Ciech S.A. — Investor Presentation 2018

Dec 5, 2018

CIECH Group Strategy for 2019-2021

5 December 2018

CIECH Group Strategy for 2019-2021 2 Legal Disclaimer

This elaboration has been prepared solely for information purposes; it contains only summary information and is not intended to be exhaustive, nor is it intended to be the sole basis for any analysis or evaluation. This elaboration does not contain a complete or comprehensive financial or commercial analysis of CIECH S.A. or the CIECH Group, nor does it present its position or prospects in a complete or comprehensive manner. CIECH S.A. has prepared this elaboration with due care, however, it may contain some inaccuracies or omissions. CIECH S.A. does not accept any responsibility for any errors, omissions or irregularities contained herein. This elaboration cannot be understood as a forecast of future results of CIECH S.A. or the CIECH Group. Statements regarding expectations as to future financial results are not a guarantee or assurance that such results will be achieved in the future. Actual results achieved by CIECH S.A. or the CIECH Group may significantly differ from those described herein. The data presented depend on a number of factors that may cause the actual results achieved by CIECH S.A. or the CIECH Group to significantly differ from those described in this document. Many of such factors are beyond the knowledge, awareness and/or control of the Company or the Company's ability to predict the same. The Management Board of CIECH S.A. does not make any assurances (express or implied) as to the information presented in this elaboration. The sources of information used herein are considered by CIECH S.A. credible and accurate, however, there is no guarantee that they are comprehensive and fully reflect the facts. This elaboration does not constitute an advertisement. It does not constitute any purchase or sales offer, or any offer the purpose of which is to obtain an offer to buy or sell any securities, instruments or participation in any commercial venture, and nothing contained in this elaboration will form the basis of any contract, commitment or investment decision, nor should it be relied upon in relation to any contract, commitment or investment decision. CIECH S.A. is not liable for the effects of any decision taken on the basis of this elaboration. Such responsibility lies solely with the user of this elaboration. This elaboration is subject to protection under the Copyright and Related Rights Act. It cannot be reproduced, published or disseminated unless with the written consent of CIECH S.A.

A large scale of business and a well established market position

A significant player on the European and global chemical market

A strong position on the main markets and an increasing presence on those rapidly growing

Experienced staff with extensive knowledge and experience

CIECH Group Assets

Modern business approach thanks to professional staff

MANAGEMENT BOARD SUPERVISORY BOARD

Dawid Jakubowicz President of the Management Board

A valued expert with international operational experience in building the value of companies from the chemical, mining, energy, automotive and new technologies sectors. He worked for an international audit company, KPMG. He held the office of a member of the Supervisory Board of CIECH S.A. from June 2018 to December 2018.

Artur Osuchowski Member of the Management Board

Mirosław Skowron Member of the Management Board

Sebastian Kulczyk

Chairman of the Supervisory Board

Since 2010, he has been associated with the Kulczyk Investments Group, since December 2013, as the Chief Executive Officer of Kulczyk Investments. In 2009-2010, he worked at the Lazard investment bank, London. He has experience in managing companies operating in the electronic business sector. He also worked in the Sony BMG digital media department, New York. For many years, he has been investing and developing ventures in the new-tech area.

Tomasz Mikołajczak Deputy Chairman of the Supervisory Board

Piotr Augustyniak Supervisory Board Member

Mariusz Nowak Supervisory Board Member

Artur Olech Supervisory Board Member

CIECH Group Strategy for 2019-2021 6

Diversified product portfolio

CIECH Group

segment, other activities, corporate functions and consolidation exclusions

Note: Results for four quarters were presented: Q4 2017-Q3 2018; the sum of segments is not equal to the results of the CIECH Group due to the omission of the results of the transport

LTM revenue: PLN 3,664 M LTM adj. EBITDA: PLN 723 M LTM adj. EBITDA margin: 19.7%

CIECH Group values

	VALUES
C lient-centric,	Increased customer satisfaction	We want to be an organisation that listens to our customers' needs, constantly adjusting its offer, treating customers as ambassadors
I nnovative, and	Innovation growth	We recognise that only through increased innovation can we achieve an increase in the value of the Group and a competitive advantage
E fficient	Continuous efficiency improvement	Every day we strive to improve our efficiency. We implement performance monitoring programmes, reduce costs and operational risks
C hemical H olding	Effective management	We strive for the maximum use of resources - and effective management of the Group in the conditions of a dynamically changing world, while meeting the highest regulatory standards

The vision and ambition of the CIECH Group is to create real value for all stakeholders CIECH Group Strategy for 2019-2021

2021 CIECH Group Vision

Our vision is to create an effective and diversified chemical holding which generates a positive value for shareholders in the long term, and, apart from the soda business, holds a significant position in innovative, specialised market segments

Shareholders	Customers	Employees	Community & Ecology
Increase in the value of the Group ▪ Increase of EBITDA to PLN 900+ M in 2021 ▪ Product diversification: at least 35% EBITDA from businesses other than soda	Continuous increase of customer satisfaction ▪ Development of specialist products in response to customer needs ▪ Further development of additional services for customers	Further improvement of safety and working conditions Providing appropriate tools to ensure the development and increased motivation of employees ▪ One of the best employers in the chemical industry in the markets where we operate	Reducing the environmental impact ▪ Reduction of carbon footprint in the soda production process ▪ Adjusting the energy mix to the changing market conditions, while maintaining good environmental protection practices

CIECH Group Ambition for 2021

Strategy execution stages

In the perspective, by 2024, CIECH Group is to become a modern, diversified European Chemical Group

Strategic Financial Goals of CIECH Group (2019-2021)

Note: LTM: results for four quarters were presented: Q4 2017-Q3 2018

CIECH Group Strategy for 2019-2021 11

Pillars of the CIECH Group Strategy by 2021

Efficient Diversified Chemical Holding

• Increasing competitive advantages in the key soda business
• Further investing in the development of specialist businesses
• Value creation through changes in the asset portfolio (acquisitions and divestments)

Continuing effective capital allocation for efficiency improvement, new growth projects and innovations

Further support in building organisational culture

CIECH Group Strategy for 2019-2021 12 We are striving to balance the share of specialists segments in the total result generated by the CIECH Group

Soda business – priorities and strategic goals 2021

SODA BUSINESS

Strategic goal:

increasing the efficiency of the soda business, which will translate into an increase in customer satisfaction and enable us to increase our share in the sodium bicarbonate market

CIECH Group Strategy for 2019-2021 14

Other businesses – priorities and strategic goals 2021

Salt	▪ Commencing production and sales of volumes from the plant in Germany (+450 thousand tons in 2021, +75% compared to current capacity) ▪ Increasing the share of CIECH Group products in the specialist products (including, among others, salt tablets, pharmaceutical salt and dishwasher salt)
Crop Protection Chemicals	▪ Development of the portfolio of active ingredients (increase by 40+) and new product registrations (increase by 200+) ▪ Strengthening the position on the main markets (Poland and Spain) and developing sales on other markets ▪ Increasing sales outside Poland to over 40%
Resins	▪ Developing the portfolio of specialist products
Foams	▪ Maintaining current market position
Silicates and Glass	▪ Taking advantage of the growing silicates market ▪ Maintaining the current market position in glass packaging

CIECH Group will continue to actively invest in asset development

Focus on sustainable development: IRR objective >15% for growth projects

Further support in building organisational culture

The HR vision involves building an environment in which the best people can develop and create a culture of effectiveness, thus implementing the Group's strategy

Building the best teams

Creating a culture of continuous efficiency improvement

• 1. Advanced management by objectives
• 1. Supporting proactivity and implementing changes
• 1. Striving to implement the CIECH Group values at every stage of work

1. Building involved teams

• 1. Recognising employees' needs
• 1. Increased motivation

CIECH Group in 2021

An effective and diversified chemical holding generating positive value for shareholders in the long-term, with a significant position in soda ash and in innovative, specialised market segments

Shareholders	A chemical holding with more than PLN 4 B in revenue, more than PLN 900 M in adj. EBITDA and an adj. EBITDA margin of more than 22% in 2021
Customers	A leader in customer service quality with new specialist products responding to customer needs
Innovation	A leading producer of soda ash, offering a broad spectrum of specialist products based on innovation and R&D in the most prospective segments
Efficiency	A Group using modern tools to increase production efficiency and applying the best market practices
Employees	A holding in which the best people can develop and create a culture of efficiency, thus implementing the Group's strategy
Community and ecology	A credible partner of local communities, demonstrating responsibility for the natural environment

CIECH S.A. Wspólna 62 00-684 Warsaw Tel. +48 22 639 11 00 Fax: +48 22 639 11 09

www.ciechgroup.com

This elaboration has been prepared solely for information purposes; it contains only summary information and is not intended to be exhaustive, nor is it intended to be the sole basis for any analysis or evaluation. This elaboration does not contain a complete or comprehensive financial or commercial analysis of CIECH S.A. or the CIECH Group, nor does it present its position or prospects in a complete or comprehensive manner. CIECH S.A. has prepared this elaboration with due care, however, it may contain some inaccuracies or omissions. CIECH S.A. does not accept any responsibility for any errors, omissions or irregularities contained herein. This elaboration cannot be understood as a forecast of future results of CIECH S.A. or the CIECH Group. Statements regarding expectations as to future financial results are not a guarantee or assurance that such results will be achieved in the future. Actual results achieved by CIECH S.A. or the CIECH Group may significantly differ from those described herein. The data presented depend on a number of factors that may cause the actual results achieved by CIECH S.A. or the CIECH Group to significantly differ from those described in this document. Many of such factors are beyond the knowledge, awareness and/or control of the Company or the Company's ability to predict the same. The Management Board of CIECH S.A. does not make any assurances (express or implied) as to the information presented in this elaboration. The sources of information used herein are considered by CIECH S.A. credible and accurate, however, there is no guarantee that they are comprehensive and fully reflect the facts. This elaboration does not constitute an advertisement. It does not constitute any purchase or sales offer, or any offer the purpose of which is to obtain an offer to buy or sell any securities, instruments or participation in any commercial venture, and nothing contained in this elaboration will form the basis of any contract, commitment or investment decision, nor should it be relied upon in relation to any contract, commitment or investment decision. CIECH S.A. is not liable for the effects of any decision taken on the basis of this elaboration. Such responsibility lies solely with the user of this elaboration. This elaboration is subject to protection under the Copyright and Related Rights Act. It cannot be reproduced, published or disseminated unless with the written consent of CIECH S.A.