Ciech S.A.

Major Shareholding Notification • Sep 19, 2016

Contents of the report:

TheManagement Board of CIECH S.A. with its registered office in Warsaw (the"Issuer" or the "Company") hereby informs that the Company has receivedfromTowarzystwoFunduszy Inwestycyjnych PZU S.A. ("TFI PZU S.A.") with its registeredoffice in Warsaw, acting in the name and on behalf of investment fundsmanaged by it, i.e. (i) PZU Fundusz Inwestycyjny Otwarty Parasolowy,(ii) PZU Specjalistyczny Fundusz Inwestycyjny Otwarty GlobalnychInwestycji, (iii) PZU Specjalistyczny Fundusz Inwestycyjny OtwartyUniwersum, (iv) PZU Fundusz Inwestycyjny Zamknięty Dynamiczny, (v) PZUFundusz Inwestycyjny Zamknięty Medyczny, and (vi) PZU FunduszInwestycyjny Zamknięty Akcji Focus (hereinafter jointly referred to asthe "TFI PZU Funds"), information onexceeding the 5% threshold in the total number of votes of the Issuerby the TFI PZU Funds.

The 5% threshold ofthe total number of votes in the Company was exceeded by the TFI PZUFunds as a result of the settlement, on 14 September 2016, of 61,996shares of the Company acquired in ordinary transactions on 12 September2016.

Beforethe change, the TFI PZU Funds held 2,634,865 shares of the Company,representing 4.9998 % of the share capital of the Company. These sharescarried 2,634,865 votes at the General Meeting of the Company,representing 4.9998 % of the total number of votes at the GeneralMeeting.

After the change in the shareholding, the number of shares of theCompany held by the TFI PZU Funds totals 2,696,861 shares, representing5.1174 % of the share capital of the Company. These shares carry2,696,861 votes at the General Meeting of the Company, representing5.1174 % of the total number of votes at the General Meeting.Inaddition, TFI PZU S.A. has notified the Company that: (i) the TFI PZUFunds do not have any subsidiaries holding any shares in the Company,(ii) the TFI PZU Funds do not have any financial instruments referred toin article 69b of the Act of 29.07.2005 on Public Offering, ConditionsGoverning the Introduction of Financial Instruments to OrganisedTrading, and Public Companies, related to the shares of the Company,(iii) acting in its capacity of manager, TFI PZU may - on behalf of theTFI PZU Funds - exercise their voting rights at the General Meeting ofthe Company.