On behalf of the Management Board of Zakłady Chemiczne Police S.A., I hereby present the Company’s consolidated annual report for 2014.

Last year saw Grupa Azoty POLICE S.A. continue to make meaningful strides in improving its financial performance and increasing the Company value. On the back of a considerable increase in sales and higher use of cheaper phosphate rock from our mine, the Company was able to post a net profit of PLN 61m, a significant improvement on 2013. It was largely a result of the Management Board’s efforts to increase operating efficiency and optimise costs. We managed to cut the cost of fertilizer production by securing access to cheaper feedstock. We increased gas volumes purchased through the Polish Power Exchange (TGE) and phosphate volumes sourced from our mine in Senegal.

The Company also concentrated on pursuing the Grupa Azoty Group’s strategy for 2014- 2020, with its vision of organic growth. Last year, our capital expenditure reached a record PLN 135m, allocated to construction and upgrade projects involving flue gas treatment, the CHP plant’s steam generators, unit, and ammonia synthesis reactors. The capex projects are intended to make the production processes more efficient and compliant with the EU standards of environmental protection.

In the second half of 2014, we embarked on the Azoty PRO Operational Excellence Programme, which covers five areas: Production, Maintenance, Energy Efficiency, Procurement, Logistics, and Support Functions. The objective of the Group-wide project is to generate annual savings of over PLN 300m in all Grupa Azoty Group companies. We already know that the amount will be some 30% higher thanks to the programme’s organisational efficacy and efforts of the initiative leaders. Importantly, Grupa Azoty Zakłady Chemiczne Police S.A. was named a Pillar of the Polish Economy, which confirms that our growth plans and regional support initiatives are on track. The Company was recognised for its contribution to the development of the Szczecin Province, its modern and effective approach to employee matters, and initiatives for the benefit of local communities.

I encourage you to study the 2014 report and learn more about this successful year.

Yours faithfully, Krzysztof Jałosiński President of the Management Board, Chief Executive Officer Grupa Azoty Zakłady Chemiczne Police S.A.

Grupa Azoty Group District Court for Szczecin-Centrum Zakłady Chemiczne Police S.A. 13th Commercial Division National Court Register No. KRS 0000015501, Industry Identification Number (REGON): 810822270 ul. Kuźnicka 1, 72-010 Police Tax Identification Number (NIP): PL 851 02-05 573 Tel.: +48 91 317 17 17 Paid-up share capital: Fax: +48 91 317 36 03 PLN 750,000,000 www.grupaazoty.com