Ciech S.A.

M&A Activity • Mar 24, 2023

ManagementBoard of Ciech S.A. with its registered office in Warsaw (_quot;Company_quot; or_quot;Issuer_quot;), acting pursuant to article 80 of the Act of July 29, 2005 onPublic Offering and Conditions Governing the Introduction of FinancialInstruments to Organized Trading and on Public Companies, herebypublishes the position of the Company's Management Board regarding atender offer for ordinary bearer shares of the Company (the _quot;TenderOffer_quot;), announced by KI Chemistry S._#225; r.l. based in Luxembourg on March9, 2023, along with two independent opinions 'prepared individually by:Lazard _amp; Co., Limited based in London and Rotschild _amp; Co. Poland Sp. zo. o. based in Warsaw (jointly _quot;Advisers_quot;) on issuing an opinionregarding the fair value of the price for the Company's shares proposedin the Tender Offer.

Theposition of the Management Board along with the opinions of the Advisorsconstitute appendices to this report, with the reservation that theopinions of the Advisors have been prepared in English and this languageversion of the opinion is binding, and the Polish version is only theirtranslation.

Legalbasis:Article 80 item 1 - 3 of the Act of 29 July 2005 on public offering andconditions for introducing financial instruments to organized tradingand on public companies.