JSW S.A.

Fund Information / Factsheet • May 4, 2022

Subject:Decisionmade by the JSW S.A. Management Board to buy investment certificates inthe JSW Closed-End Stabilization Investment Fund

Bodyof the report:

TheManagement Board of Jastrzębska Spółka Węglowa S.A. ("JSW", "Company")hereby reports that today it adopted a resolution for JSW to buy seriesD Investment Certificates and subsequent series issued byJSWClosed-End Stabilization Investment Fund ("FIZ") for a total targetamount not to exceed PLN 5 billion.

Itis necessary to obtain the Company's corporate consents to execute thislegal action. At the same time, the Company reports that the foregoingactivity is not equivalent to contributing cash to theStabilizationInvestment Fund (FIZ).The amount of the contribution to theFIZwill depend in every instance on the Company's financial capabilitiesand the financial surpluses recorded, which will be preceded by separatedecisions made by the Management Board and Supervisory Board, and theCompany will report them in separate current reports.

TheCompany also reports that the net asset value of FIZ as at 31 December2021 was PLN 507.7 million. In April 2022 FIZ investment certificateswere issued for a total of PLN 700 million, which the Company reportedin current reports no. 9/2022 and 10/2022. In this manner the net assetvalue of the FIZ has grown to above PLN 1.2 billion.

Theforegoing decisions related to rebuilding the resources of FIZ aim toensure the ability to leverage the FIZ as a cash security buffer duringa downturn of market conditions and/or in a period in which the Companygenerates negative cash flow,and also to provide financial support for the spend planned in the longand medium term related to the performance of investments of strategicimportance for theCompanyand the JSW Group. That is why the information related to rebuilding theFIZ resources has been recognized as being material.