Ciech S.A.

Regulatory Filings • Mar 19, 2019

Textof the report:

Inreference to Current Report No. 34/2018 of 5 December 2018, in whichCiech S.A. (the "Issuer" or "Company")advised on the adoption of the CIECH Group'sStrategy for 2019-2021 (the"Strategy"),the Company informs that on 19 March 2019, the Management Board of theCompany adopted a resolution to initiate a detailed review of thefollowing options:

-changesto the corporate and organisational structure of the CIECH Group, withparticular emphasis on the target model in the form of a holding companywith a division of competences between individual business areas and theheadquarters;

-changesto the asset structure of the CIECH Group.

Thisreview is aimed at achieving the key objective under the Strategy, i.e.creating an effective and fully diversified chemical holding companythat generates positive value for shareholders in the long term. Thisgoal is also to be achieved by building value through changes in theasset portfolio and focusing on areas of key importance for the CIECHGroup's operations.

Aspart of the review, the Companywillcarry out a detailed analysis of the corporate and organisational modelof the CIECH Group, and possible measures aimed at its optimisation inorder to adjust the CIECH Group's structure to the challenges arisingfrom the Strategy. Measures considered may include, among others,transfer of individual assets within the Company's group, as well asacquisition and disinvestment of selected assets. The analyses conductedby the Company will be combined with the research of the mergers andacquisitions market in various areas.

Pursuantto the decision of the Management Board of the Issuer, the review of theoptions of changes in the asset structure will primarily concern thefollowing companies: CIECH Pianki sp. z o.o. and CIECH Trading S.A.

TheManagement Board of the Issuer would like to stipulate that no decisionhas been made in relation to the selection of any particular option ofspecific changes to the corporate and organisational structure of theCIECH Group, or the structure of its assets. Thus, it is not certainwhether or not, and if so - when, such decisions will be taken in thefuture.