Presentation of 2020 Full Year Results

PRESENTATION OF 2020 RESULTS April 16th 2021 2 SUMMARY OF THE YEAR FINANCIAL HIGHLIGHTS 2020

PLNm

Q4 2020 2020

CONSOLIDATED REVENUE  Higher sales volumes in Agro Fertilizers 2,736  Weaker demand from the markets where 10,525 Chemical and Plastic products are sold

CONSOLIDATED EBITDA 319  Low price of natural gas 1,322  Compensation for higher electricity prices and the Anti-Crisis Shield

92 CONSOLIDATED NET PROFIT/(LOSS) 355 3 SUMMARY OF THE YEAR Management Board of Grupa Azoty S.A. 4 SUMMARY OF THE YEAR MAJOR DEVELOPMENTS

GREEN ACTION AGREEMENT BETWEEN GRUPA AZOTY AND MAŁOPOLSKA REGION

• Grupa Azoty S.A. and the provincial authorities of the Małopolska Region have agreed to cooperate closely to advance air and climate protection goals

• The agreement on joint action under the LIFE EKOMAŁOPOLSKA project – ‘Implementation of the Regional Climate and Energy Action Plan for the Małopolska Region’ was signed on February 23rd 2021 at the Grupa Azoty Research and Development Centre in Tarnów

• Key project objectives include extensive work to counteract climate change, as part of which the potential of renewable energy sources will be mapped, a network of ECO advisors on climate issues will be formed, and activities will be taken to promote the use of renewable energy sources and improve energy efficiency

• in the agreement, Grupa Azoty S.A. declared that it would strive to achieve climate neutrality in its production processes and activities carried out in the Małopolska Region by 2050 5 SUMMARY OF THE YEAR MAJOR DEVELOPMENTS

NEW PRODUCT LINE WITHIN THE GRUPA AZOTY GROUP’S FERTILIZERS CATEGORY

• roll-out of the Fosfarm product line comprising advanced and environmentally friendly NPK fertilizers, as another step towards delivering the European Green Deal objectives

• product line developed by the Grupa Azoty Group subsidiary based in Gdańsk (concurrent rebranding of Gdańskie Zakłady Nawozów Fosforowych Fosfory Sp. z o.o. -> Grupa Azoty Fosfory)

• Fosfarm is a line of compound fertilizers manufactured in accordance with the principles of sustainable development, including circular (closed-loop) economy. Fosfarm fertilizers are enriched to include calcium, magnesium, sulfur and micronutrients, such as copper and zinc

• the phosphorus content, as well as the calcium, magnesium and micronutrients, come from regenerative sources only. 6 SUMMARY OF THE YEAR MAJOR DEVELOPMENTS

Pulrea+INu PRODUCT ROLL-OUT

• another product compliant with the European Green Deal requirements

• Pulrea+INu, i.e. urea containing an inhibitor, is a response to the requirements laid down of the NEC Directive to reduce ammonia emissions into the atmosphere

• the application of urea with inhibitors will be obligatory in Poland as of August 1st 2021, but the product has been available from the Grupa Azoty Group for several months now 7 SUMMARY OF THE YEAR MAJOR DEVELOPMENTS

GRUPA AZOTY SUPPORTS FARMERS IN SOIL TESTING

• Grupa Azoty Group representatives, using Agrocares scanners, can now perform quick soil analyses for farmers all over Poland

• based on positive experiences gathered in the pilot phase, all Group representatives working with farmers across the country will be equipped with soil scanners starting from this year

• the resulting soil analysis report is available from the farmer’s phone within minutes of the test, and the farmer receives precise recommendations regarding mineral requirements of each part of his land

• the farmer can take prompt action and apply appropriately selected Grupa Azoty Group fertilizers with a nutrient content absent from his soil. 8 SUMMARY OF THE YEAR MAJOR DEVELOPMENTS

GRANULATED FERTILIZER UNIT IN PUŁAWY

• precommissioning and commissioning of the facility for production of ammonium nitrate- based granulated fertilizers (July 1st 2020)

• the combined production capacity of the two new lines is 2,600 tonnes of fertilizers per day (up to 820,000 tonnes per year)

• the granulated ammonium nitrate (AN – 32% N) line and the calcium ammonium nitrate (CAN – 27% N) line have the daily production capacities of 1,200 tonnes and 1,400 tonnes, respectively

• apart from the production lines, the project included the construction of logistics and auxiliary facilities for unloading and processing of raw materials, as well as packaging and storage of finished products

• granulated ammonium nitrate and calcium nitrate will meet the growing demand from large- scale agriculture

• the completed project’s budget was PLN 430m 9

SUMMARY OF THE YEAR MAJOR DEVELOPMENTS

GRUPA AZOTY’S STOCK IN THE ŁUKASIEWICZ INDEX

• Grupa Azoty has joined the Łukasiewicz Index, which aims to promote listed companies engaging in R&D activities

• the list of the index constituents was announced on April 1st 2021, and the index quotations have been published daily since April 12th

• one of the conditions that has to be met for a company to be included in the Łukasiewicz Index is cooperating with the Łukasiewicz Research Network between April 1st 2019 and January 31st 2021

• presence in the index enhances the investment attractiveness of the Grupa Azoty stock and highlights the company's involvement in R&D projects 10 SUMMARY OF THE YEAR COVID-19 IMPACT

MEASURES TAKEN IN RESPONSE TO THE EPIDEMIC

PLN 4,200,000 donated by Grupa Azoty Group companies to support institutions and services engaged in the fight against COVID-19

• the Grupa Azoty Group companies transferred the funds on an ongoing basis to hospitals, healthcare centres and sanitary services located primarily in the regions where the Group companies operate, in consultation with the Ministry of Health and the Ministry of State Assets • the donations were both monetary and in kind, and the latter included specialist medical equipment, medicines, and hygiene products • in addition, Grupa Azoty Group companies actively employ available technologies to manufacture products minimising the risk of an infection (e.g. donating filaments for initiatives related to the manufacture of protective equipment based on the 3D printing technology, producing ‘safe gloves’ and disinfectant liquid) 11 GREEN CHEMISTRY NON-FINANCIAL ESG DATA

NON-FINANCIAL ESG HIGHLIGHTS FOR THE GRUPA AZOTY GROUP (changes relative to 2019)

10% reduction of requirement for energy generation fuels

20% reduction of emissions of the greenhouse gas nitrous oxide

over 17% reduction of PM 2.5 emissions

5% reduction of waste volumes

over 130 projects supported under the CSR strategy Progress on Polimery Police at halfway point

The project reached a 50% stage of completion, including (in addition to building works) procurement, engineering, construction and deliveries. 13 SUMMARY OF THE YEAR POLIMERY POLICE PROJECT

January 7th 2020

Formal handover of the construction site to the general contractor of Polimery Police

September 29th 2020

Receipt of the last of 22 building permits

October 9th 2020

Execution of Amendment 2 to the EPC Contract, providing, among other things, for a EUR 33.2m increase in the contractor’s remuneration and a three-month extension of the timescale for Polimery Police 14 SUMMARY OF THE YEAR POLIMERY POLICE PROJECT

May 31st 2020

Execution of an investment agreement between Grupa Azoty S.A., Grupa Azoty Zakłady Chemiczne Police S.A., Grupa Azoty Polyolefins, Grupa LOTOS S.A., Hyundai Engineering Co., Ltd. and Korea Overseas Infrastructure & Urban Development Corporation (KIND)

Execution of a syndicated facilities agreement with Alior Bank S.A., Bank Gospodarstwa Krajowego, Bank Ochrony Środowiska S.A., Bank Polska Kasa Opieki S.A. (the bank coordinating the project financing transaction), BNP Paribas Bank Polska S.A., the European Bank for Reconstruction and Development, Industrial and Commercial Bank of China (Europe) S.A. Poland Branch, mBank S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Powszechny Zakład Ubezpieczeń S.A., Powszechny Zakład Ubezpieczeń na Życie S.A., PZU Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych BIS 2, Santander Bank Polska S.A. and ICBC Standard Bank PLC

 a term loan facility of up to EUR 487.8m  a term loan facility of up to USD 537.7m  a VAT facility of up to PLN 150.0m  a working capital facility of up to USD 180.0m 15 SUMMARY OF THE YEAR POLIMERY POLICE PROJECT

November 16th 2020 SHAREHOLDING STRUCTURE

Performance of obligations under transaction documents for equity investment in the Polimery Police project (EGM decision on Grupa Azoty POLICE a share capital increase) 34,41% LOTOS Grupa 17,30% Azoty February 25th 2021 64,93% HEC & KIND 17,77% Confirmation that conditions precedent under the credit facilities Grupa Azoty agreement had been fulfilled S.A 30,52% 16 SUMMARY OF THE YEAR POLIMERY POLICE PROJECT

PDH unit

General view 17 SUMMARY OF THE YEAR POLIMERY POLICE PROJECT

PP unit

Handling & storage terminal Green Chemistry 19 GREEN CHEMISTRY SELECTED R&D PROJECTS ALIGNED WITH THE GREEN DEAL AGENDA HYDROGEN PROJECTS

SCOPE: OUTCOME:

• reduction of CO2 emissions from the ‘Blue’ • adaptation of the ammonia unit ammonia unit hydrogen in in Police to receive the ‘blue’ hydrogen Police stream from the PDH unit • utilisation of by-product streams

H2 product • development of alternative fuels laboratory in Kędzierzyn • market launch of hydrogen product dedicated meeting automotive industry standards to automotive • production efficiency gains industry 20 GREEN CHEMISTRY SELECTED R&D PROJECTS ALIGNED WITH THE GREEN DEAL AGENDA CIRCULAR ECONOMY – FERTILIZERS SCOPE: OUTCOME:

Humic acids • development of technologies for the • introduction of humic acids to the market in production of humic substances improving 2021 the quality and productivity of soil • The use of humic acids to increase the • in the 2nd quarter of 2021, the planned effectiveness of selected fertilizers launch of a pilot production plant manufactured by the Grupa Azoty

• launching the production of urease and • introduction of the Grupa Azoty fertilizers Urease and nitrification inhibitors on an industrial scale with inhibitors to the market in 2021 nitrification inhibitors in 2021.

Phosphorus and • use of biomass-derived • protection of natural resources through potassium fertilizers raw materials in fertilizers efficient use of phosphorus and potassium based on biomass • expansion of the Grupa Azoty Group’s fertilizer portfolio, winning a new market 21 GREEN CHEMISTRY SELECTED R&D PROJECTS ALIGNED WITH THE GREEN DEAL AGENDA CIRCULAR ECONOMY – FERTILIZERS

SCOPE: OUTCOME:

• management of elements recovered from Micronutrients in • use of micronutrients such as copper, zinc waste fertilizers and boron as fertilizer additives • development of the fertilizer portfolio, • use of waste-derived raw materials winning a new market

• full utilisation of mineral resources New fertilizers for • management and reuse of waste streams on production lines application in forest areas based on waste • closing the sulfur, calcium • expansion of the Grupa Azoty Group’s streams and phosphorus loops fertilizer portfolio, winning a new market 22 GREEN CHEMISTRY SELECTED R&D PROJECTS ALIGNED WITH THE GREEN DEAL AGENDA CIRCULAR ECONOMY – PLASTICS SCOPE: OUTCOME:

• manufacture of waste-based products Plastics recycling • implementation of a polyolefin recycling technology • development of a polyamide recycling • partial fulfilment of the plastics recycling technology obligation

• development of new plastics, including Biodegradable plastics • replacement of petroleum-based plastics biopolymers and biodegradable materials • roll-out of a range of biodegradable polymers • in 2021, planned launch of commercial on the plastics market production of biodegradable plastics

• implementation in the years 2021-2023 of • reduction of energy consumption in Carbon footprint prepared engineering solutions limiting the production - CO2 emissions generated in reduction energy consumption of the caprolactam the production of Polyamide 6 and Polyamide 6 production process 23 GREEN CHEMISTRY SELECTED R&D PROJECTS ALIGNED WITH THE GREEN DEAL AGENDA CIRCULAR ECONOMY - PLASTICS SCOPE: OUTCOME:

• deployment of a technology to produce Waste to fuel energy generation fuels • waste management

process based on waste coal sludge • reduction of CO2 emissions in the and polyolefins combustion process 24 GREEN CHEMISTRY SELECTED R&D PROJECTS ALIGNED WITH THE GREEN DEAL AGENDA OTHER PRO-ENVIRONMENTAL TECHNOLOGIES SCOPE: OUTCOME

Sequestration • preparation in the years 2021-2022 of a pilot • verification of the possibility of reducing CO2 project to introduce a CO2 stream from the emissions in the production of Ammonia by Ammonia Plant to depleted natural gas about 60%. deposits

SCR catalysts • development of catalysts for SCR • market launch of a new catalyst for the power processes, dedicated for applications generation industry in Poland in large combustion plants • expansion of the Grupa Azoty Group’s product portfolio Consolidated financial highlights of the GRUPA AZOTY GROUP 26 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION GROUP COMPANIES’ FINANCIAL HIGHLIGHTS 2020

PLNm REVENUE EBITDA NET PROFIT/(LOSS)

Grupa Azoty S.A. 126 (separate data) 1,613 166

Grupa Azoty Puławy Group 3,206 522 216

Grupa Azoty Police Group 2,428 195 123

Grupa Azoty Kędzierzyn Group 1,738 264 118

COMPO EXPERT 1,535 182 66

Grupa Azoty Group 10,525 1,322 355 27 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION GROUP COMPANIES’ FINANCIAL HIGHLIGHTS Q4 2020

PLNm REVENUE EBITDA NET PROFIT/(LOSS)

Grupa Azoty S.A. 9 (separate data) 405 34

Grupa Azoty Puławy Group 859 135 47

Grupa Azoty Police Group 664 60 77

Grupa Azoty Kędzierzyn Group 473 60 27

COMPO EXPERT 361 58 24

Grupa Azoty Group 2,736 319 92 28 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION 17 GROUP’S BUSINESS BY GEOGRAPHY

2020 REVENUE EUR POLAND PLNm -8% EU 3507 Asia GLOBALLY -13% -8% 1042 725 North America -4% 155 256 218 232

22 1135 229 106 831 784 0 26

16 30 16

E…

P…

T…

C… N…

South America 220 -12% 396 29 73 228 44 2 12 7 47 33 4 Africa Other Europe -13% +63%

GEOGRAPHIC ANALYSIS 2020 REVENUE ANALYSIS 2020 1% 3% 3% 3% Poland 2% 2% Agro Fertilizers EU (excl. Poland) Grupa Azoty Compo Expert 7% Other Europe 24% 50% Asia 46% Plastics 33% Africa Chemicals North America Energy 11% 15% South America Other Other 29 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION CHEMICAL INDUSTRY’S PERFORMANCE UNDER PANDEMIC CONDITIONS Q4 2020 REVENUE CHANGE EBITDA CHANGE Q42020/2019 Q42020/2019

Grupa Azoty 4% Grupa Azoty 48%

CF 5% CF 4%

BASF 10% BASF 125%

K+S -7% K+S -62%

LANXESS -8% LANXESS 2%

MOSAIC 18% MOSAIC 124%

NUTRIEN 17% NUTRIEN 16%

YARA -3% YARA -3% 30 SEGMENTS MACROECONOMIC FACTORS

 The economic crisis triggered by the coronavirus epidemic has affected every country all over the world.

 The COVID-19 outbreak and emergency measures taken to contain its spread and protect human life and health sparked a major and enduring economic shock across the European Union.

 The economic impact of the coronavirus crisis varies between sectors and businesses, depending on a number of factors (e.g. ability to adapt to supply chain disruptions).

 H2 2020 witnessed a strong but incomplete rebound in economic activity.

 According to an estimate by the Statistics Poland, Poland’s gross domestic product (GDP) in 2020 was down 2.7% in real terms relative to 2019, compared with GDP growth of 4.5% recorded in 2019.

 It was the first full-year GDP decline since early 1990s for Poland. However, the recession was one of the mildest in Europe. Among the European Union countries, only Ireland (the only country with a positive GDP growth reading), Lithuania and Luxembourg weathered the pandemic in better shape

 In 2020, Poland’s domestic demand contracted by 3.7% in real terms relative to 2019, which saw a 3.5% increase.

 Total consumption in Poland fell by 1.5% in real terms, of which household consumption dropped by 3.0% (versus an increase of 4.4% and 4.0%, respectively, in 2019).

 Despite the pandemic-related restrictions in 2020, the Polish industrial sector was faring quite well. This was due to strong activity within international production networks including Polish enterprises. It also supported Polish export results. 31 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION EFFECT OF PANDEMIC ON CHEMICAL INDUSTRY

AGRICULTURAL MARKET Both in Q4 and the entire year 2020, the COVID-19 pandemic had no significant impact on the crop segment of Poland’s agriculture.

FERTILIZERS Except for temporary local-scale logistic constraints, the COVID-19 pandemic had no significant impact on the fertilizers market in Poland/the EU.

POLYAMIDE The COVID-19 pandemic stifled economic growth in 2020, leading to consumption declines in the polyamide 6 application industries, especially in H1. Falling prices of petroleum-derived raw materials in Europe, touching historical lows in Q2, and markedly weaker demand compared with pre-pandemic consumption levels were the main determinants of subdued PA6 prices. Slow recovery in demand over H2 and increased demand from the PA6 processing markets in Q4, amid limited availability, were supportive of PA6 and CPL prices.

MELAMINE Contract melamine prices on the European market in 2020 were down about 10% vs 2019 as demand was hurt by the COVID-19 pandemic. At the same time, global producers were seen to reduce supply, notably in China and Southern Europe. Producers shut down their plants or significantly reduced output, while customers made use of their stocks. The demand did not pick up until the end of H1 2020. 32 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION EFFECT OF PANDEMIC ON CHEMICAL INDUSTRY

OXO ALCOHOLS Significant declines in the prices of petrochemical raw materials and temporarily reduced demand for OXO products drove down the prices of plasticizers and OXO alcohols. Logistic problems related to the timeliness of supplies to the European market, in particular from Asia, were reported. The strongest demand came from the food packaging sector and the broad sector of health protection products. In the third quarter, the demand for OXO segment products started to recover gradually, and the marked improvement of the market situation supports a positive view of 2020 as a whole.

TITANIUM WHITE The pandemic outbreak caused a substantial drop in demand for titanium white across all markets. There were production constraints and logistic problems in Europe. Faced with this extremely challenging environment, some titanium white producers decided to pare down capacity. Recovery in the pandemic- affected sectors became visible in H2 2020. Towards the end of 2020, demand for TiO2 was unusually strong for this time of year, far stronger than expected, and producers began to recoup losses. Increased demand for titanium white of European origin, coupled with rising prices of the product imported from China, slowed down the price erosion.

NATURAL GAS Gas stocks built up in Europe in case of possible stoppage of transit via Ukraine remained at record high levels after a mild winter. Moreover, the globally oversupplied LNG market with stable pipeline supplies and a pandemic-induced decline in gas consumption pushed the prices down to historical lows in Q2, below the break-even point. The strong reduction in supplies and increased gas consumption by the power sector at low prices enabled the market to regain balance as soon as in Q3. Gas prices in H2 rose threefold returning, ahead of the winter season, to the levels recorded a year earlier. 33 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION SHIELD 4.0

Having recorded declines in revenue, the Parent and some of its subsidiaries will take steps to avail themselves of the financial support mechanisms under the Act on Special Measures to Prevent, Counteract and Combat COVID-19, Other Infectious Diseases and Related Crisis Situations of March 2nd 2020, version 4.0.

Aid received PLN 64.9m Grupa Azoty S.A. PLN 15.6m Grupa Azoty Puławy PLN 25.5m Grupa Azoty Kędzierzyn PLN 10.7m Other subsidiaries PLN 12.9m 34 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION GRUPA AZOTY GROUP’S FINANCIAL HIGHLIGHTS

(PLNm) CONTRIBUTION TO THE GROUP’S REVENUE IN

2020 Other Grupa Azoty S.A. 17% 9%  Higher sales volumes in Agro Fertilizers Grupa Azoty Puławy  Higher prices of speciality fertilizers 22% COMPO EXPERT  Weaker demand from the markets where Chemical 15% and Plastic products are sold

Grupa Azoty Kędzierzyn Grupa Azoty Police REVENUE 16% 21%

3000 11 500

11 000 -7% 10 500

2500 10 000

9 500

308

525

736

642

551

797

999

617

2 9

9 000 10 9 2000 8 500 NET PROFIT 100 600 500 400 -13% 50 300 200 36 92 0,1 -8 100 489 8 408 355 0 0 Q4 2017 Q4 2018 Q4 2019 Q4 2020 2017 2018 2019 2020

-50 35 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION GRUPA AZOTY GROUP’S FINANCIAL HIGHLIGHTS

(PLNm) CONTRIBUTION TO THE GROUP’S EBITDA IN 2020  Stability of the Agro Fertilizers segment Other 4%  Strong impact of the pandemic on the Plastics segment COMPO EXPERT Grupa Azoty S.A. 13% 12%  Low price of natural gas  Anti-Crisis Shield Grupa Azoty Kędzierzyn  Compensation for the increase in electricity prices due to 20%

higher prices of CO2 emission allowances Grupa Azoty Puławy Grupa Azoty Police 37% 14%

EBITDA

-7%

EBITDA1

(adjusted)*

322

262

529

424

187

777

764

197

269

245

218

191

216

1 319

Q4 2017 Q4 2018 Q4 2019 Q4 2020 2017 2018 2019 2020

EBITDA 9% 7% 8% 12% 12% 8% 13% 13% margin

• The 2017 result was adjusted for impairment losses on the fat processing unit, AIG, the Elektrownia Puławy power plant and sulfur deposits • The 2018 result was adjusted for impairment losses on the fat processing unit • The 2019 result was adjusted for impairment losses relating to the subsidiary Zakłady Azotowe Chorzów, effect of a temporary plant shutdown at Zakłady Azotowe Police, and impairment losses on some of Siarkopol assets due to the sulfur market collapse. • The Q4 2017 result was adjusted for impairment losses on AIG and sulfur deposits • The Q4 2018 result was adjusted for impairment losses on the fat processing unit • The Q4 2019 result was adjusted for impairment losses on some of Siarkopol assets due to the sulfur market collapse 36 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION

EBITDA BRIDGE -66 Higher gas prices +32 Lower feedstock prices QUARTERLY +13 Propylene +38 Benzene/Phenol PLNm -47 Coal/energy +18 Potassium chloride +7 Phosphates 155

249 54 133 19 69 6 1 31 319 216 233 234

EBITDA Q4 2019 Sales volumes Selling prices TPC CO2 Compensation Aid received Selling expenses Administrative Other expenses EBITDA Q4 2020 (Shield) expenses +413 Decrease in natural gas prices ANNUALY +109 Lower feedstock prices positive effect on EBITDA negative effect on EBITDA PLNm +97 Benzene/Phenol +102 Propylene +37 Potassium chloride +16 Terephthalic acid +9 Sulfur +7 Soda lye 255 -143 Coal/Energy 90 1 038 59 219 65 14 82 298

1 424 1 322 1 150 1 150

EBITDA 2019 Sales volumes Sales prices TPC CO2 Compensation Aid receivedSelling (Shield) and distributionAdministrative expenses expensesOther expenses EBITDA 2020 37 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION COMPENSATION RECEIVED UNDER THE ACT ON THE COMPENSATION SCHEME FOR ENERGY-INTENSIVE SECTORS AND SUBSECTORS OF JULY 19TH 2019

COMPENSATIONRECOGNISED IN 2020 BY SEGMENT (PLNm)

Plastics FOR 2019 10%

Grupa Azoty S.A. 14.00 Chemic als Grupa Azoty PUŁAWY 46.60 25% Grupa Azoty POLICE 8.40

Grupa Azoty ZAK 16.10

TOTAL 85.10 FOR2020

Grupa Azoty S.A. 21.83 Agro 73.32 Fertilizers Grupa Azoty PUŁAWY 65% Grupa Azoty POLICE 13.12 Grupa Azoty ZAK 25.38

TOTAL 133.65 38 GRUPA AZOTY GRUPA AZOTY GROUP FINANCES AS AT DECEMBER 31ST 2020 SECURED CORPORATE FINANCING AVAILABLE FUNDING CASH

PKO and bank syndicate 53 0 • Revolving and umbrella credit facilities 1055 • PLN 3,896m 2 483 576 EBRD 1 635 • Term Loan Agreement 576 • PLN 604m Corporate credit facilities EIB Overdraft and multi-purpose Cash Short-term deposits • Term Loan Agreement facilities • PLN 1,046m

Total corporate financing NET DEBT BRIDGE

• PLN 5,546m

1 322 991 NET DEBT 2019 2020 3 003 92 Net debt calculated as per bank 1,850 2,636 agreements (PLNm) 2 636 1 854 Net debt/EBITDA 1.36 2.10 for 12 months (ratio) Net debt 2019 Capital EBITDA External Equity Other Net debt 2020 expenditure Contribution to PP Total debt ratio 50.3 54.5 39 GRUPA AZOTY – INVESTMENTS INVESTMENTS

CAPEX PROJECTS IN 2020 CAPEX CAPITAL EXPENDITURE including: (PLNm) PLNm

Growth capex 1,745

* Maintenance capex 324

2016 2017 2018 2019 Mandatory capex 449 2020

* Excluding equity investments Purchase of finished goods 55

Other (components, major overhauls) 182 CAPEX STRUCTURE Grupa Azoty TOTAL 2,757 Puławy Group 30% Polyolefins 52%

Tarnów Consolidated capex – cash flow PLN 3,003m 4% Other 1%

Grupa Azoty Kędzierzyn 2021 CAPEX: ca. PLN 3.7bn Group Grupa Azoty 7% Police Group 6% 40 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION FEEDSTOCK COST ANALYSIS 2020 GRUPA AZOTY PUŁAWY 13,9% Coal

8,2% Benzene

22,0% Energy FEEDSTOCK CONSUMPTION BY GRUPA 43,8% Natural gas AZOTY GROUP GRUPA AZOTY POLICE

6,5% Energy

6,7% Fine coal

Other 19,3% Phosphate rock Gas 32% 22% 20,9% Gas

25,8% Potassium chloride

GRUPA AZOTY KĘDZIERZYN Energy 12% 6,4% Fine coal 5,5% Terephthalic acid 20,6% Energy 26,2% Gas 41,4% Propylene Benzene Propylene 2% 6% GRUPA AZOTY S.A. Fine coal Potassium 7% Phosphate rock chloride 7% Coal 8% 6% Phenol 7% Energy 5% 10% Caprolactam 11% Ammonia 16% Gas 35% Phenol 41 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION ENERGY COMMODITIES – GAS

GAS CONSUMPTION IN 2020 NATURAL GAS PRICES

GRUPA AZOTY GRUPA AZOTY 120 POLICE PUŁAWY 100 GPL change * * 5.7 TWh 10.8 TWh -27% Y/Y PPX* 80 -24 Y/Y

PLN/MWh 60 GRUPA AZOTY KĘDZIERZYN GRUPA AZOTY 40 4.3 TWh S.A. 20 2.5 TWh Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 TOTAL Group 23.4 GPL* Gas - PPX* TWh * Excluding transmission

INVENTORIES SUPPLIES LNG supplies to Europe (in bcm after Filling Level of EU gas storage facilities Max. regasification) TWh capacity 14 1 000 12

800 10

8 600 6 400 4

200 2 0 0 I II III IV V VI VII VIII IX X XI XII 1 31 61 91 121 151 181 211 241 271 301 331 361 Day of the year 2018 2019 2020 śr. 5-letnia 2018 2019 2020 42 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION ENERGY COMMODITIES

CO2 PRICES [Y/Y] At year beginning 2020, CO2 emission allowances traded at EUR 24.9/t. For the first two months of the year, the price followed a horizontal trend. After the COVID-19 pandemic had been declared by WHO on March 11th 2020, the allowance price fell 27 by about 36%, to its all-year low. After the local low was reached EUR/t 22 at EUR 15.30/t, the market sentiment calmed down a little. The 17 price of allowances rebounded to around EUR 20.00/t, 12 and then stabilised between July and September. From the end

7 of October, the price rallied strongly, with demand coming mainly from speculative capital, supported by positive news 2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 about COVID-19 vaccines, among other factors.

EEX

CO2 EMISSION ALLOWANCES IN 2020

Dec 31 2020 Dec 31 2019 CO2 emission allowances held (number of units)

Balance at the beginning of the period (units 5,391,682 6,459,906 held) - Redeemed - 6,990,365 7,333,410

Allocated 4,400,993 4,506,316

Purchased 1,939,745 1,758,870 Balance at the end of the period (units held) 4,742,055 5,391,682

Emissions in the reporting period 7,199,159 7,004,209 43 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION ENERGY COMMODITIES

ELECTRICITY PRICES [Y/Y] 330 Following a rise in fuel prices and new price records set by

280 CO2 emission allowances, electricity prices are trending toward the 2018 levels. The Grupa Azoty Group companies have secured the required volumes under their contracts. PLN/MWh 230

180 We are waiting for national regulations on the level of relief 130 from capacity charges incurred as of January 1st 2021. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1.2021 2.2021 3.2021 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020

Electricity (IRDN) − PLN/MWh Electricity (IRDN) − PLN/MWh2

HARD COAL PRICES [Y/Y]

90 We expect prices to continue at recently recorded levels. In Poland, the supply exceeds the demand in both the

70 producer and the customer segments of the market.

The Group companies are parties to long-term contracts USD/t 50 securing the required volumes. Deliveries are made in line with the companies’ requirements. 30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1.2021 2.2021 3.2021 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020

Hard coal ARA prices (USD/t) Segments 45 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION

SEGMENTS

2020 REVENUE

ENERGY OTHER ACTIVITIES

2% 2%

PLASTICS

11% AGRO FERTILIZERS

46% CHEMICALS

24%

COMPO EXPERT FERTILIZERS Total fertilizers 61% 15% 46 SEGMENTS

FERTILIZERS

PRODUCT GROUPS IN 2020 Other REVENUE 6% Nitrogen fertilizers and ammonia Speciality fertilizers 37% Q/Q Y/Y (PLNm) Q4 2019 Q4 2020 2019 2020 20% change CHANGE

Segment 1,525 1,594 5% 6,716 6,364 -5% revenue

EBITDA 163 168 3% 965 820 -15%

Compound EBITDA 11% 11% 14% 13% -1pp Nitrogen-sulfur margin fertilizers 27% fertilizers 10%

SOLID PERFORMANCE SUPPORTED BY FERTILIZER IMPORTS TO POLAND ATTRACTIVE GAS PRICE Y/Y CHANGE

REVENUE Increase in the sales volumes of nitrogen and ammonium sulfate 75% compound fertilizers, with selling prices down nitrate 51% EBITDA Stable demand meant that logistics and security of supplies became key issues for the urea -19% MARGIN segment, allowing it to preserve its margin UAN 2%

NPK 19%

DAP -5% 47 SEGMENTS CHEMICALS

REVENUE PRODUCT GROUPS IN 2020 Q/Q Y/Y (PLNm) Q4 2019 Q4 2020 2019 2020 change CHANGE Other22% Titanium Segment 631 694 10% 2,639 2,522 -4% white13% revenue

EBITDA 26 63 142% 208 266 28% OXO EBITDA 4% 9% 5pp 8% 11% 3pp alcohols19% margin

Plasticizers8% Melamine1 PRESERVED MARGINS ON THE DIFFICULT MARKET 4% Urea (technical grade)24% REVENUE Sales volumes of most of the segment’s products were higher in the period under review than in the previous year, with a significant decline recorded only for sulfur. However, the difficult market situation had an adverse effect on prices, which were lower year on year for all product categories. EBITDA The steepest price declines occurred in the case of OXO alcohols and melamine, hit by a slump in demand on the furniture market. MARGIN 48 SEGMENTS PLASTICS

REVENUE PRODUCT GROUPS IN 2020

Q/Q Y/Y (PLNm) Q4 2019 Q4 2020 2019 2020 Natural polyamide 76% change CHANGE

Segment 328 299 -9% 1,458 1,135 -22% revenue Modified polyamide 11% EBITDA -17 4 124% 50 -32 -164%

EBITDA -5% 1% 6pp 3% -3% -6pp margin

Other 8%

Caprolactam 5% MAINTAINED MARKET SHARE

REVENUE Prices of basic raw materials (benzene, phenol) remained low. Prices of products, including mainly polyamide, continued to fall in the quarter under review, and were down by approximately 16% year on year. The situation in the segment remains difficult as the coronavirus pandemic has had a particularly severe effect on the industries EBITDA purchasing the segment’s products. The market is expected to return to equilibrium once the MARGIN key economies in Europe and globally are back to their pre-pandemic state. 49 SUMMARY OF THE YEAR 2021 OUTLOOK

EUROPEAN GREEN DEAL

• progressive roll-out of products aligned with the • through the development of precision agriculture and launch of new objectives of the speciality fertilizer products, we help enhance the efficiency of European Green Deal, including circular economy fertilization

• work to develop new plastics is under way at the Grupa • we recognise the potential of hydrogen technologies, which are Azoty Group’s R&D units, including biopolymers and currently being developed and recommended for adoption by the EU; biodegradable materials classified as ‘green chemistry’ we are running hydrogen-focused projects products

AGRO FERTILIZERS Fertilizer market – forecast until mid-2021

Agricultural market • DAP market – affected by a deficit of the commodity resulting e.g. from limited supplies from China, as well as the upcoming • good price outlook for the grains and rapeseed market, as application season in India reflected in new harvest contracts (summer 2021) • urea market – influenced by production cuts • continued good condition of the main crops underlying in China, anticipated urea purchase tender in India, good outlook for the 2021 harvest in Poland as well as growing freight costs

• nitrogen fertilizer application process without any • nitrate fertilizer market (mainly Europe) – currently the market is significant disruption in Poland and neighbouring countries being driven by favourable weather conditions facilitating fertilizer application; an upward price trend is further supported by poor availability of products from outside the European Union GRUPA AZOTY PUŁAWY GROUP 51 GRUPA AZOTY PUŁAWY GROUP GRUPA AZOTY PUŁAWY GROUP FINANCIAL HIGHLIGHTS

(PLNm) REVENUE

Year-on-year and quarter-on-quarter decrease in the Energy Other prices of most products, including: Plastics 2% 3% 9% • main fertilizer product prices down 13% y/y and 9% q/q • melamine prices down 16% y/y and 8% q/q • caprolactam prices down 20% y/y and 11% q/q

Agro REVENUE 86% 1200 4000 3500 1000 3000 -10.5% 800 2500

600 2000

584

578 491

1500 206

980 3

400 902 859 856 1000 200 500

0 0 NET PROFIT 60 350

50 300 250 -28.3% 40 200 30 56 150 301 48 47 20 242 100 216

10 50 55 0 5 0 Q4 2017 Q4 2018 Q4 2019 Q4 2020 2017 2018 2019 2020 52 GRUPA AZOTY PUŁAWY GROUP GRUPA AZOTY PUŁAWY GROUP FINANCIAL HIGHLIGHTS (PLNm) EBITDA Unallocated Other Activities -16%  Natural gas prices down 25% y/y 2%

Energy  Benzene prices down 24% y/y 4%

 Electricity prices up 20% y/y – partly offset by compensation Plastics for energy-intensive sectors of PLN 73.3m (for 2020) -3% Agro 75%  Financial support received under the Anti-Crisis Shields of PLN 25.5m

133 129 135 EBITDA 618 498 522 69 -25.9% 132 129 EBITDA1 271 644 (adjusted)* 520 76 80 359 285

Q4 2017 Q4 2018 Q4 2019 Q4 2020 2017 2018 2019 2020 EBITDA 15% 7% 15% 16% 14% 8% 17% 16% margin

The 2017 result was adjusted for impairment losses on the fat processing unit and the Puławy Power Plant The 2018 result was adjusted for impairment losses on the fat processing unit The 2019 result was adjusted for impairment losses relating to the Chorzów-based subsidiary The 2020 result was adjusted for reversal of impairment losses on non-current assets 53 GRUPA AZOTY PUŁAWY GROUP SEGMENTS

AGRO PRODUCT GROUPS – REVENUE Deteriorated performance due to lower selling prices of products despite attractive y/y gas price development Nitrogen Phosphate and fertilizers compound fertilizers 5% Q/Q Y/Y 56% (PLNm) Q4 2019 Q4 2020 2019 2020 change CHANGE

Segment 720 714 -1% 3,026 2,765 -9% Melamine revenue 13%

EBITDA 161 146 -9% 733 637 -13%

EBITDA margin 22% 20% -2pp 24% 23% -1pp Non-fertilizer urea Other (PULREA, PULNOX, NOXy) 11% 15%

PLASTICS Deteriorated performance due to lower selling prices of PRODUCT GROUPS – REVENUE caprolactam despite attractive benzene prices Caprolactam 99% Q/Q Y/Y (PLNm) Q4 2019 Q4 2020 2019 2020 change CHANGE

Segment revenue 92 94 2% 395 279 -29%

EBITDA -0.2 1 - 12 -25 -

EBITDA margin -0.2% 1% 1pp 3% -9% -12pp Other 1% 54 GRUPA AZOTY PUŁAWY GROUP ONGOING CAPEX PROJECTS

Construction of a coal-fired power generation unit CAPITAL EXPENDITURE IN 2020 1,200 million Budget spent: 35%

PLN 824.1m Upgrade of existing nitric acid production units and construction of new nitric acid production and neutralisation units and units for production of new fertilizers based on nitric acid 2020 CAPEX STRUCTURE 695 million Budget spent: 52% Facility for production of granulated fertilizers based on ammonium nitrate 430 million Budget spent: 90%

Upgrade of steam generator OP-215 No. 2

to reduce NOx emissions 145 million Budget spent: 43% 55 GRUPA AZOTY PUŁAWY GROUP SUMMARY

KEY DEVELOPMENTS IN 2020

• Effect of COVID-19 pandemic: - stable nitrogen fertilizers sector - lower NPK and phosphate fertilizer output - lower melamine output - lower caprolactam output - PLN 29.4m in financial support received under the Anti-Crisis Shields

• Compensation for energy-intensive sectors and subsectors in a estimated total amount of PLN 119.9m

• Reversal of an impairment loss on non-current assets allocated to the Agro cash-generating unit (CGU), in accordance with IAS 36 56 GRUPA AZOTY PUŁAWY GROUP SUMMARY

KEY DEVELOPMENTS IN 2020

• Record high capital expenditure of PLN 820.5m

• Precommissioning and commissioning of the first line of the facility for the production of ammonium nitrate-based granulated fertilizers - approval from the Minister of Development to change the completion date of the project carried out within the Puławy Subzone of the Starachowice Special Economic Zone to December 31st 2021

• Work on the implementation of products aligned with the European Green Deal requirements - urea with a urease inhibitor (Pulrea® +Inu) - Fosfarm product line - fertilizers with biodegradable polymer coating

• Support for local communities in the fight against COVID-19 - financial donations to healthcare institutions - use of dry ice to preserve vaccines in transit GRUPA AZOTY POLICE GROUP 58 GRUPA AZOTY POLICE GROUP GRUPA AZOTY POLICE GROUP FINANCIAL HIGHLIGHTS (PLNm) 2020 REVENUE  Continuity of production and sales processes maintained – no material impact of the COVID-19 pandemic on the company's operations Polymer Other Pigments s… 3%  Net profit margin and EBITDA margin up on 2019 15%  Reversal of a portion of impairment losses recognised in prior years  Effect of measurement of derivative instruments under the GA Polyolefins Shareholder Agreement  Gain (loss) on realised currency risk hedging instruments at GA Polyolefins (until deconsolidation) Fertiliz ers…

REVENUE 800 3 000

2 500 600 2 000 -0.2% Y/Y

400 1 500

600

718

432

428

421

664 624

1 000 2

583

2 2 200 2 500

0 0 NET PROFIT

150 150 125 125 100 100 75 75 +184% Y/Y 124 50 50 77 89 25 25 1 44 0 0 -0,5 -34 -25 -31 -25 -50 -50 Q4 2017 Q4 2018 Q4 2019 Q4 2020 2017 2018 2019 2020 59 GRUPA AZOTY POLICE GROUP GRUPA AZOTY POLICE GROUP FINANCIAL HIGHLIGHTS EBITDA 2020 by segment (PLNm)

KEY EBITDA DRIVERS IN 2020 Fertilizers 117

Pigments 72  Positive effect of lower purchase prices of raw materials (mainly natural gas and potash salt), which largely offset the effects of a Polymers -19 strong decline in average product selling prices relative to 2019 Other 25  Higher sales volumes of nitrogen products relative to 2019  Compensation for energy-intensive sectors  Reversal of a portion of impairment losses recognised in prior years

EBITDA 231 195 +11% 175 Y/Y

122

60 38 23 8

Q4 2017 Q4 2018 Q4 2019 Q4 2020 2017 2018 2019 2020 EBITDA 1% 4% 6% 9% 9% 5% 7% 8% margin 60 GRUPA AZOTY POLICE GROUP SEGMENTS FERTILIZERS PRODUCT GROUPS – REVENUE  EBITDA margin on a par with 2019  Lower average annual selling prices of key products  Prices of key raw materials down y/y (including gas, potash salt)  Higher sales of nitrogen fertilizers y/y Compound fertilizers Ammonia and urea

Q/Q Y/Y (PLNm) Q4 2019 Q4 2020 2019 2020 change CHANGE

Segment revenue 502 548 9% 2,021 1,995 -1%

EBITDA 1 531 18 25 39% 122 117 -4% 1 374

EBITDA margin 4% 5% 6% 6% 350 503

2019 2020 2019 2020

PIGMENTS PRODUCT GROUPS – REVENUE  Higher profit and EBITDA margin  Lower unit cost of raw materials y/y Titanium white  Higher price and sales volumes of iron sulfate from the landfill  Reversal of impairment losses

Q/Q Y/Y (PLNm) Q4 2019 Q4 2020 2019 2020 change CHANGE

Segment revenue 64 87 36% 350 360 3% 327 325

EBITDA 9 25 178% 52 72 38%

EBITDA margin 15% 29% 15% 20% 2019 2020 61 GRUPA AZOTY POLICE GROUP ONGOING CAPEX PROJECTS Making production of demineralised water independent of variable salinity of the Oder River and increasing the ability to produce special waters in the water preparation units CAPITAL EXPENDITURE IN 2020 Budget spent: 56% Project budget: PLN 108,000 thousand (related to the Polimery Police project) PLN 1,639,046 thousand

220/110 kV main transformer station upgrade in Police to connect and supply propane 2020 CAPEX STRUCTURE dehydrogenation and polypropylene units 0% Budget spent: 36% 1% 3% 3% Project budget: PLN 56,000 thousand (related to the Polimery Police project)

WA II tower replacement on Line 7 to maintain continuity of operation of the sulfuric acid plant and to avoid breakdowns

Budget spent: 65% Project budget: PLN 16,350 thousand

93% Construction of PULNOx technical-grade urea Mandatory capex solution production, storage and loading facility Business maintenance Growth capex Budget spent: 95% Purchase of finished goods Project budget: PLN 5,900 thousand Other 62 GRUPA AZOTY POLICE GROUP POLIMERY POLICE

Construction milestones • Handover of the construction site to the general contractor – Hyundai Engineering • Receipt of all required building permits (22 permits) • Start of large equipment shipments, including delivery to the construction site of one of the key pieces of equipment: a 96-meter column of the propane-propylene splitter • Exceeding a 50% stage of completion, including all contract components, i.e engineering, construction, procurement and deliveries

PP-PDH construction site Handling & storage terminal 63 GRUPA AZOTY POLICE GROUP SUMMARY

KEY DEVELOPMENTS IN 2020

 Registration of a share capital increase at Grupa Azoty Police from PLN 750,000,000 to PLN 1,241,757,680, through the issue of 49,175,768 Series C ordinary bearer shares with a par value of PLN 10.00 per share  Execution of a credit facility agreement to finance the Polimery Police project with a consortium of Polish and international financial institutions  Execution of transaction documents concerning the terms of equity investment and financing of the Polimery Police project with Grupa Lotos S.A., Hyundai Engineering Co., Ltd and Korea Overseas Infrastructure & Urban Development Corporation  Registration of a share capital increase at Grupa Azoty Polyolefins S.A. from PLN 467,339,000 to PLN 599,283,310, and then to PLN 922,968,300  Execution of creditors agreement and security documents by Grupa Azoty Police and Grupa Azoty Polyolefins S.A.  Execution of an amendment to the EPV Contract by Grupa Azoty Polyolefins S.A.  Performance of obligations under transaction documents for equity investment in the Polimery Police project  Closing of debt financing for the Polimery Police project 64 GRUPA AZOTY POLICE GROUP SUMMARY

KEY DEVELOPMENTS IN 2020

 Azoty Police Group joined the fight against SARS-CoV-2 and spent one million zloty on this cause since the beginning of the pandemic  The company formalised its cooperation with the University of Szczecin; the agreement covers, among other things, joint research and development projects and implementation doctorates, as well as internships for students  A letter of intent was signed between Grupa Azoty Police, Grupa Azoty Polyolefins and Grupa Azoty Police Serwis and the Maritime University of Szczecin; the parties declared their willingness to cooperate in creating a joint course of study, educating engineering and technical staff and implementing scientific and research projects  The ISBnews agency awarded a distinction to Grupa Azoty Police in the category ‘The Most Reliable One in the Fuel and Chemical Sector’ for its successful efforts to start the Polimery Police project  Grupa Azoty Police received the ‘Company Promoting Blood Giving’ Certificate awarded by the Ministry of Health and the National Blood Centre  The Central Institute for Labour Protection – National Research Institute awarded Grupa Azoty Police with the Gold Card of Safe Work Leader for 2021–2022 in recognition of its performance in terms of labour safety and working conditions improvements THANK YOU FOR YOUR ATTENTION 66 DISCLAIMER

The information presented below has been prepared by the Grupa Azoty Group (the “Group”) solely for the purpose of its presentation to investors and market analysts on April 16th 2021 (the “Presentation”). By participating in the meeting at which the Presentation is delivered or by referring to this Presentation, you agree to the following specific restrictions and disclaimers. This Presentation does not constitute or form any part of, and should not be considered as, an offer to sell or as an offer to subscribe for, or as a guarantee to purchase or acquire in other way, any securities of any company of the Group. Neither this Presentation nor any part hereof may form the basis of, or be relied upon in connection with, any subscription for or acquisition of any securities of the Group. Neither this Presentation nor any part hereof may form the basis of, or be relied upon in connection with, any investment agreement, commitment or decision relating to securities of the Group companies. This Presentation does not constitute a recommendation regarding any securities of the Group companies. No statement or assurance, expressed or implied, has been made by or on behalf of the Group or any of its shareholders, members of its bodies, officers, employees, agents or advisers or any other person, as to the accuracy, completeness or reliability of information or opinions contained in this Presentation. This Presentation may contain forward-looking statements. Forward-looking statements are different from statements of historical facts. Statements containing such words as ‘expects’, ‘intends’, ‘plans’, ‘believes’, ‘anticipates’, ‘will’, ‘aims’, ‘can’, ‘would’, ‘could’, ‘continues’ or similar words are examples of such forward-looking statements. Forward-looking statements include statements about the financial performance, business strategy, plans and objectives of the Group (including development plans relating to the Group). All forward-looking statements contained in this Presentation relate to matters involving known and unknown risks, issues that are impossible to predict, and other factors. Actual results and achievements of the Group may be materially different from those described in statements concerning the past, and from the results and achievements of the Group in the past. Forward-looking statements are made based on various assumptions as to future events, including numerous assumptions regarding present and future business strategies of the Group and its future business environment. Although the Group believes that its estimates and assumptions are reasonable, they may prove to be incorrect. The information, opinions and forward-looking statements contained herein are valid only on the date of this Presentation and are subject to change without notice. The Group and its advisers are not obliged to publish any updates or modify any information, data or statements contained in this Presentation in the event of a change of strategy or the intentions of the Group, or of facts or circumstances that will have an impact on the strategy or intentions of the Group, unless such an obligation arises under law. Please note that the only reliable source of information on the financial results, forecasts, events and ratios of the Group and its individual companies are the current and periodic reports released by the Group companies in the performance of their disclosure obligations under Polish law. Neither the Group nor any of its shareholders, members of its bodies, officers, employees, agents or advisers nor any other person shall be liable for any loss arising from the use of this Presentation or its contents or otherwise arising in connection with this Presentation. Neither the Group nor any of its shareholders, members of its bodies, officers, employees, agents or advisers nor any other person shall be required to provide the recipients of this Presentation with any additional information or to update this Presentation. This Presentation contains information on the chemical industry in Poland and globally, including information on market shares of the Company and some of its competitors. The source of such information is always provided in this Presentation, and the Group or any other entity acting on behalf of the Group has not made any independent verification of the information referred to above. This Presentation is not intended for distribution to or use by any person or any entity in any jurisdiction where such distribution or use would be contrary to local law or oblige the Group or any of its affiliates to obtain an authorisation or licence, or to comply with the registration requirements under applicable laws. Neither this Presentation nor any part hereof may be copied or transmitted into the United States of America, and cannot be disseminated, directly or indirectly, in the United States of America. Failure to comply with this restriction may constitute a violation of U.S. securities laws. Whoever comes into possession of this Presentation is required to inform themselves of, and to observe, all of the above restrictions. The securities referred to in this document have not been and will not be registered in accordance with the US Securities Act of 1933 and may not be offered or sold in the United States of America, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Act. APPENDIX 1

OTHER LEADING COMPANIES’ FINANCIAL HIGHLIGHTS GRUPA AZOTY KĘDZIERZYN GROUP

68 69 GRUPA AZOTY KĘDZIERZYN GROUP GRUPA AZOTY KĘDZIERZYN FINANCIAL HIGHLIGHTS (PLNm) REVENUE

• Price pressure on the fertilizer market due to record low natural Pozostałe gas prices in Q2 and Q3 2020 8,2%

• Reduced risk exposure in the Oxoplast segment through measures Nawozy to optimise costs, production planning process, and sales 49,8% OXO • Effective marketing activities, allowing the Group to capitalise on 42,0% demand gaps, drove up revenue strengthening the Oxoplast segment’s position

REVENUE

-5.3%

827 963 835 738

504 576 437 473

1 1 1 1

Q4 2017 Q4 2018 Q4 2019 Q4 2020 2017 2018 2019 2020

NET PROFIT -6.3%

12 26 22 27 80 16 126 118

4Q2017 4Q2018 4Q2019 4Q2020 2017 2018 2019 2020 70 GRUPA AZOTY KĘDZIERZYN GROUP GRUPA AZOTY KĘDZIERZYN FINANCIAL HIGHLIGHTS

EBITDA

(PLNm)

EBITDA

Other 49 61 63 60 18,2%

4Q2017 4Q2018 4Q2019 4Q2020

9.7% 10.6% 14.4% 12.7% EBITDA OXO margin 14,3%

-9.0%

Fertilizers 67,5%

211 134 290 264

2017 2018 2019 2020

EBITDA 11.5% 6.8% 15.8% 15.2% margin 71 GRUPA AZOTY KĘDZIERZYN GROUP SEGMENTS FERTILIZERS The key factor behind 2020 EBITDA (its effect estimated at PLN 178m), on PLN 865m in revenue, was a significant decline in selling prices for most product categories resulting from market pressure exerted by the extremely low gas prices in Q2 and Q3. The realised average annual price of fertilizers was 15% lower year on year. At the same time, on the back of the PRODUCT GROUPS – REVENUE effective marketing policy, the entire output of products was placed on the market.

Y/Y Q4 Q4 Q/Q (PLNm) 2019 2020 CHANG Nawozy 2019 2020 change RSM E azotowe 20,9% 61,5% Segment 242 224 -7.4% 954 865 -9.3% revenue

EBITDA 65 31 -52.3% 247 178 -27.9% RedNOx 14,0% EBITDA margin 26.8% 13.8% -13.0pp 25.9% 20.6% -5.3pp Pozostałe 3,6% OXOPLAST The key factor behind 2020 EBITDA (its effect estimated at PLN 38m), on PLN 730m in revenue, was the implemented policy to optimise costs, production planning and sales, which reduced PRODUCT GROUPS – REVENUE the exposure to risks related to market turbulence. In addition, intensive activity in and outside the EU markets boosted revenue by capitalising on demand gaps, strengthening the Alkohole i Aldehydy Plastyfikatory Oxoplast segment’s position as a reliable supplier of products. 69,7% specjalistyczne 0,8% Y/Y Q4 Q/Q (PLNm) Q4 2019 2019 2020 CHANG 2020 change E Oxoviflex Segment 158 212 34.2% 732 730 -0.3% revenue 28,0%

EBITDA -8 17 312.5% -9 38 522.2%

EBITDA Pozostałe margin -5.1% 8.0% 13.1pp -1.2% 5.2% 6.4pp 1,4% 72 GRUPA AZOTY KĘDZIERZYN GROUP ONGOING CAPEX PROJECTS New energy concept

Replacement of steam compressors K-2 and K-3, compressing gaseous ammonia, with new electric compressors

CAPITAL EXPENDITURE IN 2020 22.2 million Budget spent: 64% Purchase and installation of a new oxygen compressor 72.8 million PLN 176.8m Budget spent: 47% Replacement of E-102 boiler and E-117 steam superheater 14.3 million 2020 CAPEX STRUCTURE Budget spent: 88% Upgrade of partial combustion unit at Ammonia Department 47.7 million Zakup gotowych dóbr 4.8% Pozostałe 0.3% Budget spent: 87% Rozwój Mandatowe Upgrade of the ammonia liquefaction unit at the Ammonia Department Cooling Centre 20 million Budget spent: 96%

Peak-load/reserve boilers 123 million

Utrzymania biznesu Budget spent: 8% 90.4% Research and Development Centre 40.2 million Budget spent: 22% 73 GRUPA AZOTY KĘDZIERZYN GROUP SUMMARY

KEY DEVELOPMENTS IN 2020 – INVESTMENTS

• New energy concept - upgrade of the partial combustion unit – in progress - upgrade of the liquefaction unit – in progress - construction of an oxygen compressor at the Ammonia Department of the Fertilizer Production Unit – agreement executed with the contractor REMAK-ENERGOMONTAŻ S.A. The value of the project exceeds PLN 22m. - construction of a gas-fired peak-load/reserve boiler house with a capacity of 150Mg of steam per hour – agreement executed with the contractor consortium of Polimex Energetyka Sp. z o.o. and Polimex Mostostal S.A. The value of the project is nearly PLN 91.6m.

• Research and Development Centre - agreement executed with the general contractor for the Research and Development Centre – Invest Bud Patryk Moszek and Wema Kompleksowe Roboty Budowlane i Wykończeniowe; the construction project will cost PLN 21.5m; the value of the project exceeds PLN 40m - EU funding was obtained for the project by Grupa Azoty ZAK S.A. under the Smart Growth Operational Programme 74 GRUPA AZOTY KĘDZIERZYN GROUP SUMMARY

KEY DEVELOPMENTS IN 2020 – INVESTMENTS

• Deployment of Business Intelligence Tableau® the IT system will provide relevant functionalities, enabling data analysis for various business areas; the project was placed in service

• Modernisation of car weights at the main gate a building permit was secured and construction works started, in March 2021 the project was completed and entered the testing phase; the expected value of the project is PLN 5.9m 75 GRUPA AZOTY KĘDZIERZYN GROUP SUMMARY

KEY DEVELOPMENTS IN 2020

• Grant by the National Centre for Research and Development of funding under the Smart Growth Operational Programme for the following projects: - development of technology for production of high-purity neopentyl glycol and hydroxipival aldehyde oxime with the use of low-value intermediate product and waste hydrogen stream; project value: PLN 27.40m, financial grant: PLN 11.67m - development of innovative process to obtain a range of ester for ionic liquid catalyst; project value: PLN 5.87m, financial grant: PLN 2.52m - new formulations of nitrogen-rich CRF/SRF fertilizers based on ammonium nitrate and biodegradable coatings; project value: PLN 5.47m, financial grant: PLN 2.61m

• Roll-out of the Segment Oxoplast® brand with a visual identity facelift • Roll-out of a new fertilizer product: ZAKsan® 33.5 76 GRUPA AZOTY KĘDZIERZYN GROUP SUMMARY

KEY DEVELOPMENTS IN 2020

• Grant of financial support from the Guaranteed Employee Benefits Fund to maintain jobs (Shield 4.0), totalling PLN 10.8m. • CSR in the fight against COVID-19: - the company donated a total of PLN 757,053.00 to help combat the pandemic

• European Responsible Care Award in the Community Support category - Grupa Azoty Kędzierzyn as the first Polish company to have received the award in this category COMPO EXPERT 78 COMPO EXPERT GROUP COMPO EXPERT GROUP FINANCIAL HIGHLIGHTS

(PLNm) Revenue analysis 2020

• Lower sales volume (down 0.7%) Other Liquid 2% fertilizers and • Lower NPK prices, higher prices for speciality products Granular NPK • Focus on EBITDA and operating cash flows biostimulants 12% fertilizers 36%

REVENUE SRF & CRF 18% 1 560 Fertigation and 500 1 540 foliar fertilizers 32% 1 520 +3% 1 500

1 480

535 1

361 1 460

493 291

1 440 1

0 1 420 NET PROFIT 50

+73% 24 0 -13 66 38

-50 0 Q4 2019 Q4 2020 2019 2020 79 COMPO EXPERT GROUP COMPO EXPERT GROUP FINANCIAL HIGHLIGHTS

(PLNm)

 Stable mix of revenue sources, with the largest share of NPK (at 36%, unchanged from 2019)

 Increase in EBITDA by 49% y/y, reflecting a price increase and fixed cost reduction

58 EBITDA 182 122 +49%

Q4 2019 Q4 2020 2019 2020

EBITDA 2% 16% EBITDA margin 8% 12% margin 80 COMPO EXPERT GROUP COMPO EXPERT GROUP FINANCIAL HIGHLIGHTS

SUMMARY OF THE YEAR 2020:

• Revenue and earnings growth despite the pandemic SALES DIRECTIONS • Lower revenue generated in Central Europe, higher Central Europe revenue from southern Europe and Asia – Pacific region Asia Pacific 21% 13%

Q/Q Y/Y (PLNm) Q4 2019 Q4 2020 2019 2020 change CHANGE Americas Revenue 291 361 24% 1,493 1,535 3% 29%

EBITDA 7 58 782% 122 182 49% Southern Europe 37% EBITDA margin 2% 16% 14pp 8% 12% 4pp 81 COMPO EXPERT GROUP INVESTMENTS

CAPITAL EXPENDITURE IN 2020 Main Intems • Plant in Krefeld (Germany): 6 EURm  10 kV power system: € 0.7 million (business maintenance)

 Storage of ammonia: € 0.3 million CAPEX STRUCTURE (mandated)

Growth • Plant w Vall d’Uixo (Spain): 12%  New filling line: € 0.5 milion Other (development and optimization) 33% • Digital transformation: € 0.9 million Mandatory (other) 25% • Research and development: € 0.7 million (other)

Maintenance 30% 82 COMPO EXPERT GROUP SUMMARY KEY DEVELOPMENTS IN 2020

 CUSTOMERS: focus on an individualized approach to individual crops (the so-called Crop Approach) and acceleration of the implementation of the Digital Road Map allowed us to reach new customers and improve the efficiency of the supply chain  CASH FLOW: rigorous control of receivables and the level of inventories was carried out, which made it possible to significantly exceed the assumptions for operating cash flows  COST CONTROL: fixed costs and raw material purchase costs have been significantly reduced  CREATIVITY: the fast development path of new products, e.g. Basfoliar Color, Basfoliar Premium SL, Terra Plus, Vitanica Cutan and Basfoliar Kelp Bio fertilizers, organic fertilizers and fertilizers developed in cooperation with local partners, brought an additional development impulse

2021 OUTLOOK  It is assumed that the approach as in 2020 will be continued: focus on customers, product development, strict control of the sales plan, improvement of margins and cost control.

 A good start to 2021 with sales revenues and EBITDA in Q1 significantly higher than in the previous year and in the plan for 2021

 The shortage of shipping containers is likely to continue, causing bottlenecks in supply and increasing costs. This has the greatest impact on the import of raw materials from Asia to Europe

 Further increases in the prices of raw materials will put pressure on the achieved margins

 Planned capital expenditure: EUR 11.5 million APPENDIX 2 SEPARATE DATA 84 GRUPA AZOTY S.A. – SEPARATE FINANCIAL INFORMATION GRUPA AZOTY S.A. FINANCIAL HIGHLIGHTS (PLNm) REVENUE

 Plastics impacted by the pandemic Agro Fertilizers Plastics  Plastics prices down in step with feedstock prices 45% 50% amid the industry’s collapse  Lower fertilizer prices

 Lower sales volume Other 3%

Energy REVENUE 2% 1000 2 500

2 000 -19% 1 500

1 000

987

826

682

613

1 483

476 500

418 405

0 0 NET PROFIT 400 50

300

9 200 0 -7 -63 355 0 Q4 2017 Q4 2018 Q4 2019 Q4 2020 100 171 126 117% 58 0 2017 2018 2019 2020

-50 85 GRUPA AZOTY S.A. – SEPARATE FINANCIAL INFORMATION GRUPA AZOTY S.A. FINANCIAL HIGHLIGHTS

(PLNm) EBITDA

Agro Plastics  Low natural gas prices Fertiliz 6% ers  Compensation for higher electricity prices and 66% the Anti-Crisis Shield

 Lower level of fixed costs

Other 22% Energy 6%

40 245 224 EBITDA 160 166 -26% 35 35

EBITDA1 34 (adjusted)*

Q4 2017 Q4 2018 Q4 2019 Q4 2020 2017 2018 2019 2020

EBITDA 10% 7% 7% 8% EBITDA 15% 9% 11% 10% margin margin 86 GRUPA AZOTY S.A. – SEPARATE FINANCIAL INFORMATION SEGMENTS

FERTILIZERS PRODUCT GROUPS IN 2020

Q/Q Y/Y (PLNm) Q4 2019 Q4 2020 2019 2020 Other change CHANGE 13% Segment 207 190 -8% 817 730 -11% revenue

EBITDA 34 18 -47% 126 110 -13%

EBITDA 16.4% 9.5% -6,9pp 15.4% 15.1% -0,3pp Nitroge margin n fertilize rs…

PLASTICS PRODUCT GROUPS IN 2020 Other 14% Q/Q Y/Y (PLNm) Q4 2019 Q4 2020 2019 2020 change CHANGE Caprolactam Segment 254 198 -22% 1,105 808 -27% 3% revenue

EBITDA -7 4 157% 63 10 -84%

EBITDA -2.8% 2.0% 4,8pp 5.7% 1.2% -4,5pp margin

Polyamide 83% 87 GRUPA AZOTY S.A. – SEPARATE FINANCIAL INFORMATION CASH FLOW

(PLNm)

Cash and cash equivalents at end 770 of 2019

Operating activities 2,705

Investing activities -2,831

Financing activities 255

Cash and cash equivalents at end of 923 2020 APPENDIX 3 QUARTERLY RESULTS 89 GRUPA AZOTY CONSOLIDATED RESULTS OF THE GRUPA AZOTY GROUP, BY QUARTER (PLNm) REVENUE AND NET PROFIT

Revenue Net profit

480

2 500 380 2 000 280 1 500 180 1 000 80 500

0 -20

-500 -120 EBITDA AND NET DEBT

2800 2300 1800 1300 800 300

-200

Q1 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q2 2011 Q3 2011 Q4 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4

Q1 2011 Q1 2012 Q1

EBITDA NET DEBT

FINANCIAL DATA 90 GRUPA AZOTY PUŁAWY GROUP CONSOLIDATED RESULTS OF THE GRUPA AZOTY PUŁAWY GROUP, BY QUARTER REVENUE AND NET PROFIT

(PLNm) Revenue Net profit 1 250 250

1 000 200

750 150

500 100

250 50

0 0

-250 -50 EBITDA AND NET DEBT 500

250

-250

-500

-750

-1 000

Q1 2011 Q1 2012 Q1 EBITDA NET DEBT

FINANCIAL DATA 91 GRUPA AZOTY POLICE GROUP CONSOLIDATED RESULTS OF THE GRUPA AZOTY POLICE GROUP, BY QUARTER REVENUE AND NET PROFIT

(PLNm) Revenue Net profit

1 000 900 150 800 700 50 600 -50 500 400 -150 300 200 -250 100 0 -350 EBITDA AND EBITDA MARGIN EBITDA EBITDA MARGIN

100 0,0%

-100 -50,0%

-300 -100,0%

Q1 2011 Q1 2012 Q1

The 2013–2015 net profit and EBITDA figures are shown based on a 2016 adjustment related to AFRIG S.A., with an estimated effect on each performance metric (the effect on the bottom line totals approximately PLN 223m); the results for 2016–2020 are based on reported data FINANCIAL DATA APPENDIX 4

PRICES AND VOLUMES 93 APPENDIX 4 AGRO FERTILIZERS

VOLUMES (‘000 TONNES) 300 200 100 0 Speciality fertilizers SRF & CRF Fertigation and Speciality Liquid foliar fertilizers NPK fertilizers and fertilizers biostimulants

300

200

Compound fertilizers 100

0 NPK fertilizers NP fertilizers Granular NPK fertilizers 300

200 Nitrogen-sulfur fertilizers 100

0 Ammonium sulfate ASN UAN+S

300

Nitrogen fertilizers 200 and ammonia 100

0 Nitrate Ammonium Urea UAN 0 200 400 600 800 fertilizers nitrate

Q4 2020 Q4 2019 Q4 2019 Q4 2020 94 APPENDIX 4 AGRO FERTILIZERS PRICES

Prices of wheat, maize and rapeseed Prices of compound fertilizers (NPK, DAP), potassium 2 000 4,50 USD/t chloride and phosphate rock 450 1 800 4,00

1 600 3,50 3,00 1 400 2,50 1 200 250 2,00 1 000 1,50 800 1,00 600 0,50 50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 400 0,00 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DAP FOB Baltic USD/t 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 NPK 3x16 FOB Baltic (USD/t) 1 kg Potassium chloride FOB Baltic spot (USD/t) PLN/t Ratio 1 kg of milling wheat /1 kg N /1 kg N Milling wheat − PLN/t Phosphate rock FOB North Africa (USD/t) Fodder corn − PLN/t Potassium chloride NWE FOB standard bulk (USD/t) Potassium chloride NWE FOB standard MOP/Black Sea standard MOP (USD/t)

Prices of nitrogen fertilizers (urea, CAN, AN, AS) and ammonia 350 650

300 550 450 250 350 200 250 150 150 100 50 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 EUR/t USD/t Calcium ammonium nitrate (CAN) 27% Germany, CIF inland (bulk) (EUR/t) Ammonium nitrate AN 33.5% France, delivered (bulk) (EUR/t) Ammonium sulfate Black Sea FOB (white) (USD/t) Ammonia FOB YUZHNY (USD/t) Prilled urea FOB Baltic–USD/t 95 APPENDIX 4 CHEMICALS

VOLUMES (‘000 TONNES) PRICES

200 Prices of 2-EH, DOTP and propylene 1600

150 1400

1200

100 1000

800 50 600

400 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 OXO alcohols Plasticizers Urea Melamine Titanium 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2020 2020 2020 2020 2020 (technical white EUR/t grade) 2-EH FD NWE EUR/t (spot) Propylene FD NWE EUR/t (spot) Q4 2019 Q4 2020 DOTP FD * NWE spot – EUR/t 96 APPENDIX 4 PLASTICS

VOLUMES (‘000 TONNES) PRICES

40 Prices of PA6, caprolactam, benzene and phenol 2500

2300 2100 30 2100

1900 1600 1700 20 1500

1100 1300

1100 10 600 900

700

0 100 500 Caprolactam Polyamide Modified Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 polyamide EUR/t USD/t Liquid caprolactam, New Contract, Molten (Monthly) DDP WE (EUR/t) Q4 2019 Q4 2020 Polyamide 6 Engineering Resin DDP WE (EUR/t) Phenol FD NWE (EUR/t) Benzene CIF NWE (EUR/t) Crystalline caprolactam CFR N.E.ASIA (USD/t) Contact Corporate Investor Relations Department

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