JSW S.A. — Capital/Financing Update 2026

May 12, 2026

Attachment to the minutes of the meeting of the JSW S.A. Supervisory Board held on 7 May 2026

Resolution No. 674/XI/26 adopted by the Supervisory Board of Jastrzębska Spółka Węglowa S.A. on 7 May 2026

on: issuing an opinion on the Management Board motion to the JSW S.A. Shareholder Meeting on the establishment of collateral for a loan agreement in the amount of PLN 850,000,000 (eight hundred fifty million Polish zloty), to be entered into between the Company as the Borrower and Agencja Rozwoju Przemysłu S.A. as the Lender

§1

Acting pursuant to § 20 sec. 2 item 11) of the Articles of Association of Jastrzębska Spółka Węglowa Spółka Akcyjna, with its registered office in Jastrzębie-Zdrój, at al. Jana Pawła II 4, 44-330 Jastrzębie Zdrój, entered in the Register of Commercial Undertakings kept by the District Court in Gliwice, 10th Commercial Division of the National Court Register under file number KRS 0000072093, holding REGON number: 271747631 and tax identification number (NIP): 6330005110 (JSW, Company) and having reviewed the motion of the Company's Management Board expressed in Resolution No. 188/XI/2026 of the Company's Management Board of 6 May 2026 on applying to the JSW Shareholder Meeting and the JSW Supervisory Board for the indispensable corporate consents to establish collateral for the loan agreement in the amount of PLN 850,000,000 (eight hundred fifty million Polish zloty), to be entered into between the Company as the Borrower and Agencja Rozwoju Przemysłu S.A. as the Lender, as referred to in the Management Board's Motion (Management Board Motion), the Company's Supervisory Board issues a positive opinion on the Management Board Motion.

§2

The capitalized terms defined in the Management Board Motion retain their meaning in this document, unless they are otherwise defined herein.

§3

The resolution shall come into force on the date of its adoption. The vote was taken in an open ballot.

Justification

The Supervisory Board issued a positive opinion on the Management Board Motion, deeming the establishment of collateral for the planned loan agreement to be justified, therefore, following the adoption of a resolution approving the conclusion of a loan agreement with Agencja Rozwoju Przemysłu S.A., it requests the Shareholder Meeting to grant the necessary corporate approvals for the establishment of collateral for the loan agreement in the amount of PLN 850,000,000 (eight hundred fifty million Polish zloty), to be entered into between the Company as the Borrower and Agencja Rozwoju Przemysłu S.A. as the Lender, as referred to in the relevant Management Board Motion.

Relevant signatures on the original