Grupa Azoty S.A.

Audit Report / Information • Sep 5, 2019

Ernst & Young Audyt Polska spółka z ograniczoną odpowiedzialnością sp. k. Rondo ONZ 1 00-124 Warsaw, Poland

+48 (0) 22 557 70 00 +48 (0) 22 557 70 01 warszawa@pl.ey.com www.ey.com/pl

AUDITOR'S REPORT ON THE REVIEW OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Introduction

We have reviewed the interim condensed consolidated financial statements of the Grupa Azoty Group (the "Group"), whose parent is Grupa Azoty S.A. (the "Company"), with its registered office at ul. Kwiatkowskiego 8, Tarnów, Poland, comprising the interim condensed consolidated statement of profit or loss and other comprehensive income for the period January 1st – June 30th 2019, interim condensed consolidated statement of financial position as at June 30th 2019, interim condensed consolidated statement of changes in equity and interim condensed consolidated statement of cash flows for the period January 1st – June 30th 2019, and notes to the financial statements (the "interim condensed consolidated financial statements").

The Company's Management Board is responsible for the preparation and presentation of the accompanying interim condensed consolidated 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 interim condensed consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with National Standard on Review 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. 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.

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, 12th Commercial Division of the National Court Register, KRS: 0000481039, NIP: 526-020-79-76

A review is substantially less in scope than an audit performed in accordance with National Standards on Auditing compliant with International Standards on Auditing as adopted by the National Council of Statutory Auditors and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Opinion

Based on our review, nothing has come to our attention that would cause us to believe that the accompanying interim condensed consolidated 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, September 4th 2019

Lead Auditor Partner

Piotr Chęciek Leszek Lerch Auditor registered under No. 13253

acting on behalf of Ernst & Young Audyt Polska spółka z ograniczoną odpowiedzialnością sp. k. Rondo ONZ 1, 00-124 Warsaw, Poland entered in the register of audit firms under No. 130