Q3 2020 RESULTS PRESENTATION November 19th 2020 2 GROUP – CONSOLIDATED FINANCIAL INFORMATION SUMMARY OF Q3 2020

PLNm

Q3 2020 Q1-Q3 2020 CONSOLIDATED REVENUE Higher sales volumes in Agro 2,416 7,789 Weaker demand from the markets where the Chemicals and Plastics segment sells its products

CONSOLIDATED EBITDA 250 1,003 Low price of natural gas Compensation for higher electricity prices and the Anti-Crisis Shield

41 263 CONSOLIDATED NET PROFIT/(LOSS) 3 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION GROUP COMPANIES’ Q3 2020 FINANCIAL HIGHLIGHTS PLNm

REVENUE EBITDA NET PROFIT/(LOSS)

Grupa Azoty S.A. 38 (sep. data) 383 -13

Grupa Azoty 100 PUŁAWY Group 740 29

Grupa Azoty POLICE Group 549 36 17

Grupa Azoty Kędzierzyn 379 32 4

COMPO EXPERT 330 31 9

Grupa Azoty Group 2,416 250 41 4 DEVELOPMENTS MAJOR DEVELOPMENTS

Changes in composition of Grupa Azoty Management Board

• At the meeting held on October 22nd 2020, the Company’s Supervisory Board resolved to remove Wojciech Wardacki and Paweł Łapiński from the positions of, respectively, President and Vice President of the Management Board. • Temporary appointment of Mr Mariusz Grab, former Vice President of the Grupa Azoty Management Board, as President of the Grupa Azoty Management Board. • At the meeting held on November 13th 2020, the Company’s Supervisory Board appointed Tomasz Hinc as President of the Management Board, with effect from December 1st 2020. • A recruitment procedure to appoint a Member to the Management Board of the 11th term is under way. Measures taken in response to the epidemic

• Construction of a temporary hospital • Donations

Distinctions and awards

• Distinction in “The Best Annual Report” competition • European Responsible Care Award in the Community Support category • TOP Brand 5 DEVELOPMENTS 6 DEVELOPMENTS POLIMERY POLICE PROJECT

On October 7th 2020 an Intercreditor Agreement was signed between: • Grupa Azoty Polyolefins S.A., • Syndicate of Financial Institutions and ICBC Standard Bank PLC, • Grupa Azoty S.A., • Grupa Azoty Zakłady Chemiczne Police S.A., • Hyundai Engineering Co., Ltd., • Korea Overseas Infrastructure & Urban Development Corporation, and • Grupa LOTOS S.A. The conclusion of the Intercreditor Agreement is another step in the process of securing the availability of senior debt financing for the implementation of the Polimery Police project.

October 7th 2020 Grupa Azoty Polyolefins S.A. and other obligors executed, in accordance with the credit facility agreement, other documents providing for the creation of security, required to be signed at that stage of agreement performance.

November 16th 2020 The Extraordinary General Meeting of Grupa Azoty Polyolefins S.A. increased the company’s share capital to PLN 922,968,300. The new shares were subscribed for by three companies: Hyundai Engineering Co., Ltd (Hyundai), Korea Overseas Infrastructure & Urban Development Corporation (KIND) and Grupa LOTOS S.A. 7 DEVELOPMENTS POLIMERY POLICE PROJECT

On October 9th 2020, Grupa Azoty Polyolefins and HEC signed Annex 2 to the EPC contract for the Polimery Police project of May 11th 2019. The annex to the EPC contract provides for:

EUR 33.2m increase in the Contractor’s fee, and

three-month extension of the time limit to complete the Polimery Police project.

Among the reasons for executing Annex 2 were legal changes introduced to combat the COVID-19 pandemic, which affect the Polimery Police project’s schedule. 8 DEVELOPMENTS POLIMERY POLICE PROJECT

Progress in EPC contract performance

22 building permits required to complete the Polimery Police project have been issued.

Foundations for propane and ethylene tanks have been laid, and the installation and welding of external tank shells has begun.

Hydraulic engineering work is underway in the offshore part of the project, including the concreting of the capping beam of the sheet piling, and the dredging of the part of the harbour channel included in the Polimery Police project has commenced.

The installation of the steel pipe-rack in the PDH project has been completed.

Foundation work is underway on all sub-projects and the assembly of steel structures and underground pipelines, including the remaining sections of the pipe-racks, is in progress. 9 DEVELOPMENTS POLIMERY POLICE PROJECT

Photo 1. PDH project site

Photo 2. Main pipe rack – polypropylene unit construction site 10 DEVELOPMENTS POLIMERY POLICE PROJECT

Photo 3. Polypropylene unit construction site

Photo 4. Prefabrication of polypropylene storage silos 11 DEVELOPMENTS POLIMERY POLICE PROJECT

Photo 5. View of the handling and storage terminal construction site

Photo 6. Propane and ethylene tanks

Construction #PolimeryPolice CONSOLIDATED FINANCIAL INFORMATION OF THE GRUPA AZOTY GROUP 13 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION EFFECT OF PANDEMIC ON CHEMICAL INDUSTRY

AGRICULTURAL MARKET The COVID-19 pandemic had no significant impact on the crop segment of ’s agriculture in the third quarter of 2020.

NITRATE FERTILIZERS – DOMESTIC AND FOREIGN MARKETS The COVID-19 pandemic had no significant impact on the fertilizers market in Poland/EU (demand, prices). The third quarter of the year is the harvest season, during which demand for fertilizers, especially in the first half of that period, is typically at an all-year low.

POLYAMIDE Low feedstock prices and a major slump in demand relative to the pre-pandemic consumption and previous year’s levels were the main factors behind PA6 prices. Slow recovery of demand from end-use markets, including from the automotive sector (the key customer), especially visible in September. Continued good demand from the food and medical packaging industry. Real concerns about the reintroduction of national lockdowns in the fourth quarter, likely to undermine consumer confidence and suppress demand.

NATURAL GAS Short-term impact. The downward trend in prices caused by gas oversupply was made even worse by the first coronavirus wave in spring. During the period of low gas prices, the decrease in demand from the industrial sector was offset by higher consumption in the power generation sector. Since August, gas prices have been on the rise, largely unaffected by the pandemic.

MELAMINE Despite certain signs of demand improvement, most market participants remained concerned about the market’s prospects in view of the possible second wave of pandemic. In the third quarter, demand from the furniture and floor panel manufacturing industries, demand for DIY products, as well as demand in the markets of paint and garden products was relatively high. At the end of the quarter, demand for European melamine emerged from Asia and South America.

OXO ALCOHOLS Demand for OXO products grew steadily over the third quarter of 2020, although it remained lower than normal for the period. Fearing the possible second wave of coronavirus infections, the market participants cut purchases down to the minimum at the beginning of the quarter. Demand grew as the epidemiological situation in Europe stabilised. Most experts are very cautious in their assessments of future demand and price movements, particularly in the face of the ongoing second wave of infections and the increasingly frequent restrictions imposed by European governments, with an adverse effect on the countries’ economies.

TITANIUM WHITE The Covid-19 pandemic did not have any material effect on sales volumes. However, in the third quarter of 2020 the growing pressure from Chinese exports led to an approximately 2.3% drop in selling prices. Buyers adopted a cautious stance due to concerns related to the second wave of the pandemic. The reintroduction in many countries of measures designed to contain the spread of the pandemic and economic shutdowns may lead to further declines in sales due to partial or full lockdowns. 14 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION GRUPA AZOTY GROUP FINANCIAL HIGHLIGHTS (PLNm) CONTRIBUTION TO THE GROUP’S REVENUE Jan–Sep 2020  Higher sales volumes in Agro Fertilizers Other Grupa Azoty S.A. 17% 9%

 Higher prices of specialty fertilizers Grupa Azoty Puławy 22%  Weaker demand from the markets where the Chemicals COMPO EXPERT and Plastics segment sells its products 15%

Grupa Azoty Kędzierzyn Grupa Azoty Police REVENUE 16% 21% 3000 10 000

8 000 -10% 2000 6 000

4 000

8,666

7,789

2,564 7,202

1000 7,202

2,416

6,634 2,325

2,196 2 000 2,000

0 0 JAN-SEP JAN-SEP JAN-SEP JAN-SEP JAN-SEP Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 2016 2017 2018 2019 2020

NET PROFIT 500 100 400

50 300 -37% 76 74 453 41 200 416 5 360 0 263 100 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 8 0 -50 JAN-SEP 2016JAN-SEP 2017JAN-SEP 2018JAN-SEP 2019JAN-SEP 2020 -117

-100 15 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION GRUPA AZOTY GROUP FINANCIAL HIGHLIGHTS

(PLNm) CONTRIBUTION TO THE GROUP’S  Stability of the Agro Fertilizers segment EBITDA Jan–Sep 2020 Other  Strong impact of the pandemic on the Chemicals and Plastics 4% Grupa Azoty S.A. COMPO EXPERT segment 12% 13%  Low price of natural gas

Grupa Azoty Kędzierzyn  Anti-crisis shield 20%  Compensation for the increase in electricity prices due to higher prices of CO emission allowances Grupa Azoty Puławy 2 Grupa Azoty Police 37% 14% EBITDA

332 1,208 EBITDA 970 1,003 256 250 838 -17%

144 379 573 EBITDA1 1 284 (adjusted)* 994 44 881 162 580

Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 JAN-SEP JAN-SEP JAN-SEP JAN-SEP JAN-SEP 2016 2017 2018 2019 2020

* The Group’s results were adjusted for impairment losses on subsidiary AIG in Q3 2016, Q3 2019 – the effect of temporary unit stoppage at Police * The Group’s results were adjusted for impairment losses on subsidiary AIG in 9M 2016, impairment losses on the fats processing unit and the Puławy Power Plant in 9M 2017, impairment losses on the fats processing unit in 9M 2018, and impairment losses relating to the Chorzów subsidiary and the effect of temporary unit shutdown at Police in 9M 2019. 16 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION EBITDA BRIDGE

KEY FACTORS Q3 2020 +46 Lower prices of PLNm 14 302 natural gas + 55 Lower feedstock 37 prices 59 101 9 +38 Benzene/Phenol 332 +23 Propylene 204 250 +18 Potassium chloride +5 Phosphates

Q3 2019 EBITDA Sales volume* Sales prices Feedstock prices CO2** Aid received Other Q3 2020 EBITDA -32 Coal/Energy (Shield)

JAN-SEP 2020 +480 Decrease in natural gas prices PLNm 13 876 549 110 59 60 +69 Lower feedstock prices +82 Propylene +60 Benzene/Phenol 1 208 +18 Potassium chloride 1 003 1 003 -98 Coal/Energy

Jan-Sep 2019 Sales volume* Sales prices Feedstock prices CO2** Aid received Other Jan-Sep 2020 EBITDA (Shield) EBITDA

positive effect on EBITDA negative effect on EBITDA

* Margin generated on sales volumes

** Including the compensation for 2019 and 2020 17 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 in Q3 2020 PLN 59m Grupa Azoty S.A. PLN 16m Grupa Azoty Puławy PLN 26m Grupa Azoty Kędzierzyn PLN 11m Other subsidiaries PLN 6m 18 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION ENERGY COMMODITIES

We expect the downward trend to continue. ELECTRICITY PRICES Change Q3 2020/Q3 2019 280 The Grupa Azoty Group companies have secured the required volumes under -7% their contracts. PLN/MWh 230 180 We are awaiting decisions about rates and reliefs under the Capacity Market 130 Act. The regulations on the amount of payments to be made will take effect as Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 of January 1st 2021.

Electricity (IRDN) − PLN/MWh We expect prices to continue at recent levels. In Poland, the supply exceeds Change Q3 HARD COAL PRICES 2020/Q3 2019 the demand in both the producer and the customer segments of the market. USD/t -12% The Group companies are parties to long-term contracts securing the required 90 70 volumes. Deliveries are made as planned. 50 In mid-year, the EC plans to start its revision of the Community framework for 30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 the taxation of energy products. 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020

Hard coal ARA prices (USD/t) Change Q3 The long-term growth trend initiated in Q3 2017 is in the correction phase. CO2 PRICES 2020/Q3 2019 2% EUR/t 27 The number of emission allowances cancelled by the Grupa Azoty Group 22 companies fully covers their CO2 emissions for 2019. Emission allowances for the 17 current and subsequent years are being secured in accordance with the 12 7 regulations applicable at the Group. More than 90% of emission allowances have 2 been secured for 2020. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 The EC continues to work on the European Green Deal, which will enforce EEX Change GPL* Q3 emission reductions and reduce the allocation of free emission allowances. NATURAL GAS PRICES 2020/Q3 2019 -20% A significant increase in LNG sales on global markets, coinciding with a decline PLN/MWH 120 100 Change PPX* Q3 in demand due to the pandemic, led to an oversupply on the gas market and gas 2020/Q3 2019 80 price decreases in Europe, Asia and the US. -18% 60 High levels of stocks maintained in case of suspension of transit through 40 * Excluding transmission Ukraine, only partly used during a mild winter season, put additional pressure 20 on prices. 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020

GPL* Gas - PPX* 19 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION

SEGMENTS

REVENUE Q3 2020

ENERGY OTHER ACTIVITIES

PLN 56m 2% 3% PLN 62m

PLASTICS 10% PLN 245m 46% AGRO FERTILIZERS

PLN 1,111m CHEMICALS 25%

PLN 612m TOTAL FERTILIZERS COMPO EXPERT 60% 14% FERTILIZERS PLN 330m PLN 1,441m 20 SEGMENTS FERTILIZERS

REVENUE PRODUCT CATEGORIES Q3 2020

Other 6% Nitrogen Jan-Sep Jan-Sep Q3 Q3 Q/Q (PLNm) Change 2019 2020 2019 2020 CHANGE fertilizers and Specialty fertilizers 19% 36% Segment 5,191 4,769 -8% 1,522 1,441 -5% revenue

EBITDA 802 653 -19% 215 199 -7%

EBITDA margin 15% 14% -1pp 14% 14% 0pp

Compound fertilizers Nitrogen-sulfur 28% fertilizers 11% MOST STABLE AND RESILIENT TO THE PANDEMIC

REVENUE Higher sales volumes in the third quarter and first nine months of the year compared with the corresponding periods of 2019. Prices of fertilizers, both nitrogen and compound ones, went down compared with the previous year as a result of competition

EBITDA The segment’s high margins could be maintained due to gas prices, which in the third quarter were almost 20% lower year on year.

MARGIN 21 SEGMENTS CHEMICALS

PRODUCT CATEGORIES Q3 2020 REVENUE

Q/Q Titanium Jan-Sep Jan-Sep Q3 Q3 (PLNm) Change CHANG white 2019 2020 2019 2020 E Other 13% 24% Segment 2,008 1,828 -9% 574 612 7% revenue Melamine EBITDA 182 203 12% 34 0 -100% 14%

EBITDA margin 9% 11% 2pp 6% 0% -6pp OXO alcohols 16% Urea (technical grade) Plasticizers 24% 9%

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 only recorded for sulfur and other urea EBITDA solutions. However, the difficult market situation had an adverse effect on prices, which were lower year on year for almost all product categories. The largest price decrease occurred in the case of OXO alcohols and melamine as a consequence of a slump in MARGIN demand in the furniture industry. 22 SEGMENTS PLASTICS

PRODUCT CATEGORIES Q3 2020 REVENUE

Natural polyamide Q3 Q3 Q/Q Jan-Sep Jan-Sep 77% (PLNm) Change 2019 2020 CHANG 2019 2020 E

Segment revenue, 1,129 837 -26% 338 245 -28% including: Modified polyamide EBITDA 77 -20 -126% 6 -8 -233% 13%

EBITDA margin 7% -2% -9pp 2% -3% -5pp Other 5% Caprolactam 5% MITIGATING THE IMPACTS OF THE PANDEMIC

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 EBITDA approximately 20% year on year. The situation in the segment remains difficult as the coronavirus pandemic has had a particularly severe effect on the industries purchasing the MARGIN segment’s products. The market is expected to return to equilibrium once the key economies in Europe and globally are back to their pre-pandemic state. 23 GRUPA AZOTY GRUPA AZOTY GROUP FINANCES AS AT SEPTEMBER 30TH 2020

SECURED CORPORATE FINANCING AVAILABLE FUNDING LIMITS

PKO and bank syndicate

• Revolving and umbrella credit facility 52

• PLN 3,890m 786

EBRD 2,483

• Term Loan Agreement • PLN 615m

EIB 1,645

• Term Loan Agreement Corporate credit facilities • PLN 1,067m Overdraft and multi-purpose facilities Other financing sources

Total corporate financing

• PLN 5,572m 24 GRUPA AZOTY – INVESTMENTS INVESTMENTS

CAPEX PROJECTS JAN-SEP 2020 CAPEX CAPITAL EXPENDITURE including: (PLNm) PLNm

Growth capex 1,158

* Maintenance capex 212

2016 2017 2018 2019 Mandatory investments 198 I-IX2020

*Excluding equity investments Purchase of finished goods 22

Other (components, major overhauls) 131 CAPEX STRUCTURE Grupa Azoty TOTAL 1,721 Puławy GA Group Polyolefins 27% 55%

Tarnów Consolidated capex – cash flow PLN 1,880m 5% Other 2%

Grupa Azoty Kędzierzyn 2020 CAPEX: ca. PLN 3.8bn Group Grupa Azoty 5% Police Group 6% GRUPA AZOTY PUŁAWY GROUP 26 GRUPA AZOTY PUŁAWY GROUP GRUPA AZOTY PUŁAWY GROUP FINANCIAL HIGHLIGHTS

(PLNm)

REVENUE Other KEY DRIVERS Energy 3% 2% Lower revenue due to: Plastics 8% • drop in prices (PLN 341m 9M/9M and PLN 120m Q3/Q3) Decrease in feedstock prices: • natural gas (38.2% 9M/9M, 18.0% Q3/Q3) • benzene (20.0% 9M/9M, 45.1% Q3/Q3)

Agro 87% REVENUE EBITDA NET PROFIT

123 777 49 740 100 Q3 Q3 116 Q3 43 Q2 Q2 Q2 882 29 Q1 Q1 118 653 Q1

59

250 153 1 069 954 169 81

JAN-SEP 2019 JAN-SEP 2020 JAN-SEP 2019 JAN-SEP 2020 JAN-SEP 2019 JAN-SEP 2020

26 27 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION EBITDA BRIDGE

KEY FACTORS

Q3 2020 25.8 Anti-crisis shield PLNm 20.9 Lower benzene prices and 84 -120 consumption 20.8 Decrease in natural gas prices 14.0 Compensation for energy- 21 -8 intensive industry -12.3 Higher prices of electricity 123 100 -36.5 Decline in revenue, including:

Q3 2019 EBITDA Sales volume* Sales prices Feedstock prices Other Q3 2020 EBITDA -120.1 on lower prices 83.6 on higher volumes

JAN-SEP 2020 211.6 Decrease in natural gas prices 82.5 Compensation for energy- PLNm intensive industry -38 -341 44.5 Lower benzene prices and 82 consumption 195 26.0 Impairment losses on assets in 2019 489 25.8 Anti-crisis shield 387 -34.5 Higher electricity and hard coal prices

Jan-Sep 2019 EBITDA Sales volume* Sales prices Feedstock prices Other Jan-Sep 2020 EBITDA -379.8 Decline in revenue, including:

positive effect on EBITDA -341.3 on lower prices negative effect on EBITDA -38.4 on higher volumes * Effect on revenue 28 GRUPA AZOTY PUŁAWY GROUP SEGMENTS

AGRO PRODUCT GROUPS Q/Q CHANGE DETERIORATED PERFORMANCE DUE TO LOWER SELLING PRICES OF PRODUCTS DESPITE ATTRACTIVE GAS PRICES Nitrogen fertilizers ; 16% Jan- Jan- Q/Q Q3 Q3 (PLNm) Sep Sep Change change 6% Phosphate and compound fertilizers; -38% 2019 2020 2019 2020 13% Melamine; -22% Segment 2,306 2,051 -11% 657 666 1% 52% revenue 16% Non- urea (PULREA, PULNOX, NOXy); -6%

146 127 -14% EBITDA 572 491 -14% Other; 18% 13% EBITDA margin 25% 24% -1pp 22% 19% -3pp

PLASTICS PRODUCT GROUPS Q/Q CHANGE DETERIORATED PERFORMANCE DUE TO LOWER SELLING PRICES AND VOLUMES OF CAPROLACTAM DESPITE ATTRACTIVE BENSENE PRICES Caprolactam; -50% Jan- Jan- Q/Q Q3 Q3 (PLNm) Sep Sep Change change 2019 2020 2019 2020

Segment 99% 303 185 -39% 77 39 -50% revenue Other; -19% EBITDA 12 -26 - -3 -15 417% 1%

EBITDA margin 4% -14% -18pp -4% -39% -35pp 29 GRUPA AZOTY PUŁAWY GROUP ONGOING CAPEX PROJECTS

Construction of coal-fired power generation unit CAPITAL EXPENDITURE JAN-SEP 2020 1,200 million Budget spent: 16% PLN 459.9m

Upgrade of existing nitric acid production units and construction of new nitric acid production and neutralisation units and CAPEX STRUCTURE JAN-SEP 2020 units for production of new fertilizers based on nitric acid 695 million Budget spent: 49%

Facility for production of granulated fertilizers based on ammonium nitrate 430 million Budget spent: 88%

Upgrade of steam generator OP-215 No. 2

to reduce NOx emissions 93 million Budget spent: 53% 30 GRUPA AZOTY PUŁAWY GROUP KEY DEVELOPMENTS IN Q3 2020

 Effect of COVID-19 pandemic - lower melamine output - lower caprolactam output - lower sales of sulfuric acid - grant of financial support from the Guaranteed Employee Benefits Fund to maintain jobs (Shield 4.0)  A year-on-year decrease of approximately 28% in sales of fertilizers at GZNF FOSFORY as farmers delay purchases due to financial uncertainty.  Extension of the period of suspension of oleochemical products manufacturing at Grupa Azoty Chorzów.  Intensive implementation of the capex plan: CAPEX in Q3 2020 - PLN 257.7m (up PLN 146.6m) from Q2 2020)  Large-scale overhaul of the Melamine III unit.  Medium-scale overhaul of the caprolactam unit.  Execution of co-financing agreements under the Smart Growth Operational Programme 2014-2020 for a total amount of PLN 3.1m. GRUPA AZOTY POLICE GROUP 32 GRUPA AZOTY POLICE GROUP GRUPA AZOTY POLICE GROUP FINANCIAL HIGHLIGHTS

(PLNm)

REVENUE  KEY PERFORMANCE DRIVERS Polymers Other Pigments 0,01% 3% (relative to Q3 2019) 15% Lower average selling prices of most products Favourable effect of a significant decline in natural gas prices Higher sales volumes of nitrogen products (in view of plant failure and an extended maintenance shutdown a year ago) Fertilizers 82%

REVENUE EBITDA NET PROFIT

547 549 Q3 Q3

Q2 Q2 22 Q1 36 Q1 576 Q1 Q2 567 26 Q3 56 49 90 727 648 43 23 17 4 7 -9 JAN-SEP 2019 JAN-SEP 2020 JAN-SEP 2019 JAN-SEP 2020 JAN-SEP 2019 JAN-SEP 2020 32 33 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION EBITDA BRIDGE

KEY FACTORS

Q3 2020 • Lower price of natural gas and potassium 10 chloride PLNm 42 4 1 63 • Higher volumes of nitrogen products sold 20 (extended plant shutdown in 2019)

• Lower selling prices across all product groups 22 36 Q3 2019 EBITDA Sales volume* Feedstock prices Result on sale of Cash flows and Other Sales prices Q3 2020 EBITDA merchandise operating expenses

• Lower price of natural gas (generating a favourable effect of PLN 152m). Jan-Sep 2020 • Lower selling prices across all product 153 12 20 11 groups – negative effect of PLN 193m on PLNm 193 the Company’s revenue (almost entirely affecting the Fertilizers Segment).

• Higher sales volumes of nitrogen products 17 (extended plant shutdown in 2019). Lower sales volumes of compound fertilizers and titanium white. 138 135 • Higher costs of CO2 emission allowances (higher number of allowances due to EBITDA 9M 2019 Sales volume* Feedstock prices Result on sale of Cash flows and Other Sales prices EBITDA 9M 2020 larger output and higher price of merchandise operating expenses allowances) • In cash flows and operating expenses – positive effect on EBITDA recognition of compensation for CO2 negative effect on EBITDA emissions for 2019 and change in the accounting methodology for changes in * Margin generated on sales volumes environmental provisions compared with 2019. 34 GRUPA AZOTY POLICE GROUP SEGMENTS

FERTILIZERS REVENUE ANALYSIS Jan-Sep 2020 Key trends cumulatively for the period Jan-Sep 2020 relative to Jan-Sep 2019: Compound  Lower selling prices of products fertilizers 68%  Significant decline in natural gas prices positively contributing to performance  Higher sales volumes of nitrogen products

Jan- Jan- Q3 Q3 Q/Q (PLNm) Sep Sep Change 2019 2020 change 2019 2020

Segment 1,519 1,447 -72 447 443 -4 revenue, including: Urea and ammonia EBITDA 104 92 -12 7 27 20 26% Other EBITDA margin 7% 6% 2% 6% 6%

PIGMENTS REVENUE ANALYSIS Jan-Sep 2020  Lower average selling prices of titanium white  Higher prices and sales volumes of iron sulfate Titanium white  More favourable structure of raw material and feedstock consumption 90%  Positive effect of lower average cost of natural gas consumption

Jan- Jan- Q3 Q3 Q/Q (PLNm) Sep Sep Change 2019 2020 change 2019 2020

Segment 286 273 -13 84 90 6 revenue, including: Other EBITDA 42 47 5 15 13 -2 10%

EBITDA margin 15% 17% 18% 14% 35 GRUPA AZOTY POLICE GROUP ONGOING CAPEX PROJECTS

CAPITAL EXPENDITURE WA II tower replacement Line 7 Budget: PLN 16,350 thousand During the first three quarters of 2020, Budget spent: 50% the Grupa Azoty Police Group spent nearly PLN 1,076m to purchase intangible assets and property, plant and equipment. Facility 508 tray with a sedimentation tank and a discharge pipe to acidic wastewater The largest portion of that amount Budget: PLN 10,810 thousand spent in the first nine months of 2020 Budget spent: 81% was expenditure on property, plant and equipment and intangible assets of the subsidiary Grupa Azoty Polyolefins S.A. 220/110 kV main transformer station upgrade in Police to (the Polimery Police project), which connect and supply propane dehydrogenation and polypropylene amounted to PLN 944m. units Budget: PLN 56,000 thousand An overview of Grupa Azoty Police’s Budget spent: 4.3% key capex projects is presented to the (related to the Polimery Police project) right. In the first nine months of 2020, the Company launched 26 new capex Making production of demineralised projects and continued 45 capex water independent of variable salinity projects commenced in previous years. of the Oder River and increasing the ability to produce special waters in the water preparation units Budget: PLN 108,000 thousand Budget spent: 39.4% (related to the Polimery Police project) 36 GRUPA AZOTY POLICE GROUP POLIMERY POLICE

Progress in project implementation

22 building permits required to complete the Polimery Police project have been issued.

Foundations for propane and ethylene tanks have been laid, and the installation and welding of external tank shells has begun.

Hydraulic engineering work is underway in the offshore part of the project, including the concreting of the capping beam of the sheet piling, and the dredging of the part of the harbour channel included in the Polimery Police project has commenced.

Installation of the steel pipe-rack on the PDH project has been completed. Foundation work is underway on all sub-projects and the assembly of steel structures and underground pipelines, including the remaining sections of the pipe-racks, is in progress. 37 GRUPA AZOTY POLICE GROUP KEY DEVELOPMENTS IN Q3 2020

DEVELOPMENTS

● Changes in the composition of the Supervisory Board of Grupa Azoty Zakłady Chemiczne Police S.A. . Mariusz Kądziołka’s resignation as Chairman and Member of the Supervisory Board . Appointment of Paweł Bakun as member of the Supervisory Board . Appointment of Mirosław Kozłowski as Chair of the Supervisory Board (former Deputy Chair of the Supervisory Board)

● Appointment of Mariusz Kądziołka as Vice President of the Management Board as of July 3rd 2020

● Suspension of Anna Tarocińska, member of the Management Board of Grupa Azoty Zakłady Chemiczne Police S.A., for valid reasons, including the need to protect the confidentiality of information, secrecy of the investigation and the Company’s business secrets, in connection with proceedings conducted by the District Prosecutor’s Office in Szczecin

● Registration of a share capital increase at subsidiary Grupa Azoty Polyolefins S.A. from PLN 467,339,000 to PLN 599,283,310.

● Execution of a letter of intent between the Maritime University of Szczecin, Grupa Azoty Police, Grupa Azoty Polyolefins and Grupa Azoty Police Serwis. 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.

DISTINCTIONS

● Grupa Azoty Police received a Company Promoting Blood Giving Certificate, which is awarded, among others, by the Ministry of Health and the National Blood Centre.

● Marek Sobczak, Departmental Social Labour Inspector, took the third place in the regional competition for the “Most Active Social Labour Inspector” and received a national-level distinction. The competition is organised by the National Labour Inspectorate Thank you for your attention. 39 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 November 19th 2020 (this “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. 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