Good Q1 for the Group

| About Us |

The financial result of the first quarter of 2014 was a net profit of 149 million PLN for Grupa Azoty. The company may also take pride in reaching the 21st place in Rzeczpospolita daily ranking of 500 biggest enterprises in Poland.

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Happy Easter!

| About Us |

Easter celebrations are approaching, a time we spend with our families, taking a rest from daily routine and duties. On this occasion, on behalf of myself and the Board of Grupa Azoty “PUŁAWY”, I would like to wish you a happy and cheerful Easter with your nearest and dearest.

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Christmas celebrations in Puławy

| CSR |

A Christmas wafer meeting for the staff was organized in our Works on Monday. Guests included Włodzimierz Karpiński, the Minister of Treasury, and Paweł Jarczewski, the Chairman of the Board of Grupa Azoty. Marian Rybak, the Chairman of the Board of Grupa Azoty “PUŁAWY”, hosted the meeting.

An opportunity to sum up the year

“PUŁAWY” Chairman Marian Rybak was the first to speak. The summarized the year in the Works, paying particular attention to the completed investment projects. He addressed all members of the staff, thanking them for their work and he wished all the participants of the meeting a peaceful Christmas.

Christmas celebrations in Puławy“PUŁAWY” setting an example

The Minister of Treasury Włodzimierz Karpiński was a special guest at the meeting. In his short speech, he stressed the role of Grupa Azoty “PUŁAWY” in the functioning of the chemical business in Poland. He wished all the people in the audience that the coming year be equally successful in Puławy, and in other Works which form the consolidated Grupa Azoty.

Consolidation is continuing

Paweł Jarczewski, the Chairman of the Board of Grupa Azoty, was another honorary participant on this occasion. He thanked the Company staff for their hard work in 2013. Their effort results in further progress of the consolidation of the chemical industry in Poland, and at the same time strengthens its role in Europe and the whole world.

A Very Happy Christmas!

Dr. Cezary Możeński, the Chairman of the Supervisory Board of “PUŁAWY”, also wished the staff Merry Christmas. Father Piotr Trela, the parish priest of Our Lady of the Rosary church in Puławy, encouraged the participants to experience Christmastime joyfully. During the meeting, teens from the parish choir sang Christmas songs.

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Polish chemistry marching forward

| Prospects & Investment |

Azoty Group is the second largest manufacturer of fertilizers in Europe. Such a strong position stems from carefully thought out activities concerning the modernization of the existing installations and the construction of new ones. Chemistry is thus becoming a strategic segment of the Polish economy.

The chemical sector in democratic Poland

For nearly 20 years, various state-owned chemical companies functioned in Poland, offering similar products. However, they did not cooperate as a group and failed to leverage their full potential on the market. Commercialization of a few such chemical companies was unsuccessful, as the investors preferred to locate production in countries with access to sources of cheap natural gas.

Polish chemistry marching forward/fot. photopin.comA second option

Instead of continuing efforts to privatize companies, it was decided to restructure the existing state enterprises and consolidate their assets. The first step was the purchase of a majority stake in Nitrates Works Kędzierzyn-Koźle in 2010 by Nitrates Works Tarnów. In 2011 Tarnów bought Police Chemical Works PLC. As a result, Azoty Group gained an attractive plant located close to the coastline, and also a modern ammonia production line. It is no longer necessary to import ammonia.

Key merger

The process of consolidation of Polish chemical companies did not stop there. By decision of the Minister of Treasury, activities were launched leading to a merger of Azoty Group Tarnów and “PUŁAWY” Company, a leading manufacturer of not only fertilizers, but also caprolactam and melamine. EU regulatory bodies voiced no objections, and at the beginning of 2013 the two companies united on equal footing under Azoty Group brand.

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New challenges for Azoty Group

| Polish Market |

I have been given a crucial task – that of development of one of the largest chemical companies in Europe, a strategic Polish industrial corporation.

Consolidation from within

We shall start by harmonizing work inside Azoty Group. It is vital to create an efficient model of the functioning in the Group, the best practices and common organizational culture, and at the same time to maintain the local identity of each member of the Group.

Extending portfolio, creating new opportunities

The second task, development of our product range, is absolutely crucial. In order to remain competitive, the Group needs to continue responding to customers’ needs. We are currently in the process of acquiring two large enterprises: Organika-Sarzyna, which produces pesticides, and Siarkopol. Thanks to taking over the latter company, the Group may have the opportunity to gain access to sulfur, an important resource in the production of fertilizers. It is an important component of our strategy to obtain own resources, which facilitate efficient and cheaper manufacturing and make it easier to compete on international markets. By vigorous and effective activity that strengthens and expands the functioning of the Group, we would like to show to the shareholders that consolidation of the Polish chemistry makes business sense.

CSR of Azoty

Our work must not be limited to business-oriented activities only. We also support the development of local communities, concentrated around locations of plants belonging to the Group. Our priority is to ensure that economic growth is accompanied by growth of human capital. Consequently, during the consolidation procedures, we will collect the best practices so as to compile a common Corporate Social Responsibility Policy. The policy ought to respond to the needs of the local environments in which we work. It will not only take into consideration the possibility of direct support of local communities, but also activities for the environment and food safety.

Nec Hercules contra plures…

or stronger in a Group. This is the essence of values which the Capital Group cherishes. Seeing what is the potential of the Group, the second largest chemical company in Europe, development of global importance of Azoty Group is indispensable. We want more than a leading position on European markets, our plans go much farther…

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The new name of PUŁAWY

| About Us |

Following the process of consolidation of the biggest Polish chemical companies, a change has been made in the statute of ZA “PUŁAWY”. It concerns the name of the company, which shall now function under the brand ‘Grupa Azoty Zakłady Azotowe “PUŁAWY” S.A.’, or Grupa Azoty “PUŁAWY”.

Entering a new family

As a result of the merger of “PUŁAWY” and Azoty Tarnów, a new entity was created, capable to compete on the international chemicals market even better. It was decided to adopt uniform names of companies so as to facilitate the acquisition of new shareholders and partners. In front of the former name, “PUŁAWY”, a prefix referring to Azoty Group was added. The rest remains unchanged.

A new and strong brand

An important consideration in taking this decision was the issue of future advertising campaigns of the Group. A common element of the name, which is also a name of the whole Group, constitutes a brand easily associated with the profile of the entities forming Azoty. Unification of the name is essential in the process of creating the identity of the Group.

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Perspectives for PUŁAWY Group

| Prospects & Investment |

Due to specificity of the business in which we are active, general macroeconomic factors have a considerable influence on the functioning of “PUŁAWY” Copmany. Looking from this perspective, let us take a moment to discuss the perspectives that our company faces in the approaching months of 2013.

What 2012 brought

The chief challenges for “PUŁAWY” are: general economic slowdown in 2012, resulting in lower demand home and abroad, lower GDP growth than expected and the forecast of further GDP growth stagnation. However, analysts suggest that slow GDP growth will lead to lower inflation rate, which will bring lower interest rates, and might stimulate demand in the long term. Growth of demand is also likely seeing that is will be necessary to replenish stock used up in 2012. Another factor is the forecast fall of value of the Polish Zloty against EUR (by c. 4%) and USD (by c. 8%). And yet, this trend might be reversed in the second half of the year.

PUŁAWY’s answer

Responding to such factors, “PUŁAWY” Company has decided to react in such a way as to conteract the impact of poor market conditions. In 2013 we are planning to:

• diversify the trade offer,

• introduce new product portfolio,

• compete in the area of pricing, but first and foremost by offering unrivaled quality.

Undoubtedly an important factor, which makes the plans more likely to be a success, is the decrease of the price of natural gas, which is one of the key resources in the Great Chemical Synthesis sector manufacturing.

Stronger in a group

The excellent financial result of “PUŁAWY” Company in the first half of 2012/13 financial year resulted from modernization of the installation (cheaper production, better quality) and constant improvements of customer service through needs analysis as well as diversification of suppliers. This confirms the fact that the Group is bound to reach its target for this year. A major step is also the merger of “PUŁAWY” and Azoty Tarnów CG into “Azoty” CG. Common strategy, joining the potentials and experience bring effects of scale and synergistic effects. Thanks to common work to modernize production and increase the portfolio, the consolidation will help retain the Group’s advantage over competition home and abroad.

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We can do more as a Group

| About Us |

On the 14th November 2012 “PUŁAWY” Company and Nitrates Works in Tarnów signed a consolidation agreement. As a result, both companies are now functioning under a common brand ‘Grupa Azoty’ and aspiring to be even more attractive for investors as well as even more powerful on the international markets.

Reducing cost and maximizing results

Owing to the merger of the two companies, a number of benefits regarding common use of resources and assets may be enumerated. Firstly, synergistic effect brings cutting cost and reducing the complexity of logistical operations. Common purchasing policy and reorganization of transportation and stock holding will lead to limiting expenses. The savings may be used for investment projects.

A wider portfolio

Following the joining of companies’ manufacturing powers, “PUŁAWY” and “Azoty Tarnów” received an opportunity to generate marked increase in the output of ammonia, nitric acid and fertilizers. Consequently, the whole Azoty Group will offer a broad range of products and become more valuable as a public company.

The power of growing together

Merging the potential of “PUŁAWY” Company and “Azoty Tarnów” is first of all meant to increase the value of the Group on global markets. Another goal is constant development of the value of the brand, while at the same time respecting the rules of sustainable development and corporate social responsibility. Consolidation in those areas makes it possible for the Group to become competitive on international markets.

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Appreciation for the consolidation

| Prospects & Investment |

A merger of Pulawy Company and Azoty Tarnów is a game changer regarding the position of Polish chemical companies on the global market. The consolidation, which paves the way for becoming even more competitive in the business, has been awarded “The one who transforms Polish business 2012” prize. The award was handed to Paweł Jarczewski of “PUŁAWY” and Jerzy Marciniak from Azoty Tarnów.

The journalists from “Nowy Przemysł” magazine, website and their editor, Grupa PTWP, named the enterprises which transform the Polish economy, at the same time strengthening the position of Polish industry on the international arena. In this year’s edition, the nominations were suggested by Internet users. Out of all the nominations, the editors shortlisted 20 most interesting proposals. Next, an online voting was held on, and in the end the journalists selected the winners.

Persistence in the pursuit of goals, proved by taking bold decisions, is one of the criteria in naming the winners of the competition. By deciding to merge and operate as one body on the Great Chemical Synthesis market, “PUŁAWY” and Azoty Tarnów not only fulfilled this criterion, but also set an example to follow for other enterprises. Following the merger, both companies now in Azoty Group will become an even stronger player on the domestic and international market.

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