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2 Disclaimer This English language summary of Management board report and Condensed interim consolidated financial statement for 2015 H1 has been prepared solely for the convenience of English speaking readers. Despite all the efforts devoted to this translation, certain discrepancies, omissions or approximations may exist. In case of any differences between the Polish 2015 H1 management and financial reports and the English 2015 H1 summary of mentioned reports, the Polish version shall prevail. CD PROJEKT, its representatives and employees decline all responsibility in this regard

3 1 General information

4 Key factors affecting Group performance and other important events occurring in the first half of 2015 and up until the publication date of this report 1. The first half of 2015 was dominated by the PR and marketing campaign surrounding the release of The Witcher 3: Wild Hunt. CD PROJEKT RED s newest videogame was released to the tune of the most extensive marketing campaign in the Company s history, covering both traditional channels including the radio, printed press, TV and movie theaters as well as electronic media, outdoor advertising, retail marketing and numerous accompanying events, all of which helped generate great commercial interest in the game. 2. In the run-up to the release of The Witcher 3: Wild Hunt, a series of dedicated presentations were held in the United States, United Kingdom, Germany, France, Scandinavia, Japan, Russia, Australia, Hong Kong, the United Arab Emirates and Poland. During these events hundreds of invited journalists and youtubers could try their own hand at playing the game. This resulted in thousands of publications and interviews in electronic and printed media. The newest addition to The Witcher franchise was also featured on over 100 magazine covers throughout the world. 3. On 23 April a TV commercial featuring The Witcher 3: Wild Hunt debuted in the United States. During subsequent weeks the commercial was broadcast in fourteen countries throughout the world. The game's release was further accompanied by intensive promotional activities involving radio channels, printed press, movie theaters and trade marketing. Additionally, outdoor advertising was utilized in selected territories. 4. Even before its release The Witcher 3: Wild Hunt received over 200 awards and accolades, becoming one of the most critically acclaimed games ever released. 5. On 11 May (7 days before release) the Company announced that over a million copies of The Witcher 3: Wild Hunt had been preordered. Five days later this figure increased to 1,5 million copies. 6. On the eve of the game's release (18 May) the Warsaw-based headquarters of CD PROJEKT was visited by Prime Minister Ewa Kopacz. The following morning members of the Company Management Board were hosted by President Bronisław Komorowski at a formal breakfast. 7. The Witcher 3: Wild Hunt was released on 19 May 2015 for the PC, PlayStation 4 and Xbox One, in 15 separate language versions. 8. One month following its release The Witcher 3: Wild Hunt was rated 94/100 (PC), 92/100 (PlayStation 4) and 91/100 (Xbox One) by the world-renowned Metacritic service, thus firmly establishing the Company's newest offering as one of the most highly rated videogames ever released. 9. Over the six-week period following the release of The Witcher 3: Wild Hunt (i.e. until 30 June 2015), copies of the game were sold. 10. In the run-up to the release of The Witcher 3: Wild Hunt CD PROJEKT, together with its business partners, launched a series of tie-in products exploiting the popularity of The Witcher franchise: a board game (physical and electronic editions), a MOBA game for mobile devices, two comic book series, an official Prima strategy guide, a printed compendium detailing The Witcher universe as well as a series of t-shirts and assorted gadgets for gamers. 11. On 7 April 2015 CD PROJEKT RED announced two large paid DLC extensions for The Witcher 3: Wild Hunt. The first of these is scheduled for release in October of the current year, with the second one following in Heart of Stone and Blood and Wine together feature over thirty hours of gameplay along with a wide array of new content: items, enemies and NPCs, some of which will be well known to fans of The Witcher universe. 12. On 26 February 2015 GOG.com unveiled its second foreign language edition of its platform (following the previously launched French edition) this time targeting German clients. In addition to a fully localized web portal and a wide selection of German game releases the platform also provides German-speaking customer support and is integrated with online payment systems popular in Germany. 13. In April GOG.com launched the Russian edition of its platform, together with Russian-speaking customer support. 14. In May 2015 a beta version of the GOG Galaxy client was released to all users of the GOG.com platform. GOG Galaxy provides one-click game installation features and supports automatic patching of all games from the GOG.com library, which currently 2

5 numbers over 1100 titles. For added customer security, GOG Galaxy can download DRM-free offline copies of any game directly to the client's computer. GOG Galaxy also supports multiplayer gaming and provides other networking features commonly exploited by modern games. As such, GOG Galaxy is expected to facilitate distribution of multiplayer games which could not have previously been carried by GOG.com due to technical constraints. 15. In June the Company announced that nearly 700 thousand players had activated The Witcher 3: Wild Hunt using GOG Galaxy. During the two-week period surrounding game's release GOG.com customers downloaded over 21,5 petabytes of data and spent over 15 million person-hours playing The Witcher via GOG Galaxy. 16. The GOG.com catalogue was extended with products by Telltale Games, developer of innovative adventure games such as Game of Thrones: A Telltale Game Series and Walking Dead. A majority of Telltale Games products can now be downloaded from GOG.com. 17. In May 2015 GOG Ltd. paid out a dividend in the amount of 1,8 million EUR to its sole shareholder CD PROJEKT S.A. GOG Ltd. is not currently in debt due to outstanding credits or loans and has, as of 30 June 2015, held cash assets valued at thousand PLN. 18. The consolidated revenues of the CD PROJEKT Capital Group in the first half of 2015 were thousand PLN. Regarding sales to external clients in each of the Group's activity segments, revenues were as follows: Videogame development: thousand PLN; Global digital videogame distribution: thousand PLN; Other activities: 143 thousand PLN. 19. EBITDA of the CD PROJEKT Capital Group for the first half of 2015 was thousand PLN. 20. The consolidated net profit of the CD PROJEKT Capital Group in the first half of 2015 was thousand PLN. 21. As of 30 June 2015 the Group held cash and cash equivalents valued at thousand PLN, in addition to other financial assets valued at thousand PLN. The latter group comprises PKO TFI investment fund shares purchased as a means of temporary allocation of surplus cash. 3

6 Parent entity Name: Legal status: Headquarters: Country of registration: Principal scope of activity: Keeper of records: CD PROJEKT S.A. Joint-stock company Jagiellońska 74, Warsaw Poland CD PROJEKT S.A. is the holding company of the CD PROJEKT Capital Group which conducts business activities in the scope of videogame development and global digital videogame distribution. District Court for the City of Warsaw in Warsaw Poland; 13th Commercial Department of the National Court Register (Sąd Rejonowy dla m.st. Warszawy w Warszawie, XIII Wydział Gospodarczy Krajowego Rejestru Sądowego) Statistical Identification Number (REGON): Duration of the Capital Group The duration of the parent entity CD PROJEKT S.A. and all remaining members of the Capital Group is indefinite. Reporting period This summary of condensed interim consolidated financial statement, which includes elements of condensed interim separate financial statements, covers the period between 1 January and 30 June 2015 inclusive. Comparative data is valid for 31 March 2015, 31 December 2014 and 30 June 2014 in the condensed interim consolidated statement of financial position and elements of condensed interim separate statements of financial position, for the period between 1 January and 30 June 2014 in the condensed interim consolidated and separate profit and loss accounts, condensed interim consolidated and separate statements of comprehensive income and condensed interim consolidated and separate statements of cash flows, and for the period between 1 January and 31 December 2014 in the statements of changes in consolidated and separate equity. Composition of the governing bodies of the parent entity as of 30 June 2015 Management Board President Vice President Vice President Board Member Board Member Adam Kiciński Marcin Iwiński Piotr Nielubowicz Adam Badowski Michał Nowakowski Changes in Management Board Composition No changes in the composition of the CD PROJEKT S.A. Management Board occurred in the reporting period. 4

7 Supervisory Board Chairwoman Deputy Chairman Board Member Board Member Board Member Katarzyna Szwarc Piotr Pągowski Grzegorz Kujawski Maciej Majewski Krzysztof Kilian Licensed auditors PKF Consult Sp. z o.o., Orzycka 6 lok. 1B, Warsaw Shareholders who control, directly or through subsidiaries, at least 5% of the total number of votes at the General Meeting of Shareholders of the parent entity as of the publication date of this statement The shareholder structure is determined on the basis of formal notices issued by shareholders who control at least 5% of the total number of votes at the General Meeting of Shareholders of the parent entity. As of the publication date of this statement the following shareholders controlled at least 5% of votes at the General Meeting: No. of shares Percentage share in share capital No. of votes at the GM Percentage share in total number of votes at the GM Marcin Iwiński % % Michał Kiciński (1) % % Piotr Nielubowicz % % PKO TFI S.A. (2) % % AVIVA OFE (3) % % Amplico PTE S.A. (4) % % Other shareholders % % (1) As disclosed in Current Report No. 2/2015 of 23 February (2) As disclosed in Current Report No. 19/2011 of 25 February (3) As disclosed in Current Report No. 25/2012 of 6 September (4) As disclosed in Current Report No. 20/2013 of 11 September Changes in shareholder structure of the parent entity The Company was not notified of any changes in shareholder structure throughout the reporting period. 5

8 Changes in stock ownership by members of the Management Board and the Supervisory Board of the parent entity throughout the first half of 2015 and up until the publication date of this statement Changes in stock ownership by members of the Management Board as of reduction increase as of Marcin Iwiński Piotr Nielubowicz Adam Kiciński Michał Nowakowski Adam Badowski as of reduction increase as of Marcin Iwiński Piotr Nielubowicz Adam Kiciński Michał Nowakowski Adam Badowski Changes in stock ownership by members of the Supervisory Board as of reduction increase as of Katarzyna Szwarc Cezary Iwański (1) Grzegorz Kujawski Maciej Majewski Piotr Pągowski (1) Member of the Supervisory Board until the 8th of May as of reduction increase as of Katarzyna Szwarc Cezary Iwański (1) Grzegorz Kujawski Maciej Majewski Piotr Pągowski (1) Member of the Supervisory Board until the 8th of May

9 Subsidiaries structure of the Capital Group The following diagram illustrates the structure of the CD PROJEKT Capital Group as of the publication date of this financial statement. The Company has ceased to report Optibox Sp. z o.o. (in liquidation bankruptcy) as a subsidiary due to loss of control. Validation of published estimates The Group did not publish any estimates referring to the reporting period. 7

10 2 Condensed Interim Consolidated Financial Statement of the CD PROJEKT Capital Group 8

11 Condensed interim consolidated profit and loss account PLN thousands Sales revenues Revenues from sales of products Revenues from sales of services Revenues from sales of goods and materials Cost of products, goods and materials sold Cost of products and services sold Value of goods and materials sold Gross profit (loss) from sales Other operating revenues Selling costs General and administrative costs Other operating expenses Operating profit (loss) Financial revenues Financial expenses Profit (loss) before tax Income tax Net profit (loss) from continuing operations Net profit (loss) Net profit (loss) attributable to minority interests - 79 Net profit (loss) attributable to equity holders of parent entity Net earnings per share (in PLN) Basic for the reporting period 2,49 0,05 Diluted for the reporting period 2,49 0,05 Net earnings per share from continuing operations (in PLN) Basic for the reporting period 2,49 0,05 Diluted for the reporting period 2,49 0,05 Warsaw, 26 August 2015 Adam Kiciński Marcin Iwiński Piotr Nielubowicz Adam Badowski Michał Nowakowski Aneta Magiera President Vice President Vice President Board Member Board Member Accounting Officer 9

12 Condensed interim consolidated statement of comprehensive income PLN thousands Net profit (loss) Other comprehensive income which will be entered as profit (loss) following fulfillment of specific criteria Exchange rate differences on valuation of foreign entities Total comprehensive income Total comprehensive income attributable to minority interests - 79 Total comprehensive income attributable to equity holders of parent entity Warsaw, 26 August 2015 Adam Kiciński Marcin Iwiński Piotr Nielubowicz Adam Badowski Michał Nowakowski Aneta Magiera President Vice President Vice President Board Member Board Member Accounting Officer Condensed interim consolidated statement of financial position PLN thousands FIXED ASSETS Tangible assets Intangible assets Goodwill Other financial assets Deferred income tax assets Other fixed assets CURRENT ASSETS Inventories Trade receivables Current income tax receivables Other receivables Other financial assets Prepaid expenses Cash and cash equivalents TOTAL ASSETS Warsaw, 26 August 2015 Adam Kiciński Marcin Iwiński Piotr Nielubowicz Adam Badowski Michał Nowakowski Aneta Magiera President Vice President Vice President Board Member Board Member Accounting Officer 10

13 PLN thousands EQUITY Equity attributable to shareholders of the Parent Company Share capital Supplementary capital, incl. sales of shares above nominal price Other reserve capital Exchange rate differences (624) Retained earnings (49 302) (49 302) (54 514) (54 133) Net profit (loss) for the reporting period (5 216) Minority share capital LONG-TERM LIABILITIES Credits and loans Other financial liabilities Deferred income tax liabilities Deferred revenues Provisions for employee benefits and similar liabilities SHORT-TERM LIABILITIES Credits and loans Other financial liabilities Trade liabilities Liabilities from current income tax Other liabilities Deferred revenues Provisions for employee benefits and similar liabilities Other provisions TOTAL LIABILITIES Warsaw, 26 August 2015 Adam Kiciński Marcin Iwiński Piotr Nielubowicz Adam Badowski Michał Nowakowski Aneta Magiera President Vice President Vice President Board Member Board Member Accounting Officer 11

14 Condensed interim statement of changes in consolidated equity PLN thousands Share capital Supplementary capital from sales of shares above nominal price Other reserve capital Exchange rate differences Retained earnings Net profit (loss) for the reporting period Equity attributable to shareholders of the Parent Company Minority share capital Total equity Equity as of (49 302) Equity after adjustments (49 302) Cost of incentive program Distribution of net profit The introduction (change) of minority share capital Total comprehensive income Equity as of (49 302) Equity as of (790) (41 087) Adjustments due to errors in preceding years (381) - (381) - (381) Equity after adjustments (790) (41 468) Cost of incentive program Distribution of net profit (7 292) The introduction (change) of minority share capital (5 754) - (5 754) (335) (6 089) Total comprehensive income (533) Equity as of (54 514) Warsaw, 26 August 2015 Adam Kiciński Marcin Iwiński Piotr Nielubowicz Adam Badowski Michał Nowakowski Aneta Magiera President Vice President Vice President Board Member Board Member Accounting Officer 12

15 PLN thousands Share capital Supplementary capital from sales of shares above nominal price Other reserve capital Exchange rate differences Retained earnings Net profit (loss) for the reporting period Equity attributable to shareholders of the Parent Company Minority share capital Total equity Equity as of (790) (41 087) Equity after adjustments (790) (41 087) Distribution of net profit (7 292) Cost of incentive program The introduction (change) of minority share capital (5 754) - (5 754) (2) Total comprehensive income Equity as of (624) (54 133) Warsaw, 26 August 2015 Adam Kiciński Marcin Iwiński Piotr Nielubowicz Adam Badowski Michał Nowakowski Aneta Magiera President Vice President Vice President Board Member Board Member Accounting Officer 13

16 Condensed interim consolidated statement of cash flow PLN thousands OPERATING ACTIVIES Net profit (loss) Total adjustments: ( ) Depreciation Interest and profit sharing (151) (307) Profit (loss) on investment activities 589 (2 079) Change in provisions (41) Change in inventories (15 231) Change in receivables ( ) (15 904) Change in liabilities excluding credits and loans Change in other assets and liabilities (5 729) (2 978) Other adjustments Cash flow from continuing operations Income tax on profit (loss) before taxation Income tax (paid) / reimbursed (13 328) (1 464) A. Net cash flow from operating activities INVESTMENT ACTIVITIES Inflows Disposal of intangible and tangible fixed assets Other inflows from investment activities Outflows Purchases of intangible and tangible fixed assets Expenses on financial assets Other outflows from investment activities B. Net cash flow from investment activities (4 363) FINANCIAL ACTIVITIES Inflows - 90 Credits and loans - 5 Other inflows from financial activities - 85 Outflows Repayments of credits and loans 4 1 Payments of liabilities under financial lease agreements Interest paid - 13 C. Net cash flows from financial activities (144) (187) D. Total net cash flow E. Change in cash and cash equivalents on balance sheet F. Cash and cash equivalents at beginning of period G. Cash and cash equivalents at end of period Warsaw, 26 August 2015 Adam Kiciński Marcin Iwiński Piotr Nielubowicz Adam Badowski Michał Nowakowski Aneta Magiera President Vice President Vice President Board Member Board Member Accounting Officer 14

17 Clarifications regarding the condensed interim consolidated statement of cash flow PLN thousands The other adjustments line item comprises: incentive program costs exchange rate differences on valuation of foreign entities Warsaw, 26 August 2015 Adam Kiciński Marcin Iwiński Piotr Nielubowicz Adam Badowski Michał Nowakowski Aneta Magiera President of the Board Vice President of the Board Vice President of the Board Board Member Board Member Accounting Officer 15

18 3 Clarifications Regarding the Condensed Interim Consolidated Financial Statement 16

19 Entities covered by the consolidated financial statement This condensed interim consolidated financial statement for the period ending 30 June 2015 applies to the following Group members: capital share voting share consolidation method CD PROJEKT S.A. parent entity - Full GOG Poland sp. z o.o. 100% 100% Full GOG Ltd. 100% 100% Full Brand Projekt sp. z o.o. 100% 100% Full CD PROJEKT Brands S.A. 100%* 100% Full CD PROJEKT Inc. 100% 100% Full * Indirectly controlled by CD PROJEKT S.A. 17

20 4 Additional notes and explanations regarding the condensed interim consolidated financial statement 18

21 Note 3. Description of important changes in estimates Changes in goodwill PLN thousands Gross carrying amount at beginning of period Increases due to acquisition of entities Reductions due to business combinations Gross carrying amount at end of period Impairment losses Net goodwill Changes in inventory status PLN thousands Other materials Semi-finished products and production in progress Finished products Goods Gross inventories Inventory impairment losses Net inventories Changes in receivables PLN thousands Trade and other receivables from affiliates from external entities income tax receivables Impairment lossess Gross receivables Current and past-due trade receivables as of 30 Jun 2015 AFFILIATES PLN thousands Total Days past due < >360 gross receivables impairment losses Net receivables

22 EXTERNAL ENTITIES gross receivables impairment losses Net receivables TOTAL gross receivables impairment losses Net receivables Prepaid expenses PLN thousands Non-life insurance Business travel insurance License fees Online access to legal support portal Civil law transaction tax on capital increases Software, licenses Air travel Other prepaid expenses Total prepaid expenses Net deferred tax assets/liabilities PLN thousands Deferred tax assets Deferred tax liabilities continuing operations Net deferred tax assets/liabilities (213) 38 (3 862) Note 5. Other important information Operating costs PLN thousands Depreciation Consumption of materials and energy External services Taxes and fees Employee compensation, social security and other benefits Business travel

23 Other costs, including: data transfer costs and other Internet costs advisory services recruitment and relocation costs participation in fair, exhibitions and conferences use of company car representation and advertising insurance premiums other expenses Changes in inventories (21 805) (19 348) Cost of products and services sold Value of goods and materials sold Exchange rate differences from continuing operations Total Selling costs General and administrative costs Cost of products, goods and materials sold Total Note 6. Operating segments The operations of the CD PROJEKT Capital Group are divided into three activity segments: Videogame development, Global digital videogame distribution, Other activities. Breakdown of individual operating segments for the period between 01 Jan and 30 Jun 2015 Sales PLN thousands Sales revenues Sales to external clients between segments and internal Profit/loss per segment Total assets per segment turnover CONTINUING OPERATIONS Videogame development Global digital videogame distribution Other activities* (12 828) Consolidation adjustments (incl. adjustments from business combinations) (13 401) - (13 402) (7 716) (39 634) DISCONTINUED OPERATIONS TOTAL * The Other activities segment comprises part of the individual financial result of CD PROJEKT S.A. in the amount of thousand PLN, representing the activity of its investment branch. 21

24 Segmented consolidated statement of financial position as of 30 Jun 2015 Consolidation PLN thousands Videogame development Global digital distribution of games Other activities eliminations (incl. adjustments from business Total combinations) FIXED ASSETS (29 019) Tangible fixed assets Intangible assets (43 356) Goodwill Investments in subsidiaries (32 112) - Other financial assets Deferred income tax assets Other fixed assets CURRENT ASSETS (10 615) Inventories Trade receivables (1 190) Receivables due to current income tax (211) - Other receivables (9 214) Other financial assets Prepaid expenses Cash and cash equivalents TOTAL ASSETS (39 634)

25 Consolidation PLN thousands Videogame development Global digital distribution of games Other activities eliminations (incl. adjustments from business Total combinations) EQUITY (28 821) Equity attributable to shareholders of the parent company (28 821) Share capital (7 136) Supplementary capital from sales of shares above their nominal value Other reserve capital Exchange rate differences Retained earnings (86 687) (21 965) (49 302) Net profit (loss) for the reporting period (12 827) (7 716) LONG-TERM LIABILITIES (241) Other financial liabilities Deferred income tax liabilities (241) Deferred revenues Provisions for employee benefits and similar liabilities SHORT-TERM LIABILITIES (10 572) Credits and loans Other financial liabilities Trade liabilities (1 170) Liabilities from current income tax (211) Other liabilities (9 191) Deferred revenues Provisions for retirement benefits and similar liabilities Other provisions TOTAL LIABILITIES (39 634)

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