Shareholders

List of shareholders having at least 5% of votes at the General Meeting of Ciech SA

Shareholders	Share type	Number of shares	Share in share capital (%)	Number of shares of votes at GSM	Share in overall number of votes at GSM (%)
State Treasury*	Ordinary bearer share	20.407.437	38,72%	20.407.437	38,72%
Open Pension Fund PZU "Złota Jesień"***	Ordinary bearer share	2.688.000	5,10%	2.688.000	5,10%
Clients of Pioneer Pekao Investment Management SA** (within the scope of portfolio managed by PPIM), including:	Ordinary bearer share	5.267.246	9,99%	5.267.246	9,99%
Pioneer FIO	Ordinary bearer share	5.209.354	9,88%	5.209.354	9,88%
SFIO Telekomunikacja Polska	Ordinary bearer share	44.857	0,09%	44.857	0,09%
ING Open Pension Fund***	Ordinary bearer share	2.800.000	5,30%	2.800.000	5,30%
Funds managed by Allianz TFI****	Ordinary bearer share	2.840.640	5,39%	2.840.640	5,39%

* according to information from State Treasury, current report no. 59/2011, August 24, 2011

** according to information from PPIM, current report no. 68/2011, October 14, 2011

*** according to list of shareholders having at least 5% of votes at the Ordinary General Meeting of Ciech SA on June 30th, 2011 (Art. 70 (3) of the Public Offering Act - GMS list having more than 5% of votes)

**** Funds: Allianz FIO, Allianz Platinium FIZ, Bezpieczna Jesień SFIO, according to information from Allianz TFI, current report no. 71/2011, November 15, 2011.

For information on shareholders of Ciech SA go to:

Ministry of Treasury	www.msp.gov.pl
Pioneer Pekao Investment Management SA (PPIM)	www.pioneer.com.pl
Open Pension Fund PZU "Złota Jesień	www.ptepzu.pl
ING Open Pension Fund	www.ingofe.pl