Financial results for H1 2017

1. Financial results for H1 2017
Warsaw, 24th August 2017

2. 2
Q2 2017 – executive summary
Financial results for H1 2017
PLN 883 m
revenues
Planned production downtime in Janikowo which had an impact
on volumes sold from Poland
Slightly lower prices of soda ash yoy (contracts signed at the
beginning of the year)
Higher prices of energy resources, furnace fuel and raw
materials for the production of resins and foams
Higher sales and prices of crop protection chemicals sold in Q2
(glyphosate-based products)
Higher sales of silicates (from the completed investment at
CIECH Vitrosilicon), a difficult market situation in glass packaging
21,7%
Adj. EBITDA margin
PLN 192 m
Adj. EBITDA
EBITDA (Z) – adjusted for untypical one-off events

3. 1. Most important events of Q2 2017
2. Financial results for Q2 2017
3. Outlook for next quarters

4. 4
Market environment: currency situation
Most important events of Q2 2017
3,5
3,7
3,9
4,1
4,3
4,5
4,7
Q2 2016 Q2 2017
EURPLN
The Group applies
instruments securing it
against foreign currency
changes, according to the
adopted policy. Therefore,
the EURPLN changes were
not so painful.
Weakening of Romanian
currency towards USD had
a positive impact for revenue.
Annual net exposure of the
Group (revenues in foreign
currency vs. costs in foreign
currency) in 2016:
• EUR 150 million
• USD 70 million
4.21*
3,5
3,7
3,9
4,1
4,3
4,5
4,7
Q2 2016 Q2 2017
USDRON
4.41*
4.14
3.98
Source: Bloomberg, NBP * The arithmetic mean of average exchange rates determined by NBP on the last day of each month of the period

5. 60
100
140
180
220
260
300
Coking coal - spot*
Coking coal - benchmark
Q2 2016 Q2 2017
Coke - ARA ports
5,0
9,0
13,0
17,0
21,0
25,0
Q2 2016 Q2 2017
German Gaspool (GLP) Natural Gas – 1M Forwards
5
Market environment: raw materials
Most important events of Q2 2017
30
40
50
60
70
80
90
100
110 ARA (cal. 25 GJ/t)
PMSCI1 (average cal. 22 GJ/t)
Q2 2016 Q2 2017
The CIECH Group purchases coal, coke and
anthracite on the basis of contracts each time
negotiated (volumes and prices). Thus, market
listings help to estimate the trend but not the actual
contract prices of CIECH. Moreover, the Group uses
its stocks firstly.
The formula of gas prices is generally based on
market listings (the Group applies partial hedging).
15.63
13.24
Coking coal and coke prices [USD/t] Coal prices [USD/t]
Source: Bloomberg, IHS, www.polskirynekwegla.pl * Australia Premium Coking Coal

6. 6
Business: production segments
Most important events of Q2 2017
The week-long planned
production downtime at the
soda plant in Janikowo
An increase in the cost of
freight (Romanian factory
markets) – partly offset by the
higher prices of soda
The decision to extend the salt
portfolio with salt granules and
salt licks
A successful sales campaign of
glyphosate-based crop
protection chemicals
The registration of further
plant protection chemicals
abroad (Germany, Italy) and
the registration of a new
product in Poland
Increase of raw materials for
the production of foams and
some raw materials for resins
Higher sales of foams – taking
advantage of the rising profits
in the sector of upholstered
furniture and mattresses
Very high level of competition
in the market for glass
packaging
Higher yoy sales of sodium
silicate – the contract with
Solvay is being carried out
according to plan

7. 1. Most important events of Q2 2017
2. Financial results for Q2 2017
3. Outlook for next quarters

8. 8
Profit and loss account
Financial results for Q2 2017
[PLN million] Q2 2017 Q2 2016 yoy H1 2017 H1 2016 yoy
Revenue 883 867 +1.8% 1 781 1 694 +5.2%
Gross profit on sales 219 263 -16.5% 440 501 -12.3%
Gross profit on sales margin 24.8% 30.3% -5.5 p.p. 24.7% 29.6% -4.9 p.p.
EBIT 132 194 -32.1% 259 344 -24.9%
EBIT margin 14.9% 22.4% -7.5 p.p. 14.5% 20.3% -5.8 p.p.
EBITDA 191 250 -23.5% 378 454 -16.8%
EBITDA margin 21.7% 28.9% -7.2 p.p. 21.2% 26.8% -5.6 p.p.
Adjusted EBITDA 192 228 -15.8% 379 434 -12.8%
Adjusted EBITDA margin 21.7% 26.3% -4.4 p.p. 21.3% 25.6% -4.3 p.p.
Net result 93 162 -42.6% 171 264 -35.2%
Net margin 10.5% 18.7% -8.2 p.p. 9.6% 15.6% -6.0 p.p.
EBITDA (Z) – adjusted for untypical one-off events

9. 9
Results by segments
Financial results for Q2 2017
67% 26% 7% 4%
-10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Soda segment Organic segment
Silicates & glass segments Transport segment
Others
85% 11% 5% 3%
-10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Revenues
Adj. EBITDA

10. 10
Results vs. consensus
Financial results for Q2 2017
[mln PLN] Q2 2017 Consensus Q2 2017 Range of forecasts
Revenues 883 892 862 – 917
EBIT 132 127 122 – 132
EBIT margin 14.9% 14.3% 13.3% - 15.0%
EBITDA 191 187 180 – 192
EBITDA margin 21.7% 21.0% 19.7% – 22.0%
Adjusted EBITDA 192 187 180 – 192
Adjusted EBITDA margin 21.7% 21.0% 19.7% – 22.0%
Net result 93 89 74 – 97
Net margin 10.5% 10.0% 8.2% – 11.0%
Consensus PAP z 08/24/2017 based on 9 analyst’s forecasts

11. 181 161
207
164
198
208
2016 2017
11
Soda segment
Financial results for Q2 2017
Q1 Q2 Q3 Q4
590 619
614 590
606
637
2016 2017
Q2: the upside yoy
Higher sales volumes of light soda
Higher sales volumes of soda in Romania – high demand in
overseas markets as a result of considerably lower activity of
Chinese producers
Higher average price of salt as a result of a change in the
product mix (higher sales of packaged dry salt, especially salt
tablets and salt 25 kg; lower sales of wet salt)
The weakening of RON towards USD
Q2: the downside yoy
Lower volumes of salt sales in Poland as a result of the planned
production downtime at the plant in Janikowo and in Germany
caused by slight production limitations
Lower prices of soda (contracts signed at the beginning of the
year)
Higher cost of furnace fuel (coke, anthracite) and gas
A drop in the prices of dry salt, mainly as a result of high supply
Stronger PLN towards EUR (partly offset by currency hedging)
-3.9%
Comments yoy
-20.7%
Revenue [PLN million] Adj. EBITDA [PLN million]

12. 12
Organic segment
Financial results for Q2 2017
185 217
202
226
175
204
2016 2017
19,8 21,2
18,7 20,2
10,5
30,5
2016 2017
Q2: the upside yoy
Crop protection chemicals – higher sales and prices of
plant protection products sold in Q2 (mainly
glyphosate-based products), good weather conditions
Foams – a rise in sales volumes as a result of increased
demand among the producers of upholstered furniture
and mattresses; the continued increase in production
effectiveness; the development of new products
Resins – a change in the portfolios of clients (focus on
the highest margin contracts) and products (developing
specialized products tailored to client demands)
Q2: the upside yoy
Resins – higher prices of some raw materials
Foams – higher prices of basic raw materials (TDI,
polyols; increasing competition in the marketplace)
Q1 Q2 Q3 Q4
+11.9% +7.5%
Revenue [PLN million] Adj. EBITDA [PLN million]
Comments yoy

13. 13
Silicates & glass segment
Financial results for Q2 2017
37,5 48,9
35,9
58,2
62,9
53,8
2016 2017
6,3 6,7
8,1 8,9
12,7
7,6
2016 2017
Q2: the upside yoy
Silicates – higher sales volumes of sodium silicates from
the new furnace
Glass packaging – extending the portfolio to include
personalized kinds of lanterns
Q2: the upside yoy
Silicates – price pressure on the market
Glass packaging – increased activity among competitors
and continued price pressure
Q1 Q2 Q3 Q4
+62.0%
+9.3%
Revenue [PLN million] Adj. EBITDA [PLN million]
Comments yoy

14. 14
Transport segment
Financial results for Q2 2017
32,3 29,5
31,0 31,7
24,9
31,0
2016 2017
3,9
2,2
2,7 5,3
4,8
2,6
2016 2017
Q2: the upside yoy
Higher volume transported by the Group
Good market situation – increased demand for
transport and higher transport rates (mainly as a result
of major infrastructure investments)
Q1 Q2 Q3 Q4
+2.2% +97.9%
Revenue [PLN million] Adj. EBITDA [PLN million]
Comments yoy

15. 15
Debt
[thousand PLN] At the end of Q2 2017 At the end of 2016
Debt ratio 56.7% 60.8%
Long-term debt ratio 35.8% 37.7%
Equity capital debt ratio 130.9% 155.3%
Gross financial liabilities 1 556 398 1 610 867
Net financial liabilities 1 073 772 1 196 498
The Group systematically
reduces its debt. At the end of
Q2 2017 net debt index /
EBITDA (Adj.) amounted to 1.3
Thanks to the refinancing of
the debt in Q4 2015 the
Group’s costs of debt servicing
are much lower currently
Financial results for Q2 2017
Methodology of calculated ratios consistent with the financial statement
1 261
1 479
1 213 1 182
1 361
1 196
1 0743,9
3,5
2,7
2,3
1,8
1,4 1,3
2011 2012 2013 2014 2015 2016 2Q2017
Net debt Net debt / Adj. EBITDA

16. 16
Cash flow – H1 2017
[mln PLN] H1 2017 H1 2016
EBITDA 378 454
Working capital -52 -22
Interest paid -23 -26
Taxes paid -19 -14
Others -28 -30
Cash flow from operating activities 255 362
CAPEX -195 -251
Other 11 20
Cash flow from investment activities -184 -231
Free cash flow 71 131
Debt financing -4 -3
Cash flow from financial activities -4 -3
Total net flow 67 127
Closing balance of cash 483 330
Financial results for Q2 2017
Operating activity
• Mainly change in the trade
working capital
• Others include mainly a change
in short-term liabilities, fringe
benefits, non-trade short-term
liabilities and receivables
Investment activity
• Expenses connected with the
implemented investment
programme were a little bit
lower than in the previous year
Financial activity
• Financial activity at the similar
level as year ago
Simplified

17. 1. Most important events of Q2 2017
2. Financial results for Q2 2017
3. Outlook for next quarters

18. 18
Continuation of key investments (1)
Outlook for next quarters
Investment: sodium bicarbonate in Germany
Bicarbonate for the healthcare industry
(as a excipient)
The highest margin
product with the highest
quality restrictions. The
need to comply with
special purity
requirements and GMP
regulations (a similar
situation applies to all
types of pharmaceutical
soda)
10% of the global population suffers from
chronic kidney disease (CKD) which is seen
as a civilization disease
Chronic kidney disease changed the position
from 27th place in 1990 to 18th in 2010*
on the list of the leading causes of death
Over 2 million* people globally are on
haemodialysis or have had kidney transplants
to save their lives
In 2020 a nearly twofold increase is expected
(about 3.8 million*)
The major European dialysis cartridge producers:
Braun
Fresenius
Gambro
* źródło: National Kidney Foundation ** Źródło: Fresenius
including: bicarbonate for dialysis
Market megatrends

19. 19
Continuation of key investments (2)
Outlook for next quarters
Investment: salt in Poland
Salt granules
Product used in animal husbandry.
Gives animals sodium and chloride
they need – it improves efficiency and
effectivness of animal production.
Product will be dedicated to end klients
in AGRO business (large raisers) and
feed producers.
Water softener used mainly in
dishwashers and washing machines.
CIECH will be providing both the raw
material and the product under its own
brand.
According to EUROSTAT data, Poland is in the
group of countries with the biggest cattle
population and dairy cows, there is also a
growth of young cattle, for which using salt licks
has the greatest importance
There is a rising preassure for higher efficiency
of food production (mainly in developing
countries) and rising export by Polish producers of
food
---
The market for water purification in Europe shows
major potential. On the salt granules market
alone half a million tonnes per year reached the
final consumer (in 2016)
In Europe there is a clear rising trend in the
number of dishwashers and other home
appliances, especially in developing countries
CAPEX:
Above
PLN 30 m
Expanding CIECH’s offer by new kinds of salt, growth of
efficiency of production, using synergies between salt
business and crop protection products business.
Salt licks
Market megatrends

20. 20
Continuation of key investments (3)
Outlook for next quarters
Continuation of the investment in
desulphurization and
denitrification systems in
combined heat and power
generation plants
Continuation of extension of the
salt products warehouse
Completing investment in warehouses for the long blocks of foam
Further registration of crop protection chemicals abroad
Work on the new products in the AGRO business
Continued development of the resin portfolio to obtain more
specialized products
Continued development of the foam portfolio extention

21. 21
Intensive business and sales activities
Outlook for next quarters
Continued development of competitive advantage
and strengthening relations with soda clients
Maintaining cost discipline by optimizing
processes, increasing production output
Continued international expansion in all business fields by looking for new and attractive markets
Effective management of the situation in raw
materials for the production of resins and foams
Continued development of the sales network for
plant protection chemicals and increasing crop
protection chemicals production effectiveness
Starting the negotiation process for soda
contracts for 2018
Preparation and implementation of the pre-season
sales of crop protection chemicals

22. This document has been prepared solely for informational purposes. It includes only summary information, is not exhaustive, and may not be used as a sole basis for any assessment or analysis. CIECH S.A. makes no guarantees (explicit or
implicit) regarding information presented herein and such information, including forecasts, estimates and opinions, should not be unduly relied upon. CIECH S.A. does not accept any responsibility for possible mistakes, omissions or
irregularities found herein. The document is based on sources of information which CIECH S.A. deems to be reliable and accurate, however, it does not guarantee them to be exhaustive nor to fully reflect the actual situation. This document
does not constitute an advertisement or a public offer of securities. It may include forward-looking statements that involve investment risks or uncertainties and may significantly differ from actual results. CIECH S.A does not accept any
responsibility for consequences of decisions made based on this document. The responsibility lies exclusively with the party using the document. This document is protected by the Copyright and Related Rights Act. Copying, publishing or
distributing it requires prior written consent of CIECH S.A.
CONTACT FOR INVESTORS:
Joanna Siedlaczek
Management Board Representative for Investor Relations
+48 669 600 567, joanna.siedlaczek@ciechgroup.com
Modern and diversified chemical group on a stable path of growth