KGHM Polska Miedź S.A.

Interim / Quarterly Report • Aug 20, 2019

TRANSLATORS' EXPLANATORY NOTE

The English content of this report is a free translation of the registered auditor's report of the below-mentioned Polish Company. In Poland statutory accounts as well as the auditor's report should be prepared and presented in Polish and in accordance with Polish legislation and the accounting principles and practices generally adopted in Poland.

The accompanying translation has not been reclassified or adjusted in any way to conform to the accounting principles generally accepted in countries other than Poland, but certain terminology current in Anglo-Saxon countries has been adopted to the extent practicable. In the event of any discrepancies in interpreting the terminology, the Polish language version is binding.

Independent registered auditor's report on the review of the interim condensed financial statements for the period from 1st January to 30th June 2019 to the Shareholders and the Supervisory Board of the KGHM Polska Miedź Spółka Akcyjna

Introduction

We have reviewed the accompanying interim condensed financial statements of KGHM Polska Miedź Spółka Akcyjna (hereinafter called the Company), with its registered office in Lubin, M. Skłodowskiej-Curie 48 Street, comprising the statement of financial position as at 30 June 2019 and the statement of profit or loss, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the period from 1 January to 30 June 2019 and selected explanatory notes.

Management is responsible for the preparation and presentation of these interim condensed financial statements in accordance with the International Financial Reporting Standards as adopted by the European Union related to interim financial reporting (IAS 34). Our responsibility is to express a conclusion on these interim condensed financial statements based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity as adopted by the National Council of Certified Auditors as the National Standard on Review Engagements 2410 with a resolution dated 5 March 2018. A review of interim condensed financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with National Standards on Auditing. Consequently, it 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.

PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k., (formerly: PricewaterhouseCoopers sp. z o.o.), ul. Polna 11, 00-633 Warsaw, Poland T: +48 (22) 746 4000, F: +48 (22) 742 4040, www.pwc.com

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements have not been prepared, in all material respects, in accordance with the IAS 34 "Interim Financial Reporting".

Conducting the review on behalf of PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k. (formerly: PricewaterhouseCoopers sp. z o.o.), a company entered on the list of Registered Audit Companies with the number 144:

Marta Ratajczyk

Registered Auditor No. 13125

Wrocław, 19th August 2019