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Q3 2020 RESULTS PRESENTATION November 19Th 2020 2 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION SUMMARY of Q3 2020

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Q3 2020 RESULTS PRESENTATION November 19Th 2020 2 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION SUMMARY of Q3 2020 Q3 2020 RESULTS PRESENTATION November 19th 2020 2 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION SUMMARY OF Q3 2020 PLNm Q3 2020 Q1-Q3 2020 CONSOLIDATED REVENUE Higher sales volumes in Agro Fertilizers 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 Poland’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.
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