INVESTOR PRESENTATION October 2020 2 AT A GLANCE KEY DATA

FINACIAL RESULTS PLNm MARKET PLN 3.040 bn* 1H2020 CAPITALISATION REVENUE 5 373

SHARES 99,195,484 shares EBITDA 753 NET PROFIT 222

min/max price 6 PLN -113 PLN GRUPA AZOTY GROUP WSE: WIG30, mWIG40, WIG- 4 locations of main production plants STOCK CHEMIA, WIG30, mWIG 40, INFORMATION WIG, WIG- over 50 group companies FOREIGN INDEXES: MSCI, FTSE, CEEplus approximately 15,000 employees

ESG: EU’s No. 2 in mineral fertilizers WIG-ESG, MSCI ESG FTSE4GOOD EU’s No. 3 in PA6

*data as of 1st January 2020 3 GRUPA AZOTY AT A GLANCE BROAD PRODUCT PORTFOLIO

Revenue 2019 59,4%

61,9% AGRO FERTILISERS

Revenue 1H2020 2,1% CHEMICALS 22,7% 2,3% 2% 11% OTHER 2,4% 23,3%

12,9% ENERGY

PLASTICS OPERATIONS 5 OPERATIONS CORE BUSINESS

Grupa Azoty Police NPK, Urea, Fosfory Ammonia, TiO2 NPK Grupa Azoty Grupa Azoty Puławy ATT Polymers N Fertilisers, PA6 Melamine, Urea, CPL

Compo Expert Grupa Azoty Siarkopol Speciality Fertilisers Sulphur

Grupa Azoty S.A. Parent Company PA6, Compounding, Compo Expert NS Fertilisers Spain Speciality Fertilisers

Grupa Azoty Productions plants Kędzierzyn Z.A. Chorzów N Fertilisers, Urea NPK OXO Products 6 OPERATIONS 18 GROUP’S BUSINESS BY GEOGRAPHY

2019 REVENUE EUR POLAND PLNm 50% EU 3,897 Asia WORLD 35% 4% 743 1,114 North America 3% 274 214 180 166 201 187 1,260 1,009 1 959

25 3 46 60 1

2

65

South America 223 3% 231 45 121 110 7 73 20 7 Other Europe 21 7 4% 10 Africa 3% 2% 1% REVENUE ANALYSIS 2019

Agro Fertilizers 23% 46% Grupa Azoty Compo Expert Plastics 13% Chemicals Production Energy Logistics Sales representative Stabilisation units 13% plants Other offices 7 OPERATIONS FROM RAW MATERIAL TO PRODUCT GRUPA AZOTY GROUP

Pigments

Titanium Titanium Ilmenite Oxygen Natural gas Nitrogen white slag

Adipic Sulfuric Syngas Propylene Methanol Benzene Sulfur and hydrogen Urea acid acid production (UREA)

Terephthalic UAN Phosphate acid Aldehydes Formalin Phenol Oleum Ammonia (UAN) rock

OXO Nitric Phosphoric Trioxane C-non Mixed acid alcohols acid acid

Ammonium Dolomite Fertilizers Fertilizers Plasticizers POM Caprolactam nitrate (AN) NP NPK / PK

Raw materials – procurement Calcium am Potassium Ammonium monium nit chloride Agro Fertilizers PA 6 sulfate (AS) rate (CAN) Plastics Pulaska OXO ALCOHOLS Modified Ammonium sulfate nitra Melamine Own production plastics te (ASN) Liquid fertilizer FINANCIAL PERFORMANCE 9 FINANCIAL PERFORMANCE AGRO FERTILISERS REVENUE 2019 H1 2020 PRODUCTION CAPACITIES Revenue: Revenue: Yara PLN 6.716 bn PLN 3.328 bn Grupa Azoty nr 2 No. 2 Borealis EBITDA: EBITDA: in EU PLN 965 m PLN 587 m Eurochem

Achema EBITDA EBITDA Fertiberia MARIGIN: MARIGIN: No. 1 14% 16% Agrofert in Poland

Nitrogenmuvek

PRODUCT CATEGORIES 2Q2020 Groupe Roullier

Azomures S.A. Others [tt] 6% Nitrogen fertiliser and Source: Fertilizers Europe 2020 Speciality fertilisers ammonia 22% 36%

Compound Nitrogen-sulfur fertilisers fertilisers 29% 7% 10 FINANCIAL PERFORMANCE CHEMICALS

REVENUE 2019 H1 2020 PRODUCT CATEGORIES 2Q2020

Revenue: Revenue: PLN 2.639 bn 1,216 mld PLN Titanium white 15% Other 24%

EBITDA: EBITDA: Melamine PLN 208 m PLN 202 m 13%

EBITDA EBITDA OXO alcochols 18% MARIGIN: MARIGIN: Urea (technical 8% 17% grade) 23% Plasticizers 7%

No. 5 No. 4 No. 3 PLASTICIZERS OXO MELAMINE UE UE UE

OCI Melamine ExxonMobil BASF BASF Borealis Group Oxea Group Evonik Ineos Grupa Azoty Polynt Grupa Azoty* Grupa Azoty BASF SE

CAPACITIES DEZA Perstorp OXO PRODUCT Azomures S.A. Perstorp Oxo AB Oltchim SA 0 50 100 150 200 Valtris 0 200 400 600 11 FINANCIAL PERFORMANCE

PLASTICS

REVENUE 2019 H1 2020 PRODUCTION CAPACITIES POLYAMIDE

Revenue: Revenue: BASF PLN1.456 bn PLN 591 m LANXESS No. 3 GRUPA AZOTY in EU AQUAFIL EBITDA: EBITDA: DSM PLN 66 m PLN -12 m RADICI DOMO No. 1 EBITDA EBITDA UBE in MARIGIN: MARIGIN: SOLVAY Poland 5% -2% NYOBE (BEAULIEU) NUREL Nexis Fibres Pozostali

PRODUCT CATEGORIES 2Q2020 Source: PCI Nylon 2018

Natural polyamide 76%

Modified polyamide 11%

Other 8%

Caprolactam 5% 12 FINANCIAL PERFORMANCE 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.

Amount applied for Ca. PLN 65m Grupa Azoty S.A. PLN 16m Grupa Azoty Puławy PLN 26m Grupa Azoty Kędzierzyn PLN 11m Other subsidiaries Ca. PLN 12m 13 FINANCIAL PERFORMANCE

COMPENSATION RECEIVED UNDER THE ACT ELECTRICITY ON THE COMPENSATION SCHEME FOR ENERGY-INTENSIVE Change 1H20/1H19 SECTORS AND SUBSECTORS OF JULY 19TH 2019 280 -14% 230 180 COMPENSATION RECOGNISED IN H1 2020 130 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 (PLNm) Electricity (IRDN) - PLN/MWh FOR 2019

Grupa Azoty S.A. 12.4 Change AS AT JUN 30 2020 90 1H20/1H19 Grupa Azoty -24% PUŁAWY 44.6 70 • Other income 50 Grupa Azoty POLICE 7.7 30 Grupa Azoty ZAK 14.9 Hard coal prices ARA - USD/t

Change 1H20/1H19 TOTAL 79.6 7% 27 22 FOR H1 2020 17 12 7 Grupa Azoty S.A. 7.6 2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 AS AT JUN 30 2020 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Grupa Azoty PUŁAWY 23.8 EEX Zmiana GPL* IH20/IH19 Grupa Azoty POLICE 4.5 • Deduction of current NATURAL GAS -49% costs of electric energy

Grupa Azoty ZAK 8.7 consumed Zmiana 120 TGE* IH20/IH19 100 -43% TOTAL 44.6 80 60 40 20 0 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 * Excludind transmission GPL * Gas TGE* INVESTMENTS 15 GRUPA AZOTY – INVESTMENTS INVESTMENTS

CAPEX PROJECTS IN H1 2020 CAPEX CAPITAL EXPENDITURE including: (PLNm) PLNm

Growth capex 656

* Maintenance capex 127

2016 2017 2018 2019 Mandatory investments 47 H1 2020

*Excluding equity investments Purchase of finished goods 15

Other (components, major overhauls) 67 CAPEX STRUCTURE

Grupa Azoty TOTAL 912 Puławy Polyolefins Group 58% 23%

Tarnów Consolidated capex – cash flow PLN 1,015m 5%

Other 2% Grupa Azoty Kędzierzyn 2020 CAPEX: ca. PLN 3.8bn Group Grupa Azoty 5% Police Group 7% 16 GRUPA AZOTY – INVESTMENTS NITRATE GRANULATION PLANT

PRODUCTS PROJECT SCOPE:

Plant for production of ammonium nitrate-based granulated Calcium ammonium nitrate fertilizers (CAN) Granulated ammonium nitrate

 The plant’s daily production capacity: 1,400 tonnes of CAN or 1,200 tonnes of mechanically granulated nitrate  Project completion timeframe: 2015 – 2020. Mechanical and technological start of a granulated fertilizer plant based on ammonium nitrate - 01/07/2020  Location: Puławy

 Capital expenditure: PLN 430m

PROJECT’S KEY BENEFITS: Improved quality of fertilizers by applying modern mechanical granulation

INVESTMENTS 16 17 GRUPA AZOTY – INVESTMENTS NITRIC ACID AND NEUTRALISATION UNITS

PROJECT SCOPE:

new nitric acid unit 1,000 t/d, neutralisation unit 1,300 t/d, fertilizer production line 600 t/d, upgrade of existing nitric acid lines

 Project completion timeframe: 2017 – 2024  Project carried out jointly with Thyssenkrupp Industrial Solutions AG  Location: Puławy

 Capital expenditure: PLN 695m

PROJECT’S KEY BENEFITS: Higher production capacity, addition of new solid and liquid fertilizers (Ca, K, Mg) to product range, avoiding downtime (production losses), elimination of bottlenecks in absorption and cooling, improved production efficiency, consumption rates: ammonia, steam yield, electricity 18 GRUPA AZOTY – INVESTMENTS POWER GENERATION UNIT

PROJECT SCOPE:

Construction of a new coal-fired unit

 Launch of the unit: 2021  A 100 MWe coal-fired unit  Integrated with the on-site CHP plant  Location: Puławy

 Project budget: PLN 1.2bn

PROJECT’S KEY BENEFITS:

The new unit and the upgraded on-site CHP plant will provide Grupy Azoty Puławy with an energy system appropriate for its needs in terms of electricity and process heat supplies POLICE POLYMER PROJECT 20 GRUPA AZOTY – INVESTMENTS POLICE POLYMER PROJECT

PROJECT SCOPE PLANTS LOCALISATION

- PDH-PP plant, - Polypropylene Logistics base POLIMERY POLICE - Propane and ethylene handling & storage terminal

 Production capacity – propylene 429,000 tonnes/year - polypropylene 437,000 tonnes/year  Project finance

 Hyunday Engineering Co., Ltd as the General Contractor

ISB News - award in the category “Most reliable in the fuel and chemical sector"

PROJECT´S BENEFITS: Diversification of revenue streams, additional profits for the Grupa Azoty Group, expansion of the product portfolio, flattening of business cycles

20 21 GRUPA AZOTY – INVESTMENTS POLICE POLYMER PROJECT

Closing of fundraising for the Polimery Police project  January 17th 2020 – The Office of Competition and Consumer Protection (UOKiK) issued a decision approving a concentration consisting in Grupa Azoty, HEC, KIND and establishing a single entity Grupa Azoty Polyolefins  May 31st 2020 – Grupa Azoty Polyolefins signed a credit facility agreement with a syndicate of domestic and foreign financial institutions.  May 31st 2020 – Grupa Azoty S.A., Grupa Azoty ZCh Police, Grupa Azoty Polyolefins, Grupa LOTOS, Hyundai Engineering Co. and Korea Overseas Infrastructure & Urban Development Corporation (KIND) signed agreements for the financing of the Polimery Police project.  October 7th 2020 – Execution of an intercreditor agreement and security documents  October 9th 2020 – Execution by Grupa Azoty Polyolefins ana agreement to amend the EPC contract 22 GRUPA AZOTY – INVESTMENTS THE FACILITIES AGREEMENT FOR THE FINANCING

CONSORTIUM: FACILITY MAX AMOUNT MATURITY term loan EUR 487,800,000 29 November 2030 Bank Polska Kasa Opieki S.A. - (the bank coordinating) term loan USD 537,700,000 29 November 2030 S.A. working capital PLN 150,000,000 30 November 2024 Bank Gospodarstwa Krajowego, VAT facility S.A. working capital USD 180,000,000 29 November 2025 BNP Paribas Bank Polska S.A. loan EBOiR ICB of China (Europe) S.A. Poland  USTANOWIONE ZABEZPIECZENIA mBank S.A. PKO Bank Polski S.A. registered and financial pledges on all GA Polyolefins shares owned by Grupa Azoty and Grupa Azoty Police Powszechny Zakład Ubezpieczeń S.A. PZU na Życie S.A. registered pledge on a set of movables and property rights of variable composition, included in the enterprise GA Polyolefins PZU FIZ Aktywów Niepublicznych BIS2 S.A. Registered and financial pledges over receivables from GA Polyolefins' bank accounts

power of attorney over GA Polyolefins bank accounts ICBC Standard Bank PLC contractual mortgage over real estate owned (or in perpetual usufruct) by GA Polyolefins located in Police declaration of submission to enforcement under a notarial deed

security assignment of the GA Polyolefins rights and claims under insurance and other relevant contracts assignment as security for rights under subordinated loans granted to GA Polyolefins 23 GRUPA AZOTY – INVESTMENTS FINANCING OF POLIMERY POLICE PROJECT

INVESTOR AGREED AMOUNT TARGET SHAREHOLDING STRUCTURE * Hyundai (HEC) USD 73m KIND USD 57m LOTOS Grupa LOTOS PLN 500m Grupa 17,30% Azoty 64,93% HEC & GRUPA AZOTY’S INVESTMENT KIND 17,77% The Grupa Azoty Group has secured its own funding for the Project for a total amount of USD 464m, including: • USD 278m – contributed equity** EQUITY FINANCING STRUCTURE* • USD 129m – subordinated loans advanced** • USD 57m – subordinated loans to be advanced** Grupa Azoty within the permitted limits of the total equity contribution specified in the LOTOS 57 127 Group's corporate financing agreements

including 47% of equity from Grupa Azoty S.A., 53% from Grupa Azoty Police HEC & Equity to be ** As at the date of issue of the H1 2020 report. Equity contributed KIND contributed by 130 313 Each Sponsor will provide the following equity: Grupa Azoty • 60% pure equity 407 • 40% loan

USD 720M

* All amounts translated at the USD/PLN exchange rate of 3.95; Grupa LOTOS's contribution was translated from PLN to USD 24

Than you for your attention For more information please visit: www.grupaazoty.com Contact: [email protected]