CIECH reported financial results for the first three quarters of 2016, with adjusted EBITDA rising 11.5% year-over-year to PLN 646.9 million. Revenue increased 3.6% to PLN 2,547.5 million. The soda segment performed well due to higher sales volumes and prices as well as lower energy costs. While some segments faced challenges like lower sales volumes, overall the company exceeded consensus forecasts for revenue and profits. CIECH expects further revenue growth through expanding product portfolios and global markets in coming quarters.

1. Financial results for 1-3Q2016
Warsaw, 14 November 2016

2. 2
1-3Q2016 – executive summary
Wyniki finansowe za 1-3Q2016
PLN 647 m
Adj. EBITDA
Sale of additional volumes of soda ash under the Soda +200
investment
Completion of the investment in the increase of production
capacity of glassy sodium silicate at CIECH Vitrosilicon
Double of revenues from export sales of crop protection products
Introduction of the shares of the Company at the Frankfurt Stock
Exchange market
25.4%
EBITDA (Adj.) margin
+11.5%
Adj. EBITDA growth
Adj. EBITDA - Normalised EBITDA for the 9-month period ended 30 September 2016 is calculated as EBITDA adjusted for untypical one-off events: fair value measurement of investment property: PLN 15.1 million;
costs of unused production capacity: PLN -4.8 million; change in provisions: PLN 3.3 million; gain on disposal of non-financial non-current assets: PLN 2.3 million; other: PLN -0.6 million.
Yoy growth

3. 1. Major events in 3Q2016
2. Financial results for 1-3Q2016
3. Outlook for next quarters

4. 4
The most important events for 3Q2016
Major events
Implementation of a
significant contract with
Solvay for supply of glassy
sodium silicate
Beginning of negotiation of contracts for soda
supply in 2017
Signature of a long-term agreement
with CET for technological steam supply to CSR
Over 100% growth of export
revenues of crop protection
products (yoy)

5. 1. Major events in 3Q2016
2. Financial results for 1-3Q2016
3. Outlook for next quarters

6. 6
Another quarter of high EBITDA (Adj.)
[PLN million] 1-3Q2016 1-3Q2015 yoy 3Q2016 3Q2015 Yoy
Revenue 2 547.5 2 458.8 3.6% 853.9 800.7 6.6%
Gross profit on sales 771.9 669.5 15.3% 260.9 233.0 12.0%
Gross profit on sales margin 30.3% 27.2% 3.1 p.p. 30.6% 29.1% 1.5 p.p.
EBIT 498.2 380.4 31.0% 153.8 139.6 10.2%
EBIT margin 19.6% 15.5% 4.1 p.p. 18.0% 17.4% 0.6 p.p.
EBITDA 662.1 542.6 22,0% 208.4 191.3 8.9%
EBITDA margin 26.0% 22.1% 3.9 p.p. 24.4% 23.9% 0.5 p.p.
Adjusted EBITDA 646.9 580.0 11.5% 212.8 199.4 6.7%
Adjusted EBITDA margin 25.4% 23.6% 1.8 p.p. 24.9% 24.9% 0.0 p.p.
Net result 419.9 258.1 62.7% 155.6 119.3 30.4%
Net margin 16.5% 10.5% 6.0 p.p. 18.2% 14.9% 3.3 p.p.
Financial results for 1-3Q2016
Adj. EBITDA - Normalised EBITDA for the 9-month period ended 30 September 2016 is calculated as EBITDA adjusted for untypical one-off events: fair value measurement of investment property: PLN 15.1 million;
costs of unused production capacity: PLN -4.8 million; change in provisions: PLN 3.3 million; gain on disposal of non-financial non-current assets: PLN 2.3 million; other: PLN -0.6 million.

7. 7
Results vs. consesnsus
Financial results for 1-3Q2016
[PLN million] 3Q2016 Consesnsus Q3 2016 Range of forecasts Q3
Revenues 853.9 837.9 801.3 – 909.5
EBIT 153.8 146.6 142.8 – 154.6
EBIT margin 18.0% 17.5% 16.3% - 18.6%
EBITDA 208.4 202.5 198.0 – 210.7
EBITDA margin 24.4% 24.2% 22.6% - 25.4%
Adjusted EBITDA 212.8 202.5 198.0 – 210.7
Adjusted EBITDA margin 24.9% 24.2% 22.6% - 25.4%
Net result 155.6 112.4 101.7 – 125.3
Net margin 18.2% 13.5% 11.2% - 15.1%
Consesnsus PAP from 11/08/2016 based on 8 analysts’ foreceasts

8. 59% 62% 61%
71% 66% 66% 72% 71% 71% 71% 71%
27% 27%
24%
19% 27% 25% 19% 22% 22%
23%
20%
13% 10%
12% 9%
5% 6%
6%
5% 5%
4%
7%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
8
Revenue
2014
845 814 799 786 817 841 801 814 826
Financial results for 1-3Q2016
2015 2016
867 854
Organic segment Glass and silicates segment Transport segment OtherSoda segment

9. 9
Adj. EBITDA
77%
82% 86%
101%
82% 84%
93%
92%
89%
91% 94%22%
15%
11%
17%
9%
5%
15%
9%
8%
4%
7%
7%
9%
4%
6%
5%
3%
3%
4%
6%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Financial results for 1-3Q2016
119 154 143 95 193 188 199 168 206 228
2014 2015 2016
213
Organic segment Glass and silicates segment Transport segment OtherSoda segment

10. 10
Soda segment
Financial results for 1-3Q2016
Q1 Q2 Q3 Q4
In plus:
Higher volumes of soda sales
Maintenance of attractive selling prices of soda from Poland and
Germany (in connection with the market situation and effective
sales negotiations)
Favourable currency situation – weakening of PLN and RON
Change in the revenues structure in the direction of more
specialized products
Growth in dry salt sales volume, maintenance of sales volume
prices despite strong competition
Lower prices of furnace fuel (coke) and power sources (coal, gas) yoy
Improvement of effectiveness of the soda production process
Favourable market situation – balancing of the European soda ash
market with a trend for growth in demand
In minus:
Lower sales volume from Romania, mainly in consequence of stopping
the installation in August and growth in technological steam prices
Poor conditions in the Chinese soda ash market resulting in the
maintenance of low prices offered by Chinese soda suppliers in
overseas markets in which the CIECH Group operates (during the
first six months of the year)
Share in total revenues (main products)
Dense soda ash 42.2%
Light soda ash 13.0%
Salt 5.2%
Sodium bicarbonate 4.8%
Revenues [mPLN] Adj. EBITDA [mPLN]
536 590
557 614
574
606
1 667
1 810
2015 2016
158 183
158
208
185
200
501
591
2015 2016
+8.6%
+17.8%

11. 224 185
209
202
154
174
587 561
2015 2016
33
19
18
17
10
9
61
45
2015 2016
11
Organic segment
In plus:
Crop protection products – higher sales in 3Q2016, mainly
thanks to glyphosates sales in connection with favourable
weather conditions; growth in export sales
Materials – growth in margin thanks to intensification of
manufacture of products for specialized applications;
optimization of the portfolio in the direction of higher-margin
products; development of saturated polyester resin sales
Foams – growth in the sales volume as a result of an increase
in demand of upholstery furniture producers
In minus:
AGRO products – lower sales of crop protection products y/y as
a result of a drop in the domestic market (-5.4% y/y); shift in
accounting of EU subsidies for farmers; pre-seasonal sales
implemented in 4Q2015; drop in agricultural production
profitability
Materials – lower revenues from unsaturated polyester resins
sales (due to the lack of EU subsidies); aggressive price
competition from other European and domestic producers
Foams – drop in PUR blocks prices
Share in total revenues (main products)
Resins 9.0%
PUR foams 6.9%
Plant protection products 5.8%
Financial results for 1-3Q2016
Q1 Q2 Q3 Q4
-4.4%
-25.6%
Revenues [mPLN] Adj. EBITDA [mPLN]

12. 7 6
10
8
11
13
29 27
2015 2016
37 38
50 36
51
63
137 136
2015 2016
12
Silicates and glass segment
In plus:
Higher sales volume of sodium silicates from a new water glass
production furnace
Improvement of results of sodium silicate sales from Romania as
a result of the implemented modernization of the production
installation implemented in 2015
Stabilization in the market of lanterns for vigil lights at the level
of 2015.
Stable sales of potassium silicates despite a standstill in the
segment of oil and gas exploration
Favourable influence of weakening of PLN towards EUR
In minus:
Standstill connected with the switching from the old to a new
sodium silicate production furnace and start-up of the
installation
Aggressive activities of the competitors in the sodium silicate
market due to a significant underuse of the production capacity
Competitors’ readiness to continue to reduce prices
Growth in competition in the segment of glass packaging and
the resulting reduction of sales volume
Share in total revenues (main products)
Glass blocks and packaging 2.6%
Sodium silicate in lumps 1.6%
Sodium water glass 1.0%
Financial results for 1-3Q2016
Q1 Q2 Q3 Q4
-0.8%
-5.5%
Revenues [mPLN] Adj. EBITDA [mPLN]

13. 29 32
34 31
31 25
93
88
2015 2016
4,1 4,1
4,1
2,8
3,4
4,8
11,5 11,7
2015 2016
13
Transport segment
In plus:
Growth in revenues of CIECH Cargo as a result of an increased
sales volume of soda from CSP
In minus:
Suspension of infrastructural investments and lower sales of
services outside the Group (transport of aggregates)
Decreased purchases of coal dust by CIECH Soda Polska
Discontinuation of CIECH Transclean activity at the end of
2Q2016
Financial results for 1-3Q2016
Q1 Q2 Q3 Q4
-5.2%
+1.4%
Revenues [mPLN] Adj. EBITDA [mPLN]

14. 14
Debt
1 261
1 479
1 213 1 183
1 361 1 332
3,9
3,5
2,7
2,3
1,8
1,6
2011 2012 2013 2014 2015 3Q2016
Net debt [mPLN] Net debt / Adj. EBITDA
[thousand PLN] At the end of 3Q2016 At the end of 2015
Debt ratio 61.3% 65.7%
Long-term debt ratio 44.4% 46.1%
Equity capital debt ratio 158.2% 191.5%
Gross financial liabilities 1 591 529 1 564 247
Net financial liabilities 1 332 417 1 361 312
The Group systematically
reduces its debt. At the end of
1H16, the net debt index /
EBITDA (Adj.) amounted to 1.6
Thanks to the refinancing of
the debt, the Group’s costs of
debt servicing were much
lower
Financial results for 1-3Q2016
Methodology of calculated ratios consistent with the financial statement

15. 15
Cash flow
[PLN million] 1-3Q2016 1-3Q2015
EBITDA 662 543
Working capital -6 -106
Interest paid -27 -62
Taxes paid -36 4
Others -44 -7
Cash flow from operating activities 549 371
CAPEX -381 -322
Other 43 8
Cash flow from investment activities -338 -313
Free cash flow 211 58
Debt financing -5 18
Dividend -150 0
Other 0 -40
Cash flow from financial activities -155 -22
Total net flow 57 36
Closing balance of cash 259 86
Financial results for 1-3Q2016
Operating activity
Change in the working capital:
• Change in the trade working
capital
• Change in the other short-term
items
Others include mainly an
adjustment for the change in
valuation of investment real estate
and caverns
Investment activity
Higher expenses connected with
the implemented investment
programme
Financial activity
Payments under financial lease
agreements
Payment of dividends

16. 1. Major events in 3Q2016
2. Financial results for 1-3Q2016
3. Outlook for next quarters

17. 17
Challenges and way of further growth in soda segment
Outlook for next quarters
Negotiation of contracts for soda
supply in 2017
Prices of energy sources, in particular gas
Influence of new Turkish capacities for
European soda market
Further growth of salt
business by development
of specialized products
Deveplopment of
sodium bicarbonate
for specialistic use

18. 18
Intensive expansion of organic segment
Outlook for next quarters
Expansion of product
portfolio of foams
Expansion of application of our current
products driven by R&D
Strenghtening brand
recognition of CIECH
and Chwastox in
Poland
Product development program
18 new products in 2018-2021
Active ingredients swap deals with mid-sized
players in EU and further portfolio expansion
Another registration of active ingredients
in UE
Potential M&A projects

19. 19
Other projects
Outlook for next quarters
Continuation of construction
of the installation for
treatment of nitrogen and
sulphur oxide fumes
Higher innovation thanks to
R&D activities
Further expansion on global markets
Using new
applications of
silicates

20. 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
Investor Relations Expert
+48 669 600 567, joanna.siedlaczek@ciechgroup.com
Modern and diversified chemical group on a stable progress path