Grupa Azoty S.A.

Audit Report / Information • Aug 29, 2018

Ernst & Young Audyt Polska spółka z ograniczoną odpowiedzialnością sp. k. Rondo ONZ 1 00-124 Warsaw, Poland Phone: + 48 557 70 00 Fax No. + 48 22 577 70 01 warszawa@pl.ey.com www.ey.com/pl

Auditor's report on the review of the interim condensed financial statements

For the Shareholders and the Supervisory Board of Grupa Azoty S.A.

Introduction

We have reviewed the accompanying interim condensed financial statements of Grupa Azoty S.A. (the "Company"), with its registered office at ul. Kwiatkowskiego 8, Tarnów, Poland, prepared as at June 30th 2018, comprising the interim condensed separate statement of profit or loss and other comprehensive income for the period January 1st – June 30th 2018, interim condensed separate statement of financial position as at June 30th 2018, interim condensed separate statement of changes in equity and interim condensed separate statement of cash flows for the period January 1st – June 30th 2018, and notes to the financial statements (the "interim condensed financial statements").

The Company's Management Board is responsible for the preparation and presentation of the accompanying interim condensed financial statements in accordance with International Accounting Standard 34 Interim Financial Reporting, published in the form of the European Commission regulations.

Our responsibility was to express a conclusion on the accompanying interim condensed financial statements based on our review.

Scope of review

We conducted our review in accordance with Polish Financial Auditing Standard 2410 compliant with International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity (the "standard"), adopted by the National Council of Statutory Auditors by Resolution No. 2041/37a/2018 of March 5th 2018. A review of interim financial statements consists of making inquiries, primarily of persons responsible for the entity's financial and accounting matters, and applying analytical and other review procedures.

The scope of a review is substantially narrower than the scope of an audit performed in accordance with the Polish Financial Auditing Standards compliant with the International Standards on Auditing, adopted by Resolution No. 2041/37a/2018 of the National Council of Statutory Auditors, dated March 5th 2018. As a result, a review does not provide assurance that the auditor will become aware of all significant findings or issues that would be identified in an audit. Accordingly, we do not express an audit opinion.

ERNST & YOUNG POLAND IS A MEMBER OF THE GLOBAL ERNST & YOUNG PRACTICE

Ernst & Young Audyt Polska spółka z ograniczoną odpowiedzialnością sp. k.

District Court for the Capital City of Warsaw in Warsaw, 12th Commercial Division of the National Court Register, National Court Register No. KRS 0000481039, Tax Identification Number NIP 526-020-79-76

Opinion

Based on our review, nothing has come to our attention that would cause us to believe that the accompanying interim condensed financial statements have not been prepared, in all material respects, in accordance with International Accounting Standard 34 Interim Financial Reporting, published in the form of the European Commission regulations.

Warsaw, August 27th 2018

Lead Auditor Partner

Piotr Chęciek Leszek Lerch Auditor registered under No. 13253

Ernst & Young Audyt Polska spółka z ograniczoną

acting on behalf of:

odpowiedzialnością sp. k.

Rondo ONZ 1, 00-124 Warsaw, Poland

entered in the register of audit firms under No. 130