Summary Document pursuant to Section 4(2) no. 8 lit. f WpPG dated 22 August 2016 for admission to trading on the regulated market segment (Regulierter Markt) of the Frankfurt Stock Exchange of 52,699,909 ordinary bearer shares (entire share capital) – each such share with a par value of PLN 5 and carrying full dividend rights as of 1 January 2016 – – International Securities Identification Number (ISIN): PLCIECH00018 – – Wertpapierkennnummer (WKN): A0DQSH – – Common Code: 027505317 – of CIECH Spółka Akcyjna a Polish joint stock company with its registered office in Warsaw (Poland) – Frankfurt Stock Exchange Symbol: CHX – [This page intentionally left blank.] TABLE OF CONTENTS IMPORTANT NOTICE ........................................................................................................................... 2 SUBJECT OF THIS SUMMARY DOCUMENT .................................................................................... 4 Subject of this Summary Document ................................................................................................. 4 Exemptions from the obligation to publish a prospectus .................................................................. 4 Publication of the Summary Document ............................................................................................ 5 Consent to use of the Summary Document by financial intermediaries ........................................... 5 SUMMARY OF RISK FACTORS .......................................................................................................... 6 GENERAL INFORMATION ON THE COMPANY ............................................................................ 18 Corporate Information .................................................................................................................... 18 Principal Business Activities .......................................................................................................... 18 Corporate Bodies ............................................................................................................................ 18 Management Board ......................................................................................................................... 18 Supervisory Board .......................................................................................................................... 20 Publications .................................................................................................................................... 22 BUSINESS ............................................................................................................................................. 24 Business Activities ......................................................................................................................... 24 Market and Competition ................................................................................................................. 25 History ............................................................................................................................................ 31 Organizational Structure ................................................................................................................. 32 CAPITAL STRUCTURE AND INFORMATION RELATED TO LISTING ON STOCK EXCHANGE .......................................................................................................................................... 34 Capital Structure ............................................................................................................................. 34 Stock Exchange Listing .................................................................................................................. 35 Securities Identification Numbers .................................................................................................. 35 Certification of the Company’s Shares ........................................................................................... 35 Transferability of the Company’s Shares ....................................................................................... 36 Designated Sponsor ........................................................................................................................ 36 FINANCIAL INFORMATION ............................................................................................................. 37 Auditors .......................................................................................................................................... 37 Selected Financial Information ....................................................................................................... 37 RECENT DEVELOPMENTS AND OUTLOOK .................................................................................. 44 Recent Developments ..................................................................................................................... 44 Outlook ........................................................................................................................................... 44 DEFINITIONS ....................................................................................................................................... 46 i IMPORTANT NOTICE The following presentation is a summary document (“Summary Document”) within the meaning of Section 4(2) no. 8 of the German Securities Prospectus Act (Wertpapierprospektgesetz, “WpPG”) for admission to trading on the regulated market segment (Regulierter Markt) of the Frankfurt Stock Exchange (“FSE”) of the entire share capital of CIECH Spółka Akcyjna, ul. Wspólna 62, 00-684 Warsaw (Poland) (“CIECH S.A.”, “Company” or, together with its consolidated subsidiaries at the time, “CIECH” or “CIECH Group”). This Summary Document is not a securities prospectus within the meaning of Section 3(3) WpPG and has therefore not been approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) or any other financial supervisory authority. It should be read in connection with the publications, reports and other information disclosed by the Company to the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, “PFSA”) in connection with its listing on the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A., “WSE”) (through the electronic system for WSE-listed issuers, i. e. ESPI, which are also published on the Company’s website under http://ciechgroup.com/en/relacje-inwestorskie/reports/) (“Reports”). This Summary Document is being made publicly available for information purposes only. It does not require any action to be taken by shareholders of the Company and no costs are charged to them in this context. This summary document does not constitute an offer or invitation to any person to subscribe for or purchase any securities in the Company. Before deciding to purchase the Company’s shares via purchases on a stock exchange, investors should carefully review and consider the information contained in this Summary Document and the Reports. Although the whole text of the Summary Document should be read in conjunction with the Reports, the attention of persons receiving this Summary Document is drawn, in particular, to the discussion of certain risks and other factors that should be considered in connection with an investment in the Company's shares. This Summary Document contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical or current facts and events and usually contains forward-looking verbs such as “believes,” “estimates,” “assumes,” “anticipates,” “expects,” “forecasts,” “intends,” “could, “should” or other wording that can be used to refer to future dates, events, or developments. Forward-looking statements can be found in every place in which this Summary Document contains information about the Company’s intentions, plans, beliefs, or current expectations, especially as they pertain to the business of CIECH S.A. and the CIECH Group, its future financial development and earning capacity, plans, liquidity, prospects, growth, strategy and profitability, general and industry-specific market developments and technological advances as well as the general economic and regulatory conditions affecting CIECH S.A. or the CIECH Group. Forward- looking statements are based on current estimates and assumptions made according to the best of the Company’s knowledge. They are subject to risks, uncertainties and other factors that could cause the actual results, including the CIECH Group’s cash flows, financial condition and results of operations, to differ materially from, or turn out to be less favorable than, the results expressly or implicitly assumed or described in those statements. CIECH’s business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or projection to become inaccurate. Accordingly, prospective investors are strongly advised to read the “Summary Risk Factors” section in this Summary Document which includes more detailed descriptions of factors affecting CIECH’s business and the markets in which CIECH operates. In light of these risks, uncertainties and assumptions, it is also possible that the future events mentioned in this Summary Document may not occur. The forward-looking estimates and forecasts reproduced in this Summary Document from third-party studies may also prove