CD Projekt — Share Issue/Capital Change 2021

Feb 8, 2021

Current report no. 9/2021

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 andCurrent Report no. 44/2020 of 23 September 2020, the Management Board ofCD PROJEKT S.A. with a registered office in Warsaw, Jagiellońska 74(hereinafter referred to as "the Company") hereby announces that on 8February 2021, as a result of exercising the rights incorporated bypreviously assigned Series B subscription warrants (hereinafter referredto as "the Warrants"), each of which entitles its holder to claim oneSeries M ordinary bearer share of the Company (hereinafter referred toas "Share") at an issue price of either 22.35 PLN or 25.70 PLN, two ofthe entitled participants of the Incentive Program which remained inforce between 2016 and 2019 submitted to the Company statements whichcollectively indicate the take-up of 84.176 Shares. Consequently, 99.31%of rights incorporated by 4.650.800 Warrants issued under this Companyincentive program have now been exercised. The rights incorporated byShares will become effective on the day the Shares are deposited,through dematerialization (by being registered in the securitiesdepository maintained by the Central Securities Depository of Poland;KPDW), in the securities accounts belonging to the entitled parties.Deposition of dematerialized Shares in individual securities accountshould be construed as equivalent to the issuance of share certificates,as specified by Art. 451 § 2, 2nd sentence of the Commercial CompaniesCode. The remaining 32.000 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.