JSW S.A.

Business and Financial Review • Oct 28, 2022

Subject:Continuationof coking coal sales cooperation with ArcelorMittal S.A.

Inreference to current report 10/2018, the Management Board of JastrzębskaSpółka Węglowa S.A. ("Company"), having regard for the strategic natureof the Company's cooperation with ArcelorMittal Poland S.A. with itsregistered office in Dąbrowa Górnicza, hereby reports that the terms ofbusiness regarding coking coal deliveries in 2023-2025 have been agreedupon and on 28 October 2022 the parties entered into an annex to theirlong-term agreement ("Agreement").

TheAgreement assumes that the parties will continue to cooperate with oneanother and the estimated value of the Agreement in 2023-2025 maysurpass PLN 7 billion. Following this period theAgreementwill be subject to extension for subsequent years up to the end of 2029at the maximum, after agreeing on the structure related to quality andquantity provided that neither of the parties terminates it. Based onthis Agreement annual contracts will continue to be executed to agree onthe specific terms of business.

The remainingprovisions of the Agreement remain unchanged and are standard for thesetypes of agreements.

Legal basis:Article 17(1) of Regulation (EU) No. 596/2014 of the European Parliamentand of the Council of 16 April 2014 on Market Abuse and RepealingDirective 2003/6/EC of the European Parliament and of the Council andCommission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.