800 Warrants wasassigned to persons enrolled in the Program, in light of the attainmentof specific market and result goals defined in the Program.

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.