- Revenues for Q3 2017 were slightly lower than the previous year at PLN 836 million. EBITDA was also lower at PLN 178 million. - The Soda segment saw higher soda sales volumes but lower prices. The Organic segment had higher sales of crop protection chemicals. - Key investments in the future include expanding sodium bicarbonate and salt product portfolios and continuing R&D in resins and crop protection chemicals. - For the full 9 months of 2017, revenues increased 2.8% to PLN 2.6 billion while costs of sales rose 10.8%, reducing the gross profit.

1. Financial results for Q3 2017
Warsaw, 13th November 2017

2. 2
Q3 2017 – executive summary
Financial results for Q3 2017
PLN 836 m
revenues
Slightly lower sales prices of soda ash yoy
(contracts signed at the beginning of the year)
Higher costs of energy sources and furnace fuel yoy and of raw
materials for resin and foam production
Very good season (ended 3Q2017) in crop protection chemicals
– significant increase in sales and market share
Demanding situation in the glass packaging and silicate market
Further development of product portfolio
(including salt, sodium bicarbonate, resins and crop protection
chemicals)
21.3%
adj. EBITDA margin
PLN 178 m
adj. EBITDA
EBITDA (Z) – adjusted for untypical one-off events commentary yoy

3. 1. Most important events of Q3 2017
2. Financial results for Q3 2017
3. Outlook for the nearest future
4. Appendix

4. 60
100
140
180
220
260
300
Coking coal - spot*
Coking coal - benchmark
Q3 2016 Q3 2017
Coke - ARA ports
5,0
9,0
13,0
17,0
21,0
25,0
Q3 2016 Q3 2017
4
Market environment: raw materials
Most important events of Q3 2017
30
40
50
60
70
80
90
100
110 ARA (cal. 25 GJ/t)
PMSCI1 -Polish coal (average cal. 22 GJ/t)
Q3 2016 Q3 2017
The CIECH Group purchases coke, anthracite and
part of coal 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).
16.00
13.26
Coking coal and coke prices [USD/t] Coal prices [USD/t]
German Gaspool (GLP) Natural Gas – 1M Forwards
Source: Bloomberg, IHS, www.polskirynekwegla.pl * Australia Premium Coking Coal

5. 5
Business: successful season in crop protection chemicals
Most important events of Q3 2017
Season 2015 Season 2016 Season 2017
2 764
2 612 2 556
Sezon 2015 Sezon 2016 Sezon 2017
Polish crop protection chemicals
market value*
[PLN million]
-5%
-2%
CIECH Group revenues from crop
protection chemicals sales
[PLN million]
+9%
+20%
+35% in cereal herbicides
+89% in glyphosates
CIECH Sarzyna = over 40% share in glyphosate
products, over 20% in the cereal herbicides**
in the Polish market
Season = Q4 of the preceding year + Q1-Q3 of the current year * source: PAMS ** Kleffmann

6. 6
Business: other important events
Most important events of Q3 2017
Increase in sales of salt
tablets and salt in 25 kg
packaging
Obtaining GMP+
certificate for feed salt –
the first volumes of the
certified product sales
Introduction of a new product group to
our portfolio – specialist fertilizers
Increase in sales of regenerated foams
and foams for scouring sponges
Price increase of raw materials for the
production of foams and problems with
TDI availability
Higher sales of foams –
taking advantage of rising
demand and winning new
customers
Still very strong
competition in the glass
packaging market
New products within the
ZIEMOVIT brand
(Autumn and BIO)
5 further foreign registrations of
fungicides (Belgium, Czech Republic,
France, Greece)
Continuation of sodium
bicarbonate investment
in Germany – beginning
of the second stage

7. 1. Most important events of Q3 2017
2. Financial results for Q3 2017
3. Outlook for the nearest future
4. Appendix

8. 8
Profit and loss account
Financial results for Q3 2017
[PLN million] Q3 2017 Q3 2016 yoy
Revenue 836.3 853.9 -2.1%
EBIT 122.9 153.8 -20.1%
EBIT margin 14.7% 18.0% -3.3 p.p.
EBITDA 185.5 208.4 -11.0%
EBITDA margin 22.2% 24.4% -2.2 p.p.
Adj. EBITDA 178.4 212.8 -16.2%
Adj. EBITDA margin 21.3% 24.9% -3.6 p.p.
Net result 85.2 155.6 -45.3%
Net margin 10.2% 18.2% -8.0 p.p.
Adj. EBITDA – EBITDA adjusted for untypical one-off Events
Commentary is regarding to Q3
EBIT:
Busieness issues (described on next slides
segment by segment)
Higher other operational revenues by 148,5%
yoy mainly due to the sales of CO2 certificates
and release of reserves for liabilities
Lower other operational costs by 58,5% yoy
mainly associated with non-use of assets and
production capabilities
Net result:
Lower financial costs by 33,1% yoy mainly due
to advantageous currency exchange rates
Higher financial revenues – mainly interests,
received dividends and reversal of impairment
allowances on loans
High base of comparative quarter due to
operational result and positive income tax (a
deferred tax asset due to tax relief in Special
Economic Zone)

9. 9
Results by segments
Financial results for Q3 2017
70% 21% 7% 4%
-10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Soda segment Organic segment
Silicates & glass segments Transport segment
Others
90% 6% 6% 2%
-10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Revenues for Q3 Q2017
Adj. EBITDA for Q3 2017

10. 10
Results vs. consensus
Financial results for Q3 2017
[PLN million] Q3 2017 Consensus Q3 2017 Range of forecasts
Revenues 836.3 855.0 843.8 – 874.5
EBIT 122.9 116.5 107.6 – 125.9
EBIT margin 14.7% 13.6% -
EBITDA 185.5 176.5 167.3 – 184.5
EBITDA margin 22.2% 20.7% -
Adjusted EBITDA 178.4 176.5 167.3 – 184.5
Adjusted EBITDA margin 21.3% 20.7% -
Net result 85.2 83.8 78.1 – 89.4
Net margin 10.2% 9.8% -
Consensus PAP from 13/09/2017 based on 6 analyst’s forecasts

11. 181 161
207
164
198
161
208
2016 2017
11
Soda segment
Financial results for Q3 2017
Q1 Q2 Q3 Q4
590 619
614 590
606 587
637
2016 2017
Q3: the upside yoy
Higher soda sales volume
Higher average price of salt due to changes in the
product mix (higher sales of packed dry salt, mainly salt
tablets and 25 kg salt, lower sales of wet salt)
Q3: the downside yoy
Lower soda sales prices
Higher furnace fuel prices and coal
Strengthening of PLN in relations to EUR and of RON in
relations to USD (partly offset by currency hedging)
-3.2%
Commentary yoy
-18.8%
Revenue [PLN million] Adj. EBITDA [PLN million]

12. 12
Organic segment
Financial results for Q3 2017
185 217
202
226
175
179
204
2016 2017
19,8 21,2
18,7 20,2
10,5
10,9
30,5
2016 2017
Q3: the upside yoy
Resins – higher profitability of sales (change in
customer and product portfolio towards higher
margins)
Foams – increase in sales volume due to higher demand
from upholstered furniture and mattress
manufacturers; further increase in production
efficiency; development of new products
Q3: the downside yoy
Crop protection chemicals – slightly lower sales (shift of
sales to H1 due to advantageous weather conditions in
the first half of the year)
Resins – slightly lower sales volume due to lower
demand and stronger competition; problems with the
availability of raw materials and their price increase
Foams – higher prices of basic raw materials (TDI,
polyols); growing competition in the market
Q1 Q2 Q3 Q4
+2.4%
+3.4%
Revenue [PLN million] Adj. EBITDA [PLN million]
Commentary yoy

13. 13
Silicates and glass segment
Financial results for Q3 2017
37,5 48,9
35,9
58,2
62,9
60,6
53,8
2016 2017
6,3 6,7
8,1 8,9
12,7 10,6
7,6
2016 2017
Q3: the upside yoy
Silicates – slightly higher sales volume of sodium
silicates
Glass packaging – development of portfolio towards
individual patterns; higher sales volume
Q3: the downside yoy
Silicates – high price pressure from the competition,
lower sales prices
Glass packaging – intensified competitor activity and
further price pressure; lower demand for lanterns from
individual customers
Q1 Q2 Q3 Q4
-3.6% -16.4%
Revenue [PLN million] Adj. EBITDA [PLN million]
Commentary yoy

14. 14
Transport segment
Financial results for Q3 2017
32,3 29,5
31,0 31,7
24,9 30,8
31,0
2016 2017
3,9
2,2
2,7 5,3
4,8 3,1
2,6
2016 2017
Q3: the upside yoy
Higher volume of Group external shipments and higher
prices
Good market situation – higher demand for transport
and transport rates (mainly due to large infrastructural
investments)
Q3: the downside yoy
A lot of shutdowns on the railways and a high demand
at the same time; lower commercial speed
Q1 Q2 Q3 Q4
+23.8% -35.6%
Revenue [PLN million] Adj. EBITDA [PLN million]
Commentary yoy

15. 15
Permanent deleveraging
1 261
1 479
1 213 1 182
1 361
1 196
1 0633,85
3,50
2,72
2,30
1,82
1,36 1,35
2011 2012 2013 2014 2015 2016 3Q2017
Net debt Net debt / Adj. EBITDA
[thousand PLN] At the end of Q3 2017 At the end of 2016
Debt ratio 55.8% 60.8%
Long-term debt ratio 35.3% 37.7%
Equity capital debt ratio 126.4% 155.3%
Gross financial liabilities 1 584 492 1 610 867
Net financial liabilities 1 062 627 1 196 498
Financial results for Q3 2017
Q4 2017
Signing annex to the
current Loan Agreement
(mainly change in term
and schedule of
repayment)
Repayment of PLN 160
million bonds (December)
Methodology of calculated ratios consistent with the financial statement

16. 16
Cash flow – 1-3Q2017
[mln PLN] 1-3Q2017 1-3Q2016
EBITDA 563 662
Working capital -121 -6
Interest paid -26 -27
Taxes paid -32 -36
Others -18 -44
Cash flow from operating activities 367 549
CAPEX -276 -381
Other 20 43
Cash flow from investment activities -256 -338
Free cash flow 111 211
Debt financing -6 -5
Dividends 0 -150
Cash flow from financial activities -6 -155
Total net flow 105 57
Closing balance of cash 522 259
Financial results for Q3 2017
Operating activities:
• Change in trade working capital mainly
due to increase in inventories
(production of crop protection
chemicals dedicated to pre-season
sale, increase of trading products
inventories and increase of some raw
materials), increase of receivables
(mainly higher sales of crop protection
chemicals, resins and foams) and
decrease in the level of trade liabilities
Investment activities:
• Expenses connected with the
implemented investment programme
were a little bit lower than in the
previous year
• Others – mainly sell of non-current
assets and inflows from loan
repayments
Financial activities:
• Flows connected mainly with
payments of finance lease liabilities
Simplified

17. 1. Most important events of Q3 2017
2. Financial results for Q3 2017
3. Outlook for the nearest future
4. Appendix

18. 18
Uncertainty regarding soda prices in 2018
Outlook for the future
Demand for soda ash will grow
in the following years
Excluding China and India, no significant additional production capacity
projects are planned in the immediate future*
Chinese exports (about 2 M t/y*) may be limited – probable further power
shutdown due to the government environmental policy
56.6
64.562.7
71.8
global demand global capacity
2016 2021
Global demand and capacity
of soda ash* [million tonnes]
CIECH is present in the fastest growing markets
Indian subcontinent: +6.4%*
Africa: +3.2%*
Central Europe: +1.6%*
CIS&Baltics: +2.1%*
There are still many uncertainties regarding new Turkish production
capacity – the actual supply that will enter the market and the sales
strategy
Increase in soda supply on the market due to the new investment of CINER Group in Turkey but…
*Source: IHS, increase = CAGR 2016-2020

19. 19
Continuing the key investments
Outlook for the future
Sodium bicarbonate pharmaceutical grade, including dialysis use:
• Phase I – possibility of manufacturing product of the highest quality (for dialysis)
• Phase II – increasing pharmaceutical grade sodium bicarbonate production capacity
First effects:
2018 r.
New salt products
• Widening the product portfolio with dishwasher salt and salt licks for animals
First effects:
2018 r.
Registration processes and product development in crop protection chemicals
• New generic and innovative products
• Increasing overseas exposure
• Access to new active substances
First effects:
2019 r.
Selected investments executed by CIECH Group

20. 20
Continuing the key investments
Outlook for the future
Wybrane inwestycje realizowane przez Grupę CIECH
R&D activities in the area of resins
• Development of products precisely adapted to clients’ needs within joint projects
• Development of specialist, innovative products (e.g. chemoresistant coatings, incombustible
resins for the railway and automotive industry)
• Comprehensive offer of resins and gelcoats for particular sectors (e.g. sanitary, boatbuilding)
First effects:
2018 r.
Long block warehouse
• Increasing the efficiency and capacity of foam production
First effects:
2017 r.
High storage capacity warehouse
• Improvement of internal logistics in the production plants and the potential for further
development of our portfolio
First effects:
2018 r.
Desulphurisation and degassing in heat power plants in Poland
Implementation of SAP ERP

21. 1. Most important events of Q3 2017
2. Financial results for Q3 2017
3. Outlook for the nearest future
4. Appendix

22. 22
Profit and loss account – 9 months
Appendix
[PLN thousand] 1-3Q2017 1-3Q2016 yoy
Sales revenues 2 617 650 2 547 533 2,8%
Cost of sales (1 982 180) (1 788 683) 10,8%
Gross profit/(loss) on sales 635 470 758 850 -16,3%
Other operating income 61 575 56 424 9,1%
Selling costs (189 497) (169 798) 11,6%
General and administrative expenses (98 445) (106 247) -7,3%
Other operating expenses (27 660) (41 023) -32,6%
Operating profit/(loss) 381 443 498 206 -23,4%
Financial income 6 372 9 086 -29,9%
Financial expenses (55 309) (39 211) 41,1%
Net financial income/(expenses) (48 937) (30 125) 62,4%
Profit/(loss) before tax 332 668 468 509 -29,0%
Income tax (76 359) (48 622) 57,0%
Net profit/(loss) on continuing operations 256 309 419 887 -39,0%

23. 23
Profit and loss account – 3 months
Appendix
[PLN thousand] 3Q2017 3Q2016 yoy
Sales revenues 836 290 853 937 -2,1%
Cost of sales (640 340) (596 315) 7,4%
Gross profit/(loss) on sales 195 950 257 622 -23,9%
Other operating income 29 126 11 721 148,5%
Selling costs (60 089) (56 574) 6,2%
General and administrative expenses (33 247) (37 582) -11,5%
Other operating expenses (8 874) (21 392) -58,5%
Operating profit/(loss) 122 866 153 795 -20,1%
Financial income 3 023 (2 837) -
Financial expenses (11 220) (16 764) -33,1%
Net financial income/(expenses) (8 197) (19 601) -58,2%
Profit/(loss) before tax 114 657 134 153 -14,5%
Income tax (29 502) 21 417 -
Net profit/(loss) on continuing operations 85 155 155 570 -45,3%

24. 24
Results by segments – 9 months
Appendix
[PLN thousand]
Soda
segment
Organic
segment
Silicates and
glass
Transport
segment
Other
operations
Corporate
functions
Elimina-
tions
TOTAL*
1-3Q2017
Total sales revenues 1 795 685 622 035 167 721 92 045 86 840 - (146 676) 2 617 650
Cost of sales (1 258 153) (527 892) (132 195) (81 205) (62 839) - 80 104 (1 982 180)
Gross profit /(loss) on sales 537 532 94 143 35 526 10 840 24 001 - (66 572) 635 470
Operating profit /(loss) 356 153 29 988 11 690 6 247 13 257 (34 234) (1 658) 381 443
Profit /(loss) before tax 343 719 21 341 11 511 6 127 13 503 (61 875) (1 658) 332 668
Amortization/depreciation 134 823 22 475 14 569 4 423 1 820 3 667 - 181 777
EBITDA 490 976 52 463 26 259 10 670 15 077 (30 567) (1 658) 563 220
Adjusted EBITDA 485 909 52 276 26 180 10 581 14 318 (30 611) (1 656) 556 997
1-3Q2016
Total sales revenues 1 810 056 561 944 136 328 88 218 79 519 - (128 532) 2 547 533
Cost of sales (1 160 721) (469 113) (99 513) (76 471) (54 858) - 71 993 (1 788 683)
Gross profit /(loss) on sales 649 335 92 831 36 815 11 747 24 661 - (56 539) 758 850
Operating profit /(loss) 461 859 26 968 16 603 8 594 29 032 (43 575) (1 275) 498 206
Profit /(loss) before tax 453 048 15 322 16 752 8 357 31 269 (54 964) (1 275) 468 509
Amortization/depreciation 122 842 22 610 10 487 4 336 277 3 375 - 163 927
EBITDA 584 701 49 578 27 090 12 930 29 309 (40 200) (1 275) 662 133
Adjusted EBITDA 585 760 49 045 27 083 11 387 14 626 (39 781) (1 253) 646 867
* 2016 = Restated data, description of changes is provided in item 2.2 in report for Q3 2017

25. 25
Results by segments – 3 months
Appendix
[PLN thousand]
Soda
segment
Organic
segment
Silicates and
glass
Transport
segment
Other
operations
Corporate
functions
Elimina-
tions
TOTAL*
3Q2017
Total sales revenues 587 032 179 137 60 584 30 829 26 493 - (47 785) 836 290
Cost of sales (419 643) (154 766) (46 200) (27 326) (18 724) - 26 319 (640 340)
Gross profit /(loss) on sales 167 389 24 371 14 384 3 503 7 769 - (21 466) 195 950
Operating profit /(loss) 121 251 3 818 5 557 1 615 2 908 (11 410) (873) 122 866
Profit /(loss) before tax 120 354 (761) 5 569 1 577 2 790 (13 999) (873) 114 657
Amortization/depreciation 46 611 7 409 5 083 1 477 611 1 432 - 62 623
EBITDA 167 862 11 227 10 640 3 092 3 519 (9 978) (873) 185 489
Adjusted EBITDA 161 009 10 907 10 615 3 095 3 566 (9 902) (871) 178 419
3Q2016
Total sales revenues 606 206 174 869 62 850 24 903 25 769 - (40 660) 853 937
Cost of sales (388 342) (151 869) (45 195) (19 479) (17 950) - 26 520 (596 315)
Gross profit /(loss) on sales 217 864 23 000 17 655 5 424 7 819 - (14 140) 257 622
Operating profit /(loss) 152 660 3 473 9 884 3 014 3 059 (18 252) (43) 153 795
Profit /(loss) before tax 148 155 1 315 9 793 2 980 3 336 (31 383) (43) 134 153
Amortization/depreciation 41 979 7 220 2 821 1 367 95 1 101 - 54 583
EBITDA 194 639 10 693 12 705 4 381 3 154 (17 151) (43) 208 378
Adjusted EBITDA 198 240 10 544 12 700 4 805 3 407 (16 813) (63) 212 820
* 2016 = Restated data, description of changes is provided in item 2.2 in report for Q3 2017

26. 26
Abbreviated balance sheet
Appendix
[PLN thousand] 30 September 2017 30 September 2016
ASSETS
Total non-current assets 3 188 934 3 209 515
Total current assets 1 415 742 1 292 377
Total assets 4 604 676 4 501 892
EQUITY AND LIABILITIES
Equity attributable to shareholders of the parent 2 036 651 1 766 827
Total equity 2 033 631 1 763 492
Total non-current liabilities 1 625 200 1 695 514
Total current liabilities 945 845 1 042 886
Total liabilities 2 571 045 2 738 400
Total equity and liabilities 4 604 676 4 501 892

27. 27
Working capital
Appendix
[PLN thousand] 30.09.2017 31.12.2016
1. Current assets, including: 1 415 742 1 292 377
Inventory 345 251 299 265
Trade receivables and services and advances for deliveries 319 249 298 449
2. Cash and cash equivalents and short-term investments 578 637 474 340
3. Adjusted current assets (1-2) 837 105 818 037
4. Current liabilities, including: 945 845 1 042 886
Trade liabilities and advances taken 312 672 368 937
5. Short-term credits and other current financial liabilities* 204 645 199 067
6. Adjusted current liabilities (4-5) 741 200 843 819
7. Working capital including short-term credits(1-4) 469 897 249 491
8. Working capital (3-6) 95 905 (25 782)
* Other current financial liabilities include current bond liabilities, current finance lease liabilities + current derivative liabilities + factoring liabilities.

28. 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