Current Report No. 27/2019 dated 10 May 2019

Signing of the Investment Cooperation Agreement

Further to Current Reports No. 14/2019 and No. 15/2019 dated 12 April2019, the Management Board of Grupa Azoty S.A. (the “Company”) announcesthat on 10 May 2019 the Company, the Company’s subsidiary – Grupa AzotyZakłady Chemiczne “Police” S.A., the subsidiary of the Company and GrupaAzoty Zakłady Chemiczne “Police” S.A. – PDH Polska S.A. (“PDH”), HyundaiEngineering Co., Ltd (“Hyundai”), and Korea Overseas Infrastructure &Urban Development Corporation (“KIND”), jointly referred to as the“Parties”, signed an investment cooperation agreement (the “InvestmentCooperation Agreement”), which is the starting point for negotiations onthe potential participation of Hyundai and KIND in the financing of thePolimery Police project planned by PDH (the “Polimery Police Project”)by way of Hyundai and KIND acquiring new shares in the share capital ofPDH and contributing, respectively, USD 80m and USD 50m to the sharecapital of PDH (the “Investment”).

In accordance with the Investment Cooperation Agreement, the Partieswill conduct discussions and negotiations in good faith, aimed atagreeing on all significant elements of participation of Hyundai andKIND in the financing of the Polimery Police Project.

The Company underlines that the Investment Cooperation Agreement doesnot constitute the Parties’ commitment to undertake the Investment. TheCompany will report on the progress of the negotiations in separatecurrent reports. The Investment is subject to several conditions,including positive results of due diligence for the Investment andobtaining relevant internal approvals by Hyundai and KIND for theInvestment.

The Investment Cooperation Agreement is valid until 1 December 2019.

Legal basis: Article 17(1) of Regulation (EU) No. 596/2014 of theEuropean Parliament and of the Council of 16 April 2014 on market abuse(market abuse regulation) and repealing Directive 2003/6/EC of theEuropean Parliament and of the Council and Commission Directives2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU of 12 June 2014, No. L173/1 as amended).