REPORT ON COMPENSATIONS OF MANAGEMENT BOARD AND SUPERVISORY BOARD MEMBERS OF JASTRZ BSKA SPÓŁKA W GLOWA S.A.

for the financial year ended 31 December 2022

6788 9:;<=>? @= >9A8B? BCDEB??BF @= :@88@;=? ;G HIJ <=8B?? ?>9>BF ;>KBEL@?BM 1

	NOPQRSTUVWXSQURYOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOYZP
[[\P	]^_`abcdef\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\gP
[\P	_chijek^lmcebjicblncbibjomcdkpj^bk\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\gP
[\g\P	qrsturvrwxyzr{ }t~{t}€}t'ƒ}~{r}}tr{v~"x{zr{ t~{t…†……\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\gP
[\‡\P	mencbh^lmce^]cdllˆjmhi‰jhjeljf_chijek^lmceic‰m_p\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ŠP
[\‹\P	mencbh^lmcecelˆj_chickmlmcecn^ef_ˆ^eajklclˆjŒkh^e^ajhjel]c^bfmeŽ\\\\\\\\\\\\\\\\\\\\\\\\\\\\P
[\Š\P	mencbh^lmcecelˆj_chickmlmcecn^ef_ˆ^eajklclˆjŒkkdijbomkcbp]c^bfmeŽ\\\\\\\\\\\\\\\\\\\\\\\\\\\\P
[\\P	_chickmlmcecnkdijbomkcbp]c^bf_chhmlljjk^efnde_lmcekfmk_ˆ^bajfmelˆj_chhmlljjk]plˆjmbhjh]jbk\\'P
[\\P	`jp_ˆ^eajkmelˆj_chijek^lmcecnlˆjŒkh^e^ajhjel]c^bf^efkdijbomkcbp]c^bfmeŽ\\\\\\\\\\\\\\\\\[[P
	'OPSUS""YXU•–—R˜"SQURYU™YSš—Y•"R"›—•—RSYœU"TVY"RVYSš—Y˜W–—TQ˜UTžYœU"TVYOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOYNNP
[\P	lcl^‰_chijek^lmce^hcdel]bc`jefcemelc_chicejelk\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\[[P
\P	ibjkjel^lmcecnibcicblmcek]jljje_chijek^lmce_chicejelkŸnm jf^efo^bm^]‰j¡\\\\\\\\\\\\\\\\\\\\\\\\\\ŽP
\g\P	j i‰^e^lmcecnlˆjbj‰^lmcekˆmi]jljje_chijek^lmce^^bfjfcbfdj^efijbncbh^e_j\\\\\\\\\\\\\\\\\\\\\ŽP
\‡\P	_chijek^lmce^hcdelknbchabcdi_chi^emjk\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ŽP
\‹\P	hcejl^bpcbece¢hcejl^bpijbncbh^e_jk^^bfjflc_‰ckjklbj‰^lmojkcnh^e^ajhjel]c^bf^ef
	kdijbomkcbp]c^bfhjh]jbk\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\[P
	ZOP˜š"T—£œ"˜—VY–"ž•—RS˜YOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOY''P
	¤OP—¥—TXQ˜—YU™YSš—YTQ›šSYSUY™Q"—Y"YXU•–""QRSYOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOY''P
	¦OPQR™UT•"SQURYURYXUR˜Q˜S—RXžYU™YXU•–—R˜"SQURY§QSšYSš—YXU•–—R˜"SQURY–U"QXžY"RVY"––"QX"SQURYU™Y
	–—T™UT•"RX—YXTQS—TQ"YOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOY''P
‹[\P	j i‰^me^lmceˆclcl^‰_chijek^lmcemk_chi‰m^elmlˆlˆj_chijek^lmceic‰m_p^efˆcml_celbm]dljklclˆj
	¨©ª~rvrzr{ tx«t ªrt©xzy¨{s}twx{¬¢ljbhijbncbh^e_j\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\P
‹\P	mencbh^lmceceˆclˆjijbncbh^e_j_bmljbm^ˆ^oj]jje^ii‰mjf\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\gP
	OPXU•–"T"SQ—YQR™UT•"SQURYURYXš"R›—˜YQRYXU•–—R˜"SQURY"RVYQRYS𮝰±²³´µ¶·¸¯³®¹º±¹²´RX—YOOOOOOOOOOOOOY'
	»O "––TU""YU™YSš—YXU•–—R˜"SQURYT—–UTSYOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOYZNP

INTRODUCTION 1

1.1. BACKGROUND

To fulfill the obligation set forth in Article 90g of the Act of 29 July 2005 on Public Offerings and the Conditions for Floating Financial Instruments in an Organized Trading System and on Public Companies (Journal of Laws of 2022, item 2554, as amended, hereinafter referred to as the "Act on Public Offerings"), the Supervisory Board of Jastrzębska Spółka Węglowa S.A. ("JSW", "Company") prepares an annual compensation report presenting a comprehensive review of compensations, incespective of their form, received by or payable (due and payable) to individual Management Board Members and Supervisory Board Members for the financial year ended 31 December 2022.

All compensation amounts in this report are stated in PLN, on a gross basis.

The Report on compensations of Jastrzębska Węglowa S.A. Management Board Members for the financial year ended 31 December 2022 (the "Report on Compensations") has been assessed by a statutory auditor in terms of whether the information required under Article 90g sections 1-5 and 8 of the Act on Public Offerings has been included in it. The entity authorized to assess the Report on Compensations is PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt sp.k.

1.2. COMPENSATION REPORT FOR PREVIOUS YEARS

The Ordinary Shareholder Meeting of Jastrzebska Spółka Węglowa S.A., by Resolution No. 13 of 1 July 2022, issued a positive opinion on the "Report on compensations of Jastrzebska Spółka Węglowa S.A. Management Board Members for the financial year ended 31 December 2021" submitted by the Supervisory Board. The said report has been reviewed by a statutory auditor it contains the information required under Article 90g(1)-(5) and (8) of the Act on Public Offerings. The entity authorized to review the Report was PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt sp.k.

The Company publishes compensation reports for previous years on its website and makes them available free of cheast 10 years from the end of the Shareholder Meeting which adopted the resolution on the respective compensation report.

1.3. KEY DEVELOPMENTS IN JSW'S BUSINESS ENVIRONMENT IN 2022

MARKET SITUATION

lastrzebska Spółka Węglowa S.A. as an active participant in the coking coal – coke – steel supply chain operates in a volalile market environment determined by the situation in the steel market and strong competition in the coking coal and coke supplier markets.

JSW is the largest hard coking coal producer in the only domestic producer of hard coking coal and a significant producer of semi-soft coking coal. The other domestic producers of steam coal; coking coal represents a small percentage of their total production volume.

In the last few years, the coking coal and coked degree of volatility and unpredicability. Although periodic strong upward and downward movements are part of market conditions, 2022 will go down in history as a period of exceptional intensity of unpredictable developments that affected the market in quite an extreme manner.

In 2022, the global macroeconomic environment was ridled with immense uncertainty, with the macroeconomic situation in Europe and across the world significantly affected by the following factors:

= war in Ukraine coupled with the consequences of restrictions imposed on Russia,
threat of occurrence of an energy crisis in Europe,
still present consequences of the COVID-19 pandemic such as periodic government restrictions (especially in China), disrupted supply chains (automotive industry),
expected slowdown of the global economic growth,
higher inflation. .

In 2022, the armed conflict in Ukraine and the sanctions in Russia strongly affected the macroeconomic situation in Europe and the world, in particular the energy commodity markets. In the situation of a limited coking coal supply maintaining for several quarters, the outbreak of the war in Ukraine has caused great uncertainty for supply of raw materials, providing the impetus for a short-term record-breaking increas, exceeding historical highs by 200 USDft. The prices of hard coals

- - 01 23 4544

!"#\$%&'"(!")*+(!,&-.,!"/!/ 6788 9:;<=>? @= >9A8B? BCDEB??BF @= :@88@;=? ;G HIJ <=8B?? ?>9>BF ;>KBEL@?BM NOPNNQNQRSTUVWXYZ[Y\N]N^_]NZaQb^cadef^P\gTgghij[Y\NdakkalZ[mna[Y\coY\N]ZPNccYN^QZkpQNPkZ[NQoN^P\Z[m]Nql^kNrNkcZ[ st[NgTggiu\N^rN^mNuVjvNnZtnwxxZ[QNOZ[yegTggl^czSizTUVWXY^[QdNkkziS{Qal[Ya|i|gUVWXYZ[yggTggij[y}gTggo Y\N]ZPNcQa]]NQ^m^Z[~p}i{YagiS|UVWXYNk^YZrNYayggTggo^[QZ[ygTggY\N^rN^mNuVjvNnZtnwxx]ZPNcacN~peei{ YagSzie}UVWXYNk^YZrNYay}gTggi

vZPNcad~k^cYdt[^PNPa_NZ[PN^cNQdakkalZ[mY\NatY~N^_adl^Z[U\_^Z[No~tYY\N^]]NPZ^YZa[l^ckNcc]a[at[PNQY\^[datcY^kZ^[ Pa_Z[mPa^kiu\N]ZPNcadx\Z[NcNxVRXRgPa\_NZ[PN^cNQdan~Nkal|TTUVWXYZ[N~t^pgTggYaRzTUVWXYZ[Y\NcNPa[Q\^kdadf^P\ gTggi[Y\Nta]N^[n^_NYoZ[f^P\gTggoxVRXRg~k^cYqdt[^PNPa_N]ZPNcZ[PN^cNQ~p[N^kpeTTUVWXYbPan]^NQYaN~t^p gTgghYaSTTUVWXYicZ[Y\NP^cNadPa^koY\NNl^c^m^Qt^kQNPkZ[NZ[Pa_N]`ZPNcZ[Z[QZrZQt^kna[Y\ci

u\Nc^[PYZa[cZn]acNQa[tccZ^Nm^QZ[mY\N~^[a[Y\NZn]aYadN[NmpPannaQZYZNcoY\NNcYZPYZa[adY\Nct]]kpadcYN^nPa^ko^[Qm^c ^[QaZkdantccZ^YaY\Nta]N^[U[Za[\^rNkNQYaY\N[NNQYa^]ZQkpZn]aYcYN^nPa^kdanarNcN^cn^\_NYcPa[YZ~tYZ[mYa^[Z[PN^cN Z[Y\N]ZPNcadY\Nn^kPa^ka[lakQn^`_NYci

u\NPa[cNtN[PNadta]NcQNN]N[NmpPannaQZYpQNdZPZYodakkalZ[mY\NZ[YaQtPYZa[adc^[PYZa[ca[tccZ^o\^c~NN[^[t[]NPNQN[YNQ Z[PN^cNZ[NkNPYZPZYp^[Qm^c]ZPNc^[QPa[PN[c^~atYY\NZ^r^Zk^~ZkZYpQtZ[mY\NlZ[YNiu\ZcZ[dktN[PNQY\NcYNNkn^_NYZ[Y\Nta]N^[ U[Za[i^PNQlZY\Y\NY\N^Yad^[N[NmpPZcZcoZcZ[mPacYco^[Qt[PNY^Z[YpZ[QNn^[QdacYNNk]aQtPYcon^[pcYNNkPan]^[ZNc\^rNZ[YaQtPNQ ]aQtPYZa[NcYZPYZa[c^[QYNn]a^pc\tYQal[cad~k^cYdt[^PNcixa\_N]aQtPYZa[^YZ[YNm^YNQPa\_Z[m]k^[Yc\^c~NN[PtY^ZkNQYa^kNccNNOYN[YY\^[latkQNctkYdan~k^cYdt[^PNc\tYQal[c]aQtPYZa[adPa\_NarN[m^c~NP^nNY\N]ZaZYpiu\Zc\^ckNQYa^]NZaQZParNct]]kpad Pa\_Na[Y\Nn^_NY^[Q^Qa]Z[]ZPNciu\NZ[PN^cNZ[Zn]aYcad^ln^YNZ^kcon^Z[kpcYN^nPa^kdanarNcN^co\^ckNQYamN^YNcY^Z[a[ QanNcYZPcN^]aYc^[Q^ZkatYNcon^_Z[mY\NkamZcYZPcadQNkZrNpYaPtcYanNcna`NQZddZPtkYi

WtNYaY\NQp[^nZPcZYt^YZa[oZYZcQZddZPtkYYa]NQZPYY\Nka[mqYNnNPa[anZPNddNPYcadY\Nl^Z[U\_^Z[N^[QZYcNddNPYa[Y\NarN`^kk

¡¢£¡¤¥¢¦§¨¡¢¨©¡¢¥§¨

ª«¬«¬««®®¯°±²^[QZm[ZYZa[adnNY\^[N^[QcNPa[Q^`pNO]kacZa[col\ZP\Yaa_]k^PNZ[ka[ml^kk³q RocN^nTX´T|Xea[kNrNkeTTTiu\NnZ[Z[mZ[Y\Zcka[ml^kkl^ccP\NQtkNQYaN[QZ[st[NgTggi

[g}]ZkgTggo^\Zm\N[Nmpc\aP_l^rNPan~Z[NQlZY\^[Z[YN[cZrNatYdkaladnNY\^[NYaa_]k^PN^Yµ¶µ·ap[Z^q¸°±¸°± VNPYZa[iu\NZ[PZQN[YaPPt``NQZ[^[^N^l\NN[anZ[Z[ml^c]NdanNQoZ[Y\NWq^la_Z[md^PN`a^Ql^pa[kNrNkTTi

[g]ZkgTggY\NsV¶f^[^mNnN[Y·a^Q^Qa]YNQ^NcaktYZa[a[Y\NaPPt``N[PNaddaPNn^¹NtNZ[sV¶^[QY\N[aYZdZP^YZa[adY\N º»¼½»¼»aPNn^¹NtNic ^NctkYadY\N^[^kpcNcPa[QtPYNQoY\NZn]^PYNONYNQ~pY\NcNNrN[YcZ[YNncadNQtPNQPa^k]aQtPYZa[t[YZkY\NN[QadgTgg\^c~NN[ NcYZn^YNQYa~Natm\kpTTY\atc^[QYa[ciu\NNO^PYZn]^PYadY\NNrN[Yca[Y\NkNrNkadatY]tYX]aQtPYZa[Z[ct~cNtN[YpN^cZcQZddZPtkYYa NcYZn^YNol\ZP\NctkYcd`an~aY¼¼±¾¼º®®¯°± ¼¼±¸°±

£¿ÀÁ¨Âÿ¤Ä£¦¡¿¢¨

Å«¬««ÆÇ¬È« ¬ º±¼¼Æ¬ÉÊË ÌYa[co^PPat[YNQ daSzie{adY\N[NYPa^katY]tYol\NN^ccYN^nPa^k]aQtPYZa[N^P\NQ}oTzRiY\atc^[QYa[cixan]^NQYagTgeoY\NarN^kkPa^k]aQtPYZa[ Z[PN^cNQ~p}eSiSY\atc^[QYa[cb´gi}{hoadl\ZP\Y\N]aQtPYZa[adPa\_Z[mPa^kQNPN^cNQ~pgTigY\atc^[QYa[cbqTig{ho^[QadcYN^nPa^k ~p}}SiY\atc^[QYa[cb´egi}{hi

¡¢Í¥§¦¡¢Î¨À£¦¡Í¡¦¡¥§¨

j[gTggoY\Nxan]^[pcP^]ZY^kNO]N[QZYtNc^nat[YNQYavϳgoTgTignZkkZa[oadl\ZP\vϳzeSi|nZkkZa[l^cc]N[Ya[NO]N[c^~kNnZ[Z[m]ZYco vϳeoTgSi}nZkkZa[a[Z[rNcYnN[YcZ[]a]NYpo]k^[Y^[QNtZ]nN[Y^[QvϳeS|inZkkZa[a[Zm\YqadqtcN^ccNYci

С¢À¢£¡ÀÁ¨Ã¥§ÄÁ¦§¨

uaY^kc^kNcNrN[tNclNNvϳg|oSSTinZkkZa[Z[gTgg^[QlNNvϳegoggTi|nZkkZa[\Zm\Nb´Tig{hY\^[Y\NNrN[tNcN^[NQZ[gTgeij[ Y\N`Nc]NPYZrNcNmnN[YcoY\NcZYt^YZa[l^c^cdakkalcÑ

Coal segment1

The average quotation of The Steel Index ("TS") in July-November 2022, affecting the JSW's prices in Q4 2022, was 264 USDf. Compared to the average TSI value in April-August 2022, affecting the prices in Q3 2022, it fell by 27%.

The estimated average PLN-per-ton price of coking coal sold by JSW to external buyers in Q4 2022 versus the previous quarter dropped by approx. 23%. Converted into USD at the National Bank of Poland's average exchange rate in the decrease was approx. 22%.

The Polish Steam Coal Market Index (PSCM1) in sales to the commercial and industrial energy sector stood at PLN 548.22 per ton in Q4 2022 (data for October and November 2022) rose by approx. 2% compared to the previous quarter.

The average price of steam coal sold by JSW in Q4 2022 in relation to the previous quarter increased by aprox. 10%.

Sales revenues on the coal produced by JSV, which accounted for 68.3% of total revenues, stood at PLN 17,607.0 million, i.e. were PLN 9,386.4 million (+114.2%) higher than in 2021. The increase in sales revenues on the average sales price of coal being up PLN 670.30 per ton (a 121.9% increase). In 2022, 14,427.6 thousand tons of coal was sold, i.e. 517.0 thousand tons less than in 2021 (a 3.5% decrease).

Coke segment2

The prices of blast-furnace coke in the European market in Q3 2022 was USD 460 per ton, down by approx. 31% compared to Q2 2022.

The average PLN-per-ton total contract price of coke sold by the JSW Group in Q4 2022 decreased by approx. 29% 2022. Converted into USD at the National Bank of Poland's average exchange rate in the decrease was approx. 28%.

In 2022, the Company also sold cole and hydrocarbons, earning revenues of PLN 7,634.3 million. Compared to 2021, this signified an increase by PLN 2,703.4 million (+54.8%).

Revenues from coke sales in 2022 reached PLN 2,460.7 million greater than in 2021, chiefy due to an increase in the average selling price of coke on an FCA basis by 900.69 PLN/t (+73.1%).

The reverses from the sale of hydrocarbons in 2022 amounted to PLN 242.7 million higher (+67.6%) than in 2021, primarily due to an increase in the prices of coke-oven tar (+61.0%) and of BTX (+29.8%).

Summary of the Company's financial results

The total costs by nature amounted to PLN 10,191.1 million (vithout considering the cost of materials and goods sold) in 2022 and were PLN 1,873.1 million higher compared to 2021 (PLN 8,318.0 million), with variations reaching the following values in particular items:

= depreciation and amortization: up by PLN 6.1 million, i.e. 0.6%.
consumption of materials and energy: up by PLN 656.5 million, i.e. 45.1%, of which:
- consumption of materials: up by PLN 462.4 million, i.e. 53.0%,
- energy consumption: up by PLN 194.1 million, i.e. 33.2%,
그 external services: up by PLN 335.6 million, i.e. 18.1%,
employee benefits: up by PLN 859.6 million, i.e. 22.8%,
taxes and fees: up by PLN 8.8 million, i.e. 6.0%,
= other costs by nature: up by PLN 6.5 million, i.e. 14.4%.

The increase in the depreciation and amortization costs concerned mainly the capitalized costs of the longwall areas in connection with a higher ratio of the average cost of settlement of longwall areas.

The increase in the costs of consumption of materials was predominantly related to the increase in the prices of materials compared to 2021 and the increase in net coal production by 317.7 thousand tons of consumption of materials were incurred, among other

¹ JSW sets prices with its customers on the daily prices of Australian premium hard oking coal grades, in most cases by calculating their near values by using two methods:

the Nippon Steel method – a quarterly benchmark proce of the first two months of the current quarter and the last morth of the previous quarter, the Q-1 method - quarterly benchmark prices calculated on the basis of the average prices in the previous quarter;

the above nears that the average of coking coal in a given user is influenced by pinces over five morths of the current warter.

² Cole prices are set at the turns in regotiations. The optimal approach is to compare the prices obtained in a given quarter with the average price in the previous quarter.

areas, in connection with the performance of roadway excavation works, underground transport, including operation, maintenance, assembly and dismantling of coal haulage outside the coal-face, longwall reinforcement and decommissioning, outfitting and maintenance of opening and preparatory headings, combating natural hazards, technological processes in coal preparation plants, prevention of caving hazard, reconstruction of pits and removal of the effects of mining accidents. The increase in energy consumption costs was driven by the increase in the unit price of electricity and the greater volume of electricity purchased.

The factors contributing to the increase in employee benefit costs mainly included the agreements signed between the JSW Management Board and the Representative Trade Union Organizations, concerning the disbursement of a one-off bonus for employees and an increase in pay rates.

The operating result (EBT) in 2022 also includes revenues readed to the "Jastrzebie III" mining area to SRK in the amount of PLN 65.8 million as well as damages received in with the 2020 fires in the Zofiówka Section in the amount of PLN 61.7 million, and a PLN 185.9 million gain on investment certificates.

In the Company's result for 2022, the impairment loss on the assets of KWK Jastrzebie-Bzie was recognized in the amount of PLN 246.9 million and on the asses of KWK Pniowek in the amount of PLN 21.0 million, while the impairment loss on PBS shares held by JSW was recognized in the amount of PLN 27.7 million.

The Company closed 2022 with a net profit of PLN 7,115.8 million, with EBITDA at PLN 9,862.9 million. The EBITDA margin stood at 38.4% in 2022, with the net sales profitability ratio reaching 27.6% and the current liquidity ratio reaching 1.10.

The Company's cash flows and the level of generated cash, taking into account the high level of investment expend to a large extent on the selling prices of coal and coke. The current good market conditions enable generation of positive cash flows, which translated into a considerable increase in the available cash balance in 2022.

The balance of cash and cash equivalents as at 31 December 2022, without considering the Group companies, was PLN 3,608.4 million, while the net change of cash and cash equivalents in 2022 was PLN 4,243.6 million. The balance sheet amount of cash was PLN 3,734.3 million and included PLN 125.9 million of cash provided by the Group companies as part of the Physical Cash Pooling service in the Group.

The balance of cash does not include the assets of the stablization fund (FIZ) in the amount of PLN 4,893.6 million providing a safety cushion in times of economic downturn when it is necessary to incur expenditures not fully covered by cash inflows.

In connection with the cash surplus achieved, in February repaid revolving credit facility B under the Consortium financing agreement in the amount of PLN 360.0 million.

As at the end of December 2022, JSW's debtotaled PLN 1,558.8 million was debt arising from loans and borrowings and PLN 527.9 million was debt arising from lease liabilities.

1.4. INFORMATION ABOUT THE IMPLEMENTED COMPENSATION POLICY

On 31 July 2020, the JSW Supervisory Board, action 2 item 11) of the Company's Articles of Association, in conjunction with Article 90d of the Act on Public Offerings, having become acquainted with Resolution no. 441/X/2020 of the JSW Management Board of 23 July 2020 and the recommendation and Compensation Committee given in Resolution no. 6/X/20 of 28 July 2020, adopted Resolution no. 313/X/20, by which:

it gave a positive opinion on the Compensation Policy for the Management Board and Supervisory Board of Jastrzębska Spółka Weglowa S.A. (the "Policy") in the wording attached to Resolution no. 441/X/2020 of the Management Board of 23 July 2020,
=

On 31 August 2020, the JSW Extraordinary Shareholder Meeting, acting pursuant to Article 90d section 1 of the Act on Public Offerings, adopted Resolution no. 4, by which the Compensation Policy for the Management Board of Jastrzębska Spółka Węglowa S.A. was adopted. Since that date, the Compensation Policy for the Management Board of Jastrzebska Spółka Węglowa S.A. has been in place at JSW.

DEROGATIONS FROM THE COMPENSATION POLICY IMPLEMENTATION PROCEDURE

The Company did not derogate for implementing the Compensation Policy for the Management Board and Supervisory Board of Jastrzębska Spółka Węglowa S.A.

- NOPPQRSTUVWUXRWYWZT[\XTYP]^XPXW[Q[YVWTV_T[\XTUVP]XWNQ[YVWT]V^YUST

!"#\$%&'"(!")*+(!,&-.,!"/!/ 6788 9:;<=>? @= >9A8B? BCDEB??BF @= :@88@;=? ;G HIJ <=8B?? ?>9>BF ;>KBEL@?BM `abcdebfghfigjdgklbmnopbhqgrdnhmnopnhbhrqsgqtbllgqnrabjmgqaghfhnhumgqakbhbcdrqragrogvkbwjghrbfrnxghgwbobhryngjf xbokbjqsghfmnopbhqgrdnhghfnrabjkbhbcdrqragrogvkbwjghrbfrnz{pbjidqnjvyngjfxbokbjqsgqbhidqgwbfdhrab|nldmvsgjbwjghrbfdh gmmnjfghmbtdradrqpjnidqdnhq}

~XRVZQ[YVWNT_RVPT[\XTQ]]^YUQ[YVWTV_T[\XTUVP]XWNQ[YVWT]V^YUST

`ab|nldmvdhcnjmbpjnidfbqcnjrabcnllntdhwmnhfdrdnhglbeboprdnhcjnodrqgppldmgrdnh

`abz{pbjidqnjvyngjfdqbhrdrlbfrnrbopnjgjdlvq{qpbhfrabgppldmgrdnhncrabpjnidqdnhqncrab|nldmvsbembprcnjghvpjnidqdnhq gjdqdhwcjnorabmrnh|{kldmccbjdhwq}
`abz{pbjidqnjvyngjfogvbccbmrrabq{qpbhqdnhjbcbjjbfrndhrabpjbmbfdhwqbmrdnhnhlvdcdrdqhbmbqqgjvrnp{jq{brabn lnhwu kvrabpjdhmdplbqncmnoobhq{jgkdldrvghfp{jpnqbc{lhbqq}
crabz{pbjidqnjvyngjffbmdfbqragrrabjbgqnhqcnjq{qpbhfdhwrabgppldmgrdnhncrab|nldmvagiblnqrrabdjrbopnjgjvmagjgmrbjghf mnhqrdr{rbgpbjoghbhrnkqrgmlbrndrqgppldmgrdnhsdrqan{lfqrjdibrn{pfgrbrab|nldmv}

`abz{pbjidqnjvyngjfagqrgbhhnfbmdqdnhrnrbopnjgjdlvfbjnwgrbcjnogpplvdhwrab|nldmvqdhmbdrrnnbccbmr}{gllvshnmnopbhqgrdnhagq kbbhwjghrbfdhq{maberjgnjfdhgjvmdjm{oqrghmbqqdhmbrab|nldmvrnnbccbmr}

h ¡ srabjbtbjbhnfbjnwgrdnhqcjnorabgppldmgrdnhncrabnopbhqgrdnh|nldmvcnjrabxghgwbobhryngjfghfz{pbjidqnjvyngjfnc ¢£¤¥¦§¨¥©¤¦ª«ª

3¬¬® 0

0
0¯° 4544

±{jdhwrabcdhghmdglvbgj ¡ cjno²³gh{gjv ¡ rn²³{lv ¡ srabxghgwbobhryngjfncrab²¡rarbjoncnccdmbnpbjgrbfsghfcjno²³{lv ¡ rn´²±bmbokbj ¡ srabxghgwbobhryngjfncrab²²rarbjoncnccdmbnpbjgrbf}

13µ¶·¸¶¹º»º¶¼¶½»¾¿¯°À¼ÀÁ¿·¿¼»¶ÀÂÃÀ¼Ã»¿Â·¹º¼¶½½ºÄ¿¶½À¼ÀÁ¿·¿¼»¶ÀÂÿ·Å¿Â¹º¼4544

1
	350 Æ53¬53¬4544Ç53¬5Ȭ4544É
`nogqÊ"{fhv	jbqdfbhrncrabxghgwbobhryngjfbhrj{qrbftdraqbjidhwdh rabmgpgmdrvncrabËdmbu jbqdfbhrncrabxghgwbobhryngjf cnj±biblnpobhr	¡²}¡²} ¡ Ì¡²}¡} ¡
zbkgqrdghygjrnq	Ëdmbu jbqdfbhrncrabxghgwbobhryngjfcnjzglbq
Ínkbjrƒqrjntqd	Ëdmbu jbqdfbhrncrabxghgwbobhryngjfcnjÎdhghmdgl xgrrbjq
ϛš‡›ŒÐ‡Ñ›£'¥'	Ëdmbu jbqdfbhrncrabxghgwbobhryngjfcnj`bmahdmglghf ƒpbjgrdnhglxgrrbjq
«'Œ©'ҍ¥§š 6B8BÓ>BF AÔ B:D8;ÔBB?M	Ëdmbu jbqdfbhrncrabxghgwbobhryngjfcnjžoplnvobhr ghfznmdgl nldmv	¡²}¡²} ¡ Ì¡²}¡} ¡
	330 Æ53¬5Ȭ4544Ç23¬34¬4544É
`nogqÊ"{fhv	jbqdfbhrncrabxghgwbobhryngjfbhrj{qrbftdraqbjidhwdh rabmgpgmdrvncrabËdmbu jbqdfbhrncrabxghgwbobhryngjf cnj±biblnpobhr	¡²}¡} ¡ Ì²Õ}² } ¡
	jbqdfbhrncrabxghgwbobhryngjf	²Ö}² } ¡ Ì´²}² } ¡
zbkgqrdghygjrnq	Ëdmbu jbqdfbhrncrabxghgwbobhryngjfcnjzglbq	¡²}¡} ¡ Ì´²}² } ¡
©'ÒאŽ×"ŒØ‡¨'Ù‡	Ëdmbu jbqdfbhrncrabxghgwbobhryngjfcnj±biblnpobhr	²Ö}² } ¡ Ì´²}² } ¡
Ínkbjrƒqrjntqd	Ëdmbu jbqdfbhrncrabxghgwbobhryngjfcnjÎdhghmdgl xgrrbjq	¡²}¡} ¡ Ì´²}² } ¡

- - 01 23 4544

!"#\$%&'"(!")*+(!,&-.,!"/!/ 01 23
1
6788 9:;<=>? @= >9A8B? BCDEB??BF @= :@88@;=? ;G HIJ <=8B?? ?>9>BF ;>KBEL@?BM NOPQROSTQUOVWXRYX	Z[]^_`]a[b]cdefdg]hicij]k]cdlei`bfe`m]\gc[\inicb<br>op]`id[ecinhidd]`a	qrsqtsuquuvwrsrusuquu
x`dy`zX{ Y}P 6B8B~>BF A B:D8;BB?M	Z[]^_`]a[b]cdefdg]hicij]k]cdlei`bfe`€kpnek]cd icb'e[in_en[\	qrsqtsuquuvwrsrusuquu

144544

	0
rqsq'suquu	mg]'yp]`"[ae`lei`b"gi"[cj\ecby\d]bdg]`]`y[dk]cdp`e\]by`]"ecdg]bid]efdg]o`b[ci`'gi`]genb]`h]]d[cjipp`e"[cjdg]<br>•W–Q–—WQ˜S™ Q š›š– œSXSžQœ RVŸ œYQS™¡}¢YQSzŸ£˜XPQS™¤¥¤SXRS ¦šSW–Q–—WQ˜S§šQRSš–OšOS¨©Sªš—š› šRS«¬«©SQ–OS ¦šSQ–Q£š›š– S®XQRb<br>Rš¡XR SX–S ¦šSQ— W¯W §SXSžQœ RVŸ œYQS™¡}¢YQzŸ£˜XPQS™¤¥¤SQ–OS ¦šSžQœ RVŸ œYQS™¡}¢YQSzŸ£˜XPQS™¤¥¤S°RX±¡SW–S ¦šSW–Q–—WQ˜S§šQRSš–OšOS<br>wr²]\]k³]`uqur"ippe[cd]b´ ^h`smekiaµ¶ybcia_`]a[b]cdefdg]·'¸hicij]k]cdlei`befdg]rrdgd]`kefeff[]" ^h`s']³iad[icli`deaiaZ[]^`]a[b]cdefdg]·'¸hicij]k]cdlei`bfe`'in]aefdg]rrdgd]`kefeff[]" ^h`s¹e³]`doad`eºa»[iaZ[\]^_`]a[b]cdefdg]·'¸hicij]k]cdlei`bfe`¼[cic[inhidd]`aefdg]rrdgd]`kefeff[]" ^R¤SNOPQROSTQUOVWXRYXSQœS½W—š^`]a[b]cdefdg]·'¸hicij]k]cdlei`bfe`m]\gc[\inicbop]`id[ecinhidd]`aefdg]rrdgd]`kef eff[]s
rqsq'suquu	¥œSQSRšœ±˜ SXS ¦šSš˜š— WX–S—QRRWšOSX± S §S ¦šS¾X›¡Q–§¿œSš›¡˜X§ššœS XSœš˜š— SQSš› šRSXS ¦šSž™zSQ–Q£š›š– S®XQROSW–S ¦šS©© ¦d]`k<br>efeff[\]"dg]'yp]`"[ae`lei`b"ecdg]bid]efgenb[cjdg]·'¸o`b[ci`'gi`]genb]`h]]d[cjipp`e"[cjdg]¼[cic\[in'did]k]cdaef<br>žQœ RVŸ œYQS™¡}¢YQSzŸ£˜XPQS™¤¥¤SXRS ¦šSW–Q–—WQ˜S§šQRSš–OšOS¨©Sªš—š› šRS«¬«©SQ–OS ¦šSQ–Q£š›š– S®XQROSRš¡XR SX–S ¦šSQ— W¯W §ef<br>žQœ RVŸ œYQS™¡}¢YQSzŸ£˜XPQS™¤¥¤SQ–OS ¦šSžQœ RVŸ œYQS™¡}¢YQSzŸ£˜XPQS™¤¥¤S°RX±¡SW–S ¦šSW–Q–—WQ˜S§šQRSš–OšOS¨©Sªš—š› šRS«¬«©ÀS<br>Q¡¡XW– šOSR¤S¥R ±RSzX{ Y}PS XS ¦šS¡XœW WX–SXS½W—š^_`]a[b]cdefdg]·'¸hicij]k]cdlei`bfe`€kpnek]cdicb'e[in_en[\efdg] rrdgd]`kefeff[]s
wrsq'suquu	mg]'yp]`"[ae`lei`b]cd`yad]bh`smekiaµ¶ybcº[dgdg]byd[]aefZ[\]^_`]a[b]cdefdg]·'¸hicij]k]cdlei`bfe`²]"]nepk]cd efdg]rrdgd]`kefeff[\]dedg]bid]efippe[cdk]cdefZ[\]^_`]a[b]cdefdg]hicij]k]cdlei`bfe`²]"]nepk]cds
rÁsrusuquu	¼enneº[cjdg]`]\`yW ›š– S¡RX—šO±RšÀSX–S©ÂSªš—š› šRS«¬««S ¦šS™±¡šR¯WœXR§S®XQROSQ¡¡XW– šOSR¤SzX{—Wš—¦SÃQ¢±ÄQSQœS½W—š^_`]a[b]cdef<br>dg]·'¸hicij]k]cdlei`bfe`²]"]nepk]cdefdg]rrdgd]`kefeff[]s

3ÅÆÅÇ 0

0
0 4544

²y[cjdg]f[cic\[in]iuquu´fekr·icyiuquuder·ynuquudg]yp][aeleibefdg]rqdgd]kefeff[]ep]id]bicbfekr·yn uquudewr²]]k³]uquudg]yp][aeleibefdg]rrdgd]kefeff[\]ep]id]bs

12ÈÉÊÈËÌÉÊÍÍ4544

1
	350 Î53Å53Å4544Ï53Å5ÐÅ4544Ñ
Òin[cily»	¶gi[`ºekic	qrsqrsuquuvqrsqtsuquu
¹e³]`dÓyb]na»[ \| ']\`]di`
TQPš¢S®WšœV—VQO	h]k³]`
žX˜Q– QS°}RœYQ
Ôµi³]ni·ec]»^Óeºina»i
mib]yaµÓy³[\µ]»
xneÕµÖeºi»
™ Q–Wœ¢QPSTR±œšY
W—¦Q¢S×Xœ¡ŸOšY
x`»ib[yaµ¸p\g
	330 Î53Å5ÐÅ4544Ï23Å34Å4544Ñ
Òin[cily»	¶gi[`ºekic	uqsqtsuquuvwrsrusuquu

REPORT ON COMPENSATIONS OF MANAGEMENT BOARD AND SUPERVISORY BOARD MEMBERS OF JASTRZEBSKA SPÓŁKA WEGLOWA S.A. FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

FIRST AND LAST NAME	POSITION	TERM IN POSITION
	Member	01.07.2022 - 20.07.2022
	Deputy Chairman	20.07.2022 - 31.12.2022
Michał Rospędek	Member	01.07.2022 - 20.07.2022
Robert Kudelski	Secretary	20.07.2022 - 31.12.2022
	Member	01.07.2022 - 20.07.2022
Jolanta Górska	Member	01.07.2022 - 31.12.2022
Robert Łazarczyk	Member	01.07.2022 - 31.12.2022
Paweł Nieradzik	Member	01.07.2022 - 31.12.2022
Alojzy Nowak	Member	01.07.2022 - 31.12.2022
Stanisław Prusek	Member	01.07.2022 - 31.12.2022
Arkadiusz Wypych	Member	01.07.2022 - 31.12.2022

TABLE 4: Changes to the JSW Supervisory Board in 2022

DATE	CHANGE
01.07.2022	The mandates of members of the 10th term of office (Halina Buk, Robert Kudeski, Pawel Bieszzad, Jolanta Górska, Izabela Jonek-Kowalska, Tadeusz Kubiczek, Alojzy Nowak, Stanislaw Prusek, Michal Rospedek and Arkadiusz Wypych) have expired.
	The Ministry of State Assets, acing within the powers set forth in § 15 sec. 13 of the Articles of Association of JSW S.A., by way of statements submitted to the Company, appointed to the Company's Supervisory Board for the 11th term of office: Halina Buk, Jolanta Górska, Alojzy Nowak, Stanisław Prusek and Michał Rospędek.
	The Ordinary Shareholder Meeting appinted employee-ected members of the Robert Kudelsh, Robert Łazarczyk, Paweł Nieradzik and Arkadiusz Wypych.
20.07.2022	The Supervisory Board elected the following persons for the Supervisory Baard: Halina Buk - Chainvoman, Michal Rospedek - Deputy Chairman and Robert Kudelski - Secretary.

1.7. COMPOSITION OF SUPERVISORY BOARD COMMITTEES AND FUNCTIONS DISCHARGED IN THE COMMITTEES BY THEIR MEMBERS

In 2022, the following Committees operated within the JSW Supervisory Board (of the 10th and 11th terms of office):

AUDIT COMMITTEE
NOMINATION AND COMPENSATION COMMITTEE
STRATEGY AND DEVELOPMENT COMMITTEE

On 20 July 2022, the first meeting of the 11th term of office was held, at which the Supervisory Board adopted various resolutions, including on the election of Committee Chairs and the appointment of Committee Members.

TABLE 5: Composition of the Audit Committee and functions discharged in 2022

FIRST AND LAST NAME	POSITION TERM IN POSITION
10TH TERM OF OFFICE (01.01.2022 - 01.07.2022)
Halina Buk	Chairwoman	01.01.2022 - 01.07.2022
Paweł Bieszczad	Member	01.01.2022 - 01.07.2022
Jolanta Górska	Member	01.01.2022 - 01.07.2022
Robert Kudelski	Member	01.01.2022 - 01.07.2022
Stanisław Prusek	Member	01.01.2022 - 01.07.2022
11TH TERM OF OFFICE (01.07.2022 - 31.12.2022)

!"#\$%&'(#)" #*+,)" -'./-" #0"0 12345655
OPQRSTRUVWXYZR	[]^_`ab]c	defeddd g hededdd
7899 :;<=>?@ A> ?:B9C@ CDEFC@@CG A> ;A99A<>@ IJK\ =>9C@@ @?:?CG <?LCFMA@CN i]j^c] klm	nobpo_
qRrstUuvsXRwxvZ
yapo_z {l oj}m^
~TRSvYtRrUqXYsZ

25655

2
461'64"64"5655"64"6•"5655–
—ja˜™š ›a`]m	[]^_b]c	eeddd g efeddd
Ϫ]poj] acomž{a`]j}m]	nobpo_
yapo_z {l oj}m^
Ÿv ¡RtU¢PY£¤wsZU
—_m] ^l}™ ¥š¦š§\
441'64"6•"5655"34"45"5655–
—ja˜™š ›a`]m	[]^_b]c	defeddd g hededdd
OPQRSTRUVWXYZR	nobpo_
yapo_z {l oj}m^
Ÿv ¡RtU¢PY£¤wsZ
—_m] ^l}™ ¥š¦š§\

2¨©ª5655

2
461'64"64"5655"64"6•"5655–
~TRSvYtRrUqXYsZ	[]^_b]c	eeddd g efeddd
OPQRSTRUVWXYZRU	nobpo_
Ϫ]poj] acomž{a`]j}m]
«] ol}™ {lp^§™om	nobpo_
—ja˜™š ›a`]m	nobpo_
Ÿv ¡RtU¢PY£¤wsZ
—_m] ^l}™ ¥š¦š§\
441'64"6•"5655"34"45"5655–
~TRSvYtRrUqXYsZ	[]^_b]c	defeddd g hededdd
¢P¬sXTURxRX x®Z	nobpo_
—ja˜™š ›a`]m
Ÿv ¡RtU¢PY£¤wsZ
—_m] ^l}™ ¥š¦š§\	nobpo_

1.8. KEY CHANGES IN THE COMPENSATION OF THE JSW MANAGEMENT BOARD AND SUPERVISORY BOARD IN 2022

CHANGES IN THE RULES OF COMPENSATION OF MANAGEMENT BOARD MEMBERS

On 31 May 2022, the Supervisory Board adopted Resolution No. 643/X/22 to set the compensation of Management Board Members, whereunder a model management contract was adopted. The resolution of the Management Board, but merely clarified certain issues, including those related to:

· calculation of the periods of break in the provision of management Board Members, in the event of the appointment of the Manager to hold a function in the next term of office of the Company's Management Board commencing immediately after the expiration of the previous management contract entered into by and between the Manager and the Company.
· calculation of the period of holding a function in the Management Board by the Manager, determining the award of compensation for compliance with the non-competition clause after the function in the Management Board.

In December 2022, annexes to management contracts were signed with the Management Board Members serving for at least 3 months in 2021, in which it was agreed that "the Supervisory Board would adopt a resolution of Management Objectives for the financial year 2021 and the determination of the amount of variable compensation due for payment by 31 March 2023."

On 20 March 2023, the Supervisory Board adopted resolutions on signing annexes to management Board Members serving for at least 3 months in 2021. The annexes amended the said time limit for the Supervisory Board of a resolution on the implementation of Management Objectives for the financial year 2021 and the determination of the amount of variable compensation due for payment by 30 June 2023.

In 2022, no amendments were made to the Compensation Policy for the Management Board of Jastrzębska Spółka Weglowa S.A.

CHANGES IN THE RULES OF COMPENSATION OF SUPERVISORY BOARD MEMBERS

In 2022, no changes were made to the rules of compensation of Supervisory Board Members.

2. TOTAL COMPENSATION OF THE MANAGEMENT BOARD AND THE SUPERVISORY BOARD

2.1. TOTAL COMPENSATION AMOUNT BROKEN DOWN INTO COMPONENTS

MANAGEMENT BOARD

The management contracts signed with the Management Board Members were in effect in 2022 based on the following documents:

The contracts contained the following rules for granting benefits to Management Board Members:

The amount of the monthly fixed compensation of Management Board Members has been set by the Supervisory Board, subject to the following provisions adopted by the Shareholder Meeting:

= Fixed Compensation of the President of the Management Board is set within the range from 7 to 15 times the base amount referred to in Article 1 Section 3 Item 11 of the Act on the Rules for Setting the Compensation of Persons Managing Certain Companies of 9 June 2016.
= Fixed Compensation of the remaining Management Board Members is set within the range from 7 to 12 times the base amount referred to in Article 1 Section 3 Item 11 of the said Act.

For rendering management services and disations ensuing from the contract, the Manager is entitled to the total compensation consisting of the following:

fixed compensation monthly base compensation per calendar month:
- President of the Management Board PLN 60,000.00,
- every other Management Board Member PLN 50,000.00.

!"#\$%&'(#)" #*+,)" -'./-" #0"0 12345655 :;<=>?@ A> ?:B9C@ CDEFC@@CG A> ;A99A<>@ 9C@@ @?:?CG <?LCFMA@CN OPQ-RSTQU-VWXYQZ[]SWZ-SZ^_UQ[-\\_[W-^WXYQZ[\]SWZaWb-]PQ-]b\Z[aQb-Wa-YbWYQb]cbSdP][-]W-]PQ-^WYc-Wb-XQUSX-Wa-]PQeWbf-\ZU-Q^WZWXS^-^WYcbSdP]-]W-]PQeWbf-SZ-]PQaSQ_U[-Wa-[Q-[YQ^SaSQU-SZ-]PQ-^WZ]b\^]gdb\Z]SZd-\\_\_-YQbXS][-\ZU-\]PWbSh]SWZ[-]W-]PQ-QT]QZ]-[]SY\_\]QU-SZ-]PQ-^WZ]b\^]-\ZU-[Qic-]PQ-VWXY\Zc-Wa-\Z-SZjQZ]SWZg-]S\_S]c-XWUQ\_-Wb-SZU[]bS\_-UQ[SdZ-^bQ]QUic-]PQk\Z\dQbg-

lZmk\b^Pnog-]PQp`YQbjS[WbcqW\bU-\UWY]QUr-

7899

\st uQ[W_]SWZvWwnxyzxo-]W-\XQZUpYQbjS[WbcqW\bUuQ[W_]SWZvWw-{|oxyx-Waok\cn-WZ-[Q]]SZd-]PQ-^WXYQZ[\]SWZ-Wak\Z\dQXQZ]qW\bUkQXiQb[w-}ZUQb-]PQ-ZQebQ[W\_]SWZg-]PQi[Q-XWZ]P_c-^WXYQZ[]SWZ-~aSTQU-^WXYQZ[]SWZs-YQb-^\_QZU\b-XWZ]Pe[-[Q]-[aW__We[r-

bQ[SUQZ]-Wa-]PQk\Z\dQXQZ]qW\bUrv-{{gnnnwnng-
-QjQbc-W]PQbk\Z\dQXQZ]qW\bUkQXiQbrvgnnwnng-
ist uQ[W_`]SWZ[icePS^P-S]-UQ^SUQU-]W-[SdZ-\ZZQTQ[-]W-]PQ-X\Z\dQXQZ]-^WZ]b\^][eS]Pk\Z\dQXQZ]qW\bUkQXiQb[bQd\bUSZd-]PQ-^P\ZdQ-Wa-]PQ-[\SUaSTQU-^WXYQZ[]SWZw-
t -[YY\_QXQZ]\bc-^WXYQZ[\]SWZaWb-]PQbQ\_Qj\Z]aSZ\Z^S\\_cQ\b-^WZ]SZdQZ]-WZ-]PQ-UQdbQQ-Wa-\^PSQjQXQZ]-Wa-]PQgePS^P-X[]-ZW]-QT^QQUnn-Wa-]PQ-\ZZ\\_aSTQU-^WXYQZ[\]SWZ-Wa-]PQk\Z\dQb-SZ-]PQ-YbQjSW[aSZ\Z^S\cQ\baWbePS^P-]PQj\bS\i_Q-^WXYQZ[]SWZ-S[-^\^`_]QUw-

¡¢£¤¥¦ £ §¨¥§¥©ª ¡¢£¤¥¦ £«ªª©¢¥©¬¦ ¡¢¥£¬¥¦§®¯¦ £ ¦°¥£¥±§²¤¢®©ª¯®¤¢¥¬¥i_Qic-]PQ-VWXY\ZcabWX-]PQ-\XW`Z]-Wa-]PQ-RSTQU-Wb-³\bS\i_Q-VWXYQZ[]SWZw-

za-]PQ-\YY_S^\i_Q-YbWjS[SWZ[-Wa-_\ebQ´SbQ-]P\]g-UQ[YS]Q-]PQa\^]-]P\]-]PQk\Z\dQb-UWQ[-ZW]bZ-PS[xPQb-WeZi[SZQ[[-\^]SjS]cg-]PQ-RSTQU-VWXYQZ[\]SWZg-]PQ-³\bS\i\_Q-VWXYQZ[\]SWZ-WbiQZQaS][-Y\c\i\_QicjSb]Q-Wa-[QjQb\Z^Q-Y\c-Wb-ZWZ^WXYQ]S]SWZ-^_`[Q[-\bQ-[iµQ^]-]W-³¶O-\]-]PQ-\YY\_S^\i\_Qb\]Qg-[^P-³¶OeS__iQ-\UUQU-]W-]PQ-\XWZ]-SZ-´Q[]SWZw-OPQ-\iWjQeS__iQ-\_[W-\YY_S^\i_QeS]PbQd\bU-]W-W]PQbiQZQaS][-Y\c\i_Qic-]PQ-VWXY\Zc-]W-]PQk\Z\dQb-Yb[\Z]-]W-]PQ-^WZ]b\^]wza-S]iQ^WXQ[-X\ZU]WbcaWb-]PQk\Z\dQb-]W-Y\c-³¶OaWb-\Zc-Y[]-YQbSWU[-~SZ-^WZZQ^]SWZeS]P-]PQ-^[PiQZQaS][bQaQbbQU-]W-SZ-]PS[pQ^]SWZsg-]PQ-VWXY\Zc-ZUQb]\fQ[-]W-Y\c-]W-]PQk\Z\dQb-]PQ-\XWZ]-Q´Sj\\_QZ]-]W-[^P-]\T-\bbQ\b[eS]P-SZ]QbQ[]-[eQ__-[-W]PQb-Y\cXQZ][-UQ-]W-]PQbQ\_Qj\Z]iWUSQ[-SZ-^WZZQ^]SWZeS]P-[^P-\bbQ\b[w-

OPQaSTQU-^WXYQZ[]SWZaWb-\dSjQZ-XWZ]P-S[-Y\SUeS]PSZ-·-U\c[abWX-]PQ-U]Q-Wa-UQ_SjQbc-]W-]PQ-VWXY\Zc-Wa--^WbbQ^]_c-S[[QUiS\_\_-]WiQ-UQ\_SjQbQU-]W-]PQ-VWXY\Zcic-]PQk\Z\dQbeS]PSZ-·-U\c[-YWZ-QZU-Wa-]PQ-^\_QZU\b-XWZ]P-Wa-YQbaWbX\Z^Q-Wa-[QbjS^Q[gic-]b\Z[aQb-]W-\i\Zf-\^^W`Z]-SZUS^]QUic-]PQk\Z\dQbw-

b[\Z]-]W-]PQpYQbjS[WbcqW\bUuQ[W\_]SWZg-]PQj\bS\i_Q-^WXYQZ[]SWZ-UQYQZU[-WZ-]PQ-_QjQ_-Wa-\^PSQjQXQZ]-Wa-]PQk\Z\dQXQZ]liµQ^]SjQ[-\ZU-X[]-ZW]-QT^QQUv-|ngnnnwnn-YQbaSZ\Z^S\\_cQ\bg-SwQw-ZW-XWbQ-]P\Zv-|ngnnnwnn-SZ-Q\^P-XWZ]P-Wa-]PQaSZ\Z^S\\_cQ\bwza-]PQk\Z\dQb-YQbaWbX[-]PQ-VWZ]b\^]aWb-\-YQbSWU-Wa-\_Q[[-]P\Z-WZQa__aSZ\Z^S\_cQ\bgi]-\]-\_Q\[]aWbo-XWZ]P[-SZ-]PQaSZ\Z^S\\_cQ\b-]PQZ-]PQj\bS\i\_Q-^WXYQZ[\]SWZ-S[-^\\_^_]QU-WZ--YbW-§¥¦¥©¥¤¤¸¢§ §¥¦¥¯¥ª¯®ª¥¦ £«ªª¢£ £¦£®¡©§ ¥¬¤ ¦°¥£¥±§²¤¢§ ¹¤ £ ¦¤§¹¯¤£¦ bQ_Qj\Z]aSZ\Z^S\_cQ\bw-

OPQ-]W]\_-\ZZ\\_-OW]\\_-VWXYQZ[\]SWZ-Wa-]PQk\Z\dQb-~SwQw-]PQ-[X-Wa-]PQ-\ZZ\\_-RSTQU-VWXYQZ[\]SWZ-\ZU-]PQ-³\bS\i\_Q-VWXYQZ[\]SWZaWb-]PQdSjQZaSZ\Z^S\\_cQ\bs-X[]-ZW]-QT^QQU-]PQ-YbWU^]-Wa-]PQ-\XWZ]-WavnngnnnaWb-]PQbQ[SUQZ]-Wa-]PQk\Z\dQXQZ]qW\bU-\ZUvmngnnnwnnaWb-Q\^P-³S^QbQ[SUQZ]-Wa-]PQk\Z\dQXQZ]qW\bU-\ZU-]PQ-ZXiQb-Wa-^\\_QZU\b-XWZ]P[aWbePS^P-]PQk\Z\dQb-YQbaWbXQU-PS[xPQb-U]SQ[wzZ-^[Q-Wa-^\_QZU\b-XWZ]P[-SZePS^P-]PQk\Z\dQb-USU-ZW]-YQbaWbX-PS[xPQb-U]SQ[-UbSZd-\a\_\_-^\\_QZU\b-XWZ]Pg-]PQ-\aWbQXQZ]SWZQU-\XWZ]-S[-\Uµ[]QU-WZ-\-YbWb\]\i\[S[-]W-]PQ-ZXiQb-Wa-U\c[-Wa-YQbaWbX\Z^Q-Wa-U`]SQ[-SZ-]PQbQ_Qj\Z]-XWZ]Pw-

OPQ-UQ]QbXSZ]SWZ-Wa-]PQ-X\TSXXj\bS\i\_Q-^WXYQZ[\]SWZaWb-\dSjQZaSZ\Z^S\\_cQ\bg-]PQk\Z\dQXQZ]liµQ^]SjQ[aWb-\dSjQZaSZ\Z^S\\_cQ\b-\ZU-]PQ-XQ]PWU-Wa-Qj\\_]SWZ-Wa-]PQSb-\^PSQjQXQZ]eS__iQ-UQaSZQU-~]W-]PQ-QT]QZ]-^WZ[S[]QZ]eS]P-]PQ-^WXYQZ[]SWZbQ_]QUbQ[W_]SWZ-Wa-]PQpP\bQPW\_UQbkQQ]SZdsic-]PQpYQbjS[WbcqW\bUw-OPQdQZQb\_-[Q]-Wa-]PQk\Z\dQXQZ]liµQ^]SjQ[-P[iQQZ-W]\_SZQUic-\bQ[W\_]SWZ-\UWY]QUic-]PQpP\bQPW_UQbkQQ]SZdg-\ZU-]PQpYQbjS[WbcqW\bU-P\[iQQZ-\]PWbShQUic-]PQpP\bQPW_UQbkQQ]SZd-]W-UQaSZQ-]PQX-YbQ^S[Q_cg-[[SdZeQSdP][-]W-[^P-WiµQ^]SjQ[-\ZU-]W-UQaSZQ-WiµQ^]SjQ-\ZU-XQ\[b\i_Q-^bS]QbS-Wa-]PQSb-\^PSQjQXQZ]-\ZU-[Q]]_QXQZ]w-

OPQj\bS\i_Q-^WXYQZ[]SWZeS__iQ-Y\SU-W]-YbWjSUQU-]P\]-]PQk\Z\dQba_aS__[-PS[xPQbk\Z\dQXQZ]liµQ^]SjQ[-SZ-\^^WbU\Z^QeS]P-]PQbQ[W_]SWZ-Wa-]PQpYQbjS[WbcqW\bUw-b[\Z]-]W-]PQ-YbWjS[SWZ[-Wa-]PQ-X\Z\dQXQZ]-^WZ]b\^]g-]PQpYQbjS[WbcqW\bU-\UWY][-\bQ[W\_]SWZ-WZ-]PQ-SXY_QXQZ]]SWZ-Wa-]PQk\Z\dQXQZ]liµQ^]SjQ[aWb-]PQbQ[YQ^]SjQaSZ\Z^S\_cQ\b-\ZU-]PQ-UQ]QbXSZ]SWZ-Wa-]PQ-\XWZ]-Waj\bS\i\_Q-^WXYQZ[\]SWZ-UQaWb-Y\cXQZ]ico-ºQ^QXiQb-Wa-]PQcQ\b-~QT^QY]aWbng-SZbQ[YQ^]-WaePS^P-\ZZQTQ[-]W-]PQ-X\Z\dQXQZ]-^WZ]b\^][eQbQ-[SdZQU-SZePS^P-S]e[-[]SY\_\]QU-]P\]-]PQpYQbjS[WbcqW\bUeW\_U-\UWY]-\bQ[W\_]SWZ-WZ-]PQ-SXY_QXQZ]]SWZ-Wa-]PQk\Z\dQXQZ]liµQ^]SjQ[aWb-]PQaSZ\Z^S\_cQ\bn-\ZU-]PQ-UQ]QbXSZ]SWZ-Wa-]PQ-\XWZ]-Waj\bS\i\_Q-^WXYQZ[\]SWZ-UQaWb-Y\cXQZ]icon-»ZQnos-SZePS^P-]PQk\Z\dQXQZ]qW¥§²¤¥¯¦¹¦¬ §¢ §¦¼¦ ¡¢¥£¬²¤aSZ\Z^S\\_-[]\]QXQZ][aWb-]PQaSZ\Z^S\\_cQ\b-SZePS^P-]PQk\Z\dQXQZ]liµQ^]SjQ[eQbQ-Yb[QUg-\ZU-]PQk\Z\dQbe\[db\Z]QU-\-US[^P\bdQ-WZ-]PQ-YQbaWbX\Z^Q-Wa-PS[xPQb-U]SQ[-SZ-]PQk\Z\dQXQZ]qW\bU-SZ-]P]aSZ\Z^S\_cQ\bw-

7899 :;<=>?@ A> ?:B9C@ CDEFC@@CG A> ;A99A<>@ 9C@@ @?:?CG <?LCFMA@CN OPQRPSTU-VWXYUZ[P\RWZ]-R^-_U]aRTT-SU-YPR\_-W\aR\bRZc-_Pd[-^QWX-\bU-_P\U-W^-_UTReUQd-\W-\bU-VWXYPZd-W^-PfWQQUf\Td-R[[U\_-SRTT-Sd-\QPZ[^UQ-\W-P-SPZg-PffWZ-RZ_RfP\U_-Sd-\bUhPZPiUQj-

kZ-\bUfP[UabUZ-\bU-QU[WT\RWZ-W^-\bUlYUQeR[WQdmWPQ_-\bP-_U^RZU[-\bUhPZPiUXUZ\nSoUf\ReU[-^WQ-\bUiReUZdUPQ-R[-ZW-YP[[U_]-\bUhPZPiUXUZ\nSoUf\ReU[-^WQ-[`fbdUPQ-PQU-ZW-[U]-PZ_-\bUhPZPiUQ-R[-ZW-UZ\R\TU_-\W-PZdePQRPSTUfWXYUZ[P\RWZj-

pQ\bUQXWQU]-RZ-\bUfP[U[-TPR\_-\_WaZ-RZ-\bUfWZ\QPf\-\bU-VWXYPZd-XPd-RXYW[U-PfWZ\QPf\PT-YUZPT\d-WZ-\bUhPZPiUQj-

qrstquvwxyxyqrtz{|}w~

bU-ZWZfWXYU\UfTP[U-\_QRZi-\bUfWZ\QPf-\UQXbP[-SUUZ-_U^RZU_-RZ-\bU-XPZPiUXUZ\fWZ\QPf-PZ_-\bUhPZPiUQ-R[-ZW-UZ\R\TU_-\W-PZd-P__R\RWZPTfWXYUZ[P\RWZ-^WQ-QU^QPRZRZi-^QWXfWXYU\R\ReU-Pf\ReR\d-_`QRZi-\bUfWZ\QPf-\UQXj-

bU-XPZPiUXUZ\fWZ\QPf[-[RiZU_aR\b-\bUhPZPiUXUZ\mWPQ_hUXSUQ[-PT[W-RZfT`_U-YQWeR[RWZ[-YQWbRSR\RZifWXYU\R\RWZ-P^\UQ-\bUfWZ\QPf-\UQXRZP\RWZj-

bUhPZPiUQ-P__R\RWZPTTd-Z\_UQ\PgU[]-P^\UQ-\bUfWZ\QPf\-R[-\UQXRZP\U\_]-R^bUbP[-\_R[fbPQiU\_-\bU-^Zf\RWZ-^WQ-P-YUQRW_-W^-P-TUP[-fWZ[Uf\ReU-P[-\_U^RZU\_-RZ-\bUfWZ\QPf\-WeUQ-\bU-YUQRW\_-W^--XWZ\b[-^QWX-\bU-\_P\UbU[bUfUP[U[-\W-YUQ^WQXbR[bUQ-^Zf\RWZj-

bUhPZPiUQ-R[-UZ\R\TU_-\WfWXYUZ[P\RWZ-^WQfWXYTdRZiaR\b-\bU-ZWZfWXYU\U-SPZ-P^\UQ-\bU-^Zf\RWZ-UZ\_[]-RZ-\bU-\W\PT-PXWZ-UPT-\W--\RXU[--W^-\bU-XWZ\bTd-^RU\_fWXYUZ[P\RWZjbUfWXYUZ[P\RWZaRTT-SU-YPdPSTU-RZ--UPT-XWZ\bTd-RZ[\PTTXUZ[]-Sd-\bU-\b-_Pd-W^-\bU-^WTTWaRZi-XWZ\bjbUfWXYUZ[P\RWZ-YPdXUZ-R[fWZ_R\RWZPT-YWZ-PaQR\\UZ-QUYQU[UZ\P\RWZ-W^-\bUhPZPiUQfWZ^RQXRZifWXYTRPZfUaR\b-\bU-ZWZfWXYU\UfTP[U-P^\UQ-\bU-^Zf\RWZ-UZ\_U\_]-\_UTReUQU\_-\W-\bU-VWXYPZd-RZaQR\RZi-Sd-\bU-\b-\_Pd-W^-\bU-XWZ\b-^WTTWaRZi-\bU-XWZ\b-^WQabRfb-\bUfWXYUZ[P\RWZ-R[-\_Uj-

-XPZPiUXUZ\fWZ\QPf-XPd-SU-\UQXRZP\U_]-P^\UQ-\bU-^Zf\RWZ-UZ\_[]-RZ-\bU-YPQ\fWZfUQZRZi-\bU-ZWZfWXYU\UfTP[U-P-PZd-\RXU-SdeRQ`U-W^-PZ-PiQUUXUZ-W^-\bU-¡PQ\RU[jbU-PiQUUXUZ-X[\-SU-UUf\U_-RZaQR\RZi]-W\bUQaR[U-SURZi-ZTT-PZ\_eWR\_]-PZ\_-X[-_U^RZU-\bU-ZW\RfU-YUQRW_abRfb-XPd-ZW-SU-TWZiUQ-\bPZ--XWZ\b[-WQ-SU-TP\UQ-\bPZ-\bU-UZ_-W^-\bU-ZWZfWXYU\U-WSTRiP\RWZ-P^\UQ-\bU-^Zf\RWZ-UZ\_[jkZ-[fb-PfP[U]-\bU-UZ\R\TUXUZ-\WfWXYUZ[P\RWZ-UYRQU[-WZ-\bU-_Pd-\bUfWZ\QPf-R[-\UQXRZP\U_-RZ-\bU-QUTUePZ-[fWYUj-

bUfWZ\QPf-XPd-SU-PT[W-\UQXRZP\U_-RZ-\bU-YPQ\fWZfUQZRZi-\bU-ZWZ¢£ RZ-\bU-UeUZ-W^-P-_WfXUZ\U\_eRWTP\RWZ-W^-\bU-ZWfWXYU\UfTP[U-Sd-\bUhPZPiUQ-P^\UQbR[bUQ-^Zf\RWZ-UZ\_[jbUfWZ\QPf\-\UQXRZP\RWZ-ZW\RfU-X[-SU-RZaQR\RZi]-W\bUQaR[U-SURZi-ZTT-PZ\_eWR\_]-PZ\_-\bU-QRib\-\W-QUfUReUfWXYUZ[P\RWZ-UYRQU[-WZ-\bU-\_P\U-\bU-ZW\RfU-W^-\UQXRZP\RWZ-W^-\bU-ZWZfWXYU\UfTP[U-P^\UQ-\bU-^`Zf\RWZ-UZ_[-R[-_UTReUQU_-\W-\bUhPZPiUQ]aR\b-RXXU_RP\U-U^^Uf\j-

kZ-\bU-UeUZ-W^-UYRQd-W^-\bU-ZWZfWXYU\UfTP[U-P^\UQ-UYRQd-W^-\bU-^Zf\RWZ-PZ_-RZ-\bU-UeUZ-W^-\UQXRZP\RWZ-W^-\bUfWZ\QPf]-WZ-\bU-\UQX[-TPR_-_WaZ-RZ-\bUfWZ\QPf]-\bU-XWZ\bTd-RZ[\PTTXUZ-W^-\bUfWXYUZ[P\RWZ-^WQ-[fb-XWZ\baRTT-SU-\_UfQUP[U\_-\W-\bU-PXWZ-^WTTWaRZi-^QWX-_ReR[RWZ-W^-\bU-XWZ\bTd-RZ[\PTTXUZ-PXWZ\-Sd--\_Pd[-PZ\_-XT\RYTdRZi-R-Sd-\bU-ZXSUQ-W^-\_Pd[-WZabRfb-\bU-ZWZfWXYU\UfTP[U-PYYTRU_-P^\UQ-UYRQd-W^-\bU-^Zf\RWZ-RZ-[fb-XWZ\bj-

bU-ZWZfWXYU\R\RWZ-WSTRiP\RWZ-P^\UQ-\bU-^Zf\RWZ-UZ\_[-\_WU[-ZW\-PYYTd-R^]-SU^WQU-\bU-UZ\_-W^-\bU-\UQX-W^-\bU-ZWZfWXYU\U-SPZ]-\bUhPZPiUQ-Z_UQ\PgU[-\W-YUQ^WQX-P-^Zf\RWZ-RZ-PfWXYPZd-XUZ\RWZU\_-RZ- Q\RfTU-lUf\RWZ-k\UXc-W^-\bU f\-W^-¤-¥ZU-¦-<> ?LC §=9C@ H© ?LC ª<;EC>@:?A<> <H ICF@<>@ «:>:©A>© ªCF?:A> ª<;E:>AC@¬£®¢¯°±¯ \bU f-W^-pUSQPQd-¦c-<> ª<;EC?A?A<> :>G ª<>@=;CF IF<?C²?A<>]-WQ-Z_UQ\PgU[-\WaWQg-WQ-YQWeR_U-[UQeRfU[-\W-[fbfWXYPZd-YQ[PZ\-\W-PZ-UXYTWdXUZ\fWZ\QPf\]-XPZ\_P\UfWZ\QPf\]aWQg-YQW\_f\fWZ\QPf-WQ-W\bUQaR[UjkZ-[fb-PfP[U]-\bU-UZ\R\TUXUZ\-\WfWXYUZ[P\RWZ-UYRQU[-WZ-\bU-\_Pd-\bUhPZPiUQ-\PgU[-Y-\bU-^Zf\RWZ]-Z_UQ\PgU[-\WaWQg-WQ-YQWeR_U-[UQeRfU[-^WQ-\bU-SUZU^R-W^-[`fbfWXYPZdj-

k^-\bU-ZWZfWXYU\UfTP[U-R[-SQUPfbU\_-P^\UQ-UYRQd-W^-\bU-^Zf\RWZ-_QRZi-R\[-\UQX-³[SoUf-\W-P-QU[UQeP\RWZ-\bP-\bU-\PgRZi-Y-W^-P-^Zf\RWZ-P[-QU^UQQU_-\W-PSWeU-R[-ZW\fWZ[R_UQU_-P-SQUPfb-W^-\bU-ZWZfWXYU\UfTP[U]-YQWeR\_U\_-\bP\-\bU-VWXYPZd-R[-RZ^WQXU\_-\bUQUW^-RZ-P\_ePZfU´]-\bU-SPZfUP[U[-\W-PYYTd-PZ\_-\bU-VWXYPZd-XPd-\_UXPZ\_-\bUhPZPiUQ-\W-YPd-PfWZ\QPf\PT-YUZPT\d-RZ-\bU-PXWZ\-W^--W^-\bU-\W\PT-PXWZ-W^-£±¯_-\W-\bU-SPZg-PffWZ\-[YUfR^RU\_-Sd-\bU-VWXYPZdjbU-YPdXUZ\-W^fWZ\QPf\PT-¢¢¢¢µ¢¢¢¶-

w·uyr{xyqr¸w¹w·{rtw

{º~

»Pfb-W^-\bU-¡PQ\RU[bP[-\bU-QRib-\W-\UQXRZP\U-\bUfWZ\QPf\aR\b-RXXU_RP\U-U^^Uf-RZ-\bU-UeUZ-W^-XP\UQRPT-SQUPfb-W^-\bU-YQWeR[RWZ[-W^-\bUfWZ\QPf-Sd-\bU-W\bUQ-¡PQ\d]-RZ-YPQ\Rf`TPQabUZ¼-

½¾ bUhPZPiUQfWXXR\U_-PfQRXU]-P[-[\P\U_-RZ-P-TUiPTTdePTR_-PZ_-^RZPTfWQ\-\_UfR[RWZ]-YQUeUZ\RZibRX-^QWXfWXYTdRZiaR\b-\bU-\_\RU[-^WTTWaRZi-^QWX-\bUfWZ\QPf\j-

· By a documented deliberate action or negligence of his duties, the Manager exposes the Company to losses.
The Manager has breached the obligations provided for in the contract,
The Company, without a justified reason, is overdue with the payment of compensation due for a period longer than 2 months.

Each of the Parties has the right to terminate the ones specified above with a 3-month notice period, subject to the provisions of the contract. The Parties' declaration of intent regarding termination of the contract will be null and void unless submitted in writing.

In the event of the contract, the Manager is required to fransfer his or her duties to an authorized person or persons, including by appearing in person at the Company's requested explanations, providing reliable information, documents and tems related to the performance of the contract, in accordance with the manner and procedures adopted by the Company.

lf the function discharged by the Management Board changes during the term of office or organizational changes resulting in a change in the compensation set for the Parties undertake to sign an annex to adjust the content of the contract to the Manager's new function unless they agree otherwise.

Termination of the contract does not result in invalidity of the mutual rights and obligations of the Parties also such termination

If the contract is dissolved or terminated by the Company for reasons of the fundamental contractual obligations by the Manager, the Manager is eligible to a severance pay in the Fixed Compensation, provided that the Manager has discharged the function for at least 12 months before the contract is terminated.

The severance pay mentioned above will not vest in the following circumstances:

Contract termination, dissolution or amendment as a result of change of the Manager in the Management Board.
Contract termination, dissolution or amendment as a result of appointing the Manager for another term of office of the Management Board.
= of 16 February 2007 on Competition and Consumer Protection or commencement of work or provision of services to such a company under an employment contract, mandate contract, work product contract or otherwise.
= Resignation of the Management Board Member from his/her function.

If the Manager, within one year of expiration of his or her mandate, gets involved in any gainful the framework of any legal relationship in the Company or any other member of the he or she will be required to return the obtained severance pay within 7 days from the date of undertaking the gainful activities.

Duties of the Company:

Providing the Management Board Member, at the Company's expense, with technical equipment and resources such as:
- office space with equipment,
- mobile personal computer with wireless Internet access and other necessary equipment,
- means of communication, including mobile phones,
- car to be used by the Manager for private purposes on the rules set separately by the Supervisory Board, however if the Manager uses a dwelling on the rules following from the contract, then if, on the days when services are performed in the Company's seat, the Manager drives to the place of residence and back in a vehicle provided by the Company, then the Manager will be charged a fee of PLN 400.00 per ride (to the place of residence or back),
- - a dwelling, provided that the Manager has a place of residence that is more than 100 km away from the Company (in such case the Company will cover the costs associated with the use of the dwelling up to PLN 2,500.00 per calendar month net, i.e. without the VAT.

On 20 March 2023, the Supervisory Board adopted resolutions on signing annexes to management contracts with Management Board Members of the 11th term of office. The annexes provide for an increase of the costs related to the use of the said dwelling up to PLN 3,000 net per calendar month.

· Covering costs connected with the provices outside the Company's head office necessary to perform the Agreement properly, in particular such as travel and accommodation costs at a standard appropriate for the performed Function.

!"#\$%&'(#)" #*+,)" -'./-" #0"0 12345655 :;<=>?@ A> ?:B9C@ CDEFC@@CG A> ;A99A<>@
9C@@ @?:?CG <?LCFMA@CN OP QRSTUVWXSYZ-R[\RYXRX-SY]VWWR^-U_-aRbcYcZRWcY^-YR]RXXcW\_deW-aR-\We\RW-\WefSXSeYed-aRgRWfS]RXcc-XcY^cW^c\\We\WScRdeW-aR-\RWdeWTR^hVY]SeYicdRW-aR-R[\RYXRXcWR-XV\jSR^kSa-\We\RW-RfS^RY]RilVXSdS]cSeYdeW-SY]VWWSYZ-aRTcY^-XaekSYZ-ac-aR\_kRWR-]eYYR]R^kSacY^-YR]RXXcW\_deW-aR-\We\RW-\RWdeWTcY]Red-`aRgRWfS]RXm-
- OP nopqrstuvpwqxypsorz{rxp|uo}pxy{p~o}rzpt{uqzoupouvpsozxzpoxy{upxyrpxyoz{pu{x{pxopxy{pr{uzpuoqzqorpo|pxy{-XRWfS]RXkSa-aR-X]e\R-XRdeWa-SY-aR-]eYWc]`m-
- OP ~o{uqrpoupu{q}tuzqrpsozxzpo|pxy{pr{upqrqqtpxuqrqrpzzosqx{pwqxypxy{pzt{sxp}xx{upo|pxy{psorxusxprpxy{pr{uzp ]eYWc]VcjeUjSZcSeYX-V\-e-im-\RW-]cjRY^cW-_RcWed-aR-RWTed-aR-]eYWc]i-\WefS^R^-accYcTeVY-Ye-VXR^-SYc-]cjRY^cW-\_RcW-Tc\_-UR-VXR^-SYcY\_-XVUXRVRY-_RcWX-SYc^^SSeY-e-aRjSTScfcSjcUjR-VY^RW-aSX-\cWcZWc\adeW-XV]a-\_RcWX-^VWSYZ-aR-RWTed-aR-]eYWc]-Sd-aRgV\RWfSXeW\_ecW^cZWRRX-e-]efRWeW-WRSTUVWXRdeW-aR-]eXed-XV]a-`WcSYSYZm-

VWSYZ-aR-RWTed-aR-]eYWc]i-aRbcYcZRW-Tc_-VXReaRW-URYRdSXi-SY-\cWS]VjcW-aeXR-\WefS^R^-U_-aReT\cY\_deW-aReT\rzp}r{}{rxp zx||pqrpxy{p~o}rzp{uxqr{rxpqrx{urpu{txqorzpoupu{zotxqorzpo|pxy{p~o}rzpsououx{pUe^SRXi-\WefS^R^-ac-aRgV\RWfSXeW\_ecW^i-U\_kc\_edc-WRXejVSeYi-RXcUjSXaRX-aR-WVjRXdeW-ZWcYSYZeW-VXSYZ-XV]a-URYRdSX-U_-`aRbcYcZRWm-

^^SSeYcjj\_i-aRgV\RWfSXeW_ecW^-QRXejVSeY-ZWcYR^-Rc]abcYcZRTRYecW^bRTURW-aR-WSZa-e-UR-SYXVWR^cZcSYXjScUSjS_deW-aRdVY]SeY-^SX]acWZR^--SYXVWcY]R-SY-aR-XcTRkc\_cX-aReT\cY_-\WefS^RX-SYXVWcY]R-e-aR-TcYcZRTRY-XcdddeW-^SX]acWZSYZ-TcYcZRTRYdVY]SeYX-SY-`aReT\cY_m-

¡¢£¤¥¦§¨5655©

7899

_-QRXejVSeYem-ªed-ª-«Vj\_-¬-SY-aR-TcRWed-`aR-WVjRXdeW-XRSYZ-]eT\RYXcSeYedbcYcZRTRYecW^bRTURWXi-aRgacWRaej^RWbRRSYZ-XR-aRbcYcZRTRY-UlR]SfRXikaS]adeWTX-aR-UcXSXdeW-]cj]VjcSYZfcWScUjR-]eT\RYXcSeYed-«gbcYcZRTRYecW^bRTURWXm-®aR_-SY]jV^R^-SY-\cW`S]VjcW¯-

OP °syq{{}{rxpo|pxy{p±uotzp²³n´°pzpz{xpotxpqrpxy{pn{syrqsprp²soro}qspµrp|oupxy{p|qrrsqp{u¶-
²·{stxqorpo|pxy{pqr{zx}{rxpuo{sxzpuqzqrp|uo}pxy{p±uotzpxux{¶-
]aSRfRTRYed-aRjRfRjed-]e¸SYZ-]ecj-\We^V]SeYcY^-]eT\jRSeYed-]eWWS^eWkeW¸X-SYc]]eW^cY]RkSa-aR-®R]aYS]cjcY^-¹]eYeTS]jcYc^e`R^deW-`aRdSYcY]Scj-_RcWm-
OP ºY]WRcXR-SY-\We^V]SfS_-\RW-VY^RWZWeVY^keW¸RW-SY-aReT\cY\_fXm-aRjRfRj-XR-SY-aR-®R]aYS]cjcY^-¹]eYeTS]jcYc^e`R^deW-`aRdSYcY]Scj-_RcWm-
OP ]aSRfRTRYed-aRbSYSYZcXaeXjRfRj-ac-SXjekRW-acY-aReYR-X\R]SdSR^-SY-aR-®R]aYS]cjcY^-¹]eYeTS]jcYdeW-`aRdSYcY]Scj-_RcWm-

®aReUlR]SfRXdeW-kRWRc\\WefR^cX-X\R]SdSR^-SY-aRjSXcUefRcY^cYc^^SSeYcjeUlR]SfRkcXc^^R^-ac-RfcjVcR^-]ee\RWcSeY-URkRRYxy{p»¼pr{}{rxpouprpxy{p»¼pt{uqzoupouvpqrstqrpu{z{rxxqorpo|pxy{p±uotzprp»¼zpn{syrqsprp²soro}q]jcYX-U_-aR-X\R]SdSR^-^cRXm-

VWXVcY-e-QRXejVSeYem-½¾¿À¿ed-aR-«ggV\RWfSXeW_ecW^ed-ÁbcW]a-eY-^RRWTSYSYZ-aR-XV\jRTRYcW\_-]eT\RYXcSeYcY^bcYcZRTRY-UlR]SfRXdeWbcYcZRTRYecW^bRTURWXdeWi-aR-«ggV\RWfSXeW_ecW^-WRXejfR^i-WRdRWWSYZ-e-WS]jR-½ed-aR-]ed-¬-«VYR-ÁeY-aR-QVjRXdeWgac\SYZ-aReT\RYXcSeYed-RWXeYXbcYcZSYZ-RWcSYeT\cYSRX-SY-\RWdeWTcY]Red-aR-\WefSXSeYX-]eYcSYR^-SY-QRXejVSeYem-ªed-aR-«g-W^SYcW_gacWRaej^RWbRRSYZed-ª-«Vj\_-¬eY-aR-WVjRXdeW-XRSYZ-`aR-]eT\RYXc`SeYedbcYcZRTRY`ecW^-}{}{uzprpqrpÃÄÅÆÇpo|pÈ{zotxqorpÉo¶pÄÆÊËÌËÄÍpo|pxy{pt{uSXeW\_ecW^ed--VZVX`-¬eY-`aR-]eT\RYXc`SeYedbcYcZRTRY`ecW^-{}{uzvpxyxpxy{puq{pso}{rzxqorpo|pxy{pr{upzpu{|{uu{pxopqrpÃÊÅÄÇpo|pÈ{zotxqorpÉo¶pÊÎpox{ppxy{p»¼pÏuqrW\_gacWRaej^RWbRR`SYZed-ª-«Vj\_-¬eY-`aR-WVjRXdeW-XRSYZ-aR-]eT\RYXcSeYedbcYcZRTRYecW^bRTURWXi-SX-XRdeWideW-Rc]abcYcZRWi-SYcYcTeVY-Ye-ZWRcRW-acY--¾im-\RWdSYcY]Scj-_RcW-SmRm-Ye-TeWR-acY--Âim-\RW-TeYaed-aR-WRX\R]SfRdSYcY]Scj-_RcWm-

³rpÃpÐpo|pÈ{zotxqorpÉo¶pÆÑÒËÌËed-ÁbcW]aicjSXedbcYcZRTRY-UlR]SfRXdeW-kcXcjXe-^RdSYR^i-^RRWTSYSYZ-aR-]eY^SSeYXdeWu{s{qqrpuq{pso}{rzxqorp|oupÐÎÐÐppxy{pr{u¶p³rpxturvpqrpÃpÐpo|pxy{pÈ{zotxqorvp{xq{pr{}{rxpÏ{sxq{zp|oW-kRWR-XRicjeYZkSa-aRSWkRSZaSYZXcY^-aR-]WSRWScdeW-aRSWc]aSRfRTRYcY^-XR`jRTRYm-

2Ó©£ÔÕ ¡¢£¤¥¦§¨5655-

REPORT ON COMPENSATIONS OF MANAGEMENT BOARD AND SUPERVISORY BOARD MEMBERS OF JASTRZEBSKA SPÓŁKA WEGLOWA S.A. FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

MANAGEMENT OBJECTIVES ON THE BASIS OF WHICH VARIABLE COMPENSATION IS CALCULATED	UNIT	WEIGHT OF THE MEASURE (%)	SCOPE OF CALCULATION OF VARIABLE COMPENSATION **	OBJECTIVE	FULFILLMENT
GROUP EBITDA
EBITDA of the JSW Group, calculated as the sum of operating profit and depreciation and amortization calculated in accordance with the manner of presentation in the Group's financial statements prepared in accordance with IFRS/IAS	PLN 000s	30%	95% - 103%	3,863,218	10,564,113
COAL PRODUCTION LEVEL	tons
Coking coal production		20%	95% - 103%	12,162,626	10,985,547
CORRIDOR WORKS
Quantity of corridor works (the measure does not include works related to conversions and extractions)	meters	15%	95% - 103%	79,288	74,520
JSW'S MINING CASH COST (UNIT)
The Unit mining cash cost calculated as the ratio of JSW's operating costs less amortization and depreciation and costs unrelated to coal production (selling and distribution expenses, costs of capitalizing mine workings and reinforcing longwalls, cost of goods and materials sold, other costs of the period not related to coal production), to net coal extraction	PLN/t	10%	98% - no more than 100%	454.36	543.81
UNDERGROUND PRODUCTIVITY	tons/
productivity per 1 underground worker calculated as the ratio of net coal extraction to average employment of underground workers of: KWK, JSW SIG and third-party companies		10%	100% - 102%	656.6	664.7
CAPITAL EXPENDITURES
Selected investment projects included in the Methane Emissions Reduction Program - Construction of two cogeneration installations in KWK Budryk*	PLN	5%	0 / 1	16,224	14,990
(2x4MW + 2MW Stage II cogeneration system, 2x4MW cogeneration system). Implementation of the material and financial scope in 2022. Achievement of the objective confirmed by obtaining the final decision permitting the operation of the cogeneration system.	000s
CAPITAL EXPENDITURES
Selected investment projects included in the Energy Efficiency Program*
(Delivery and commissioning of a follow-up, automatic reactive power compensation system in PLN the Borynia Section and construction of a comprehensive reactive power compensation system 000s in KWK Pniowek). Implementation of the material and financial scope in 2022. The achievement of the objective is confirmed by the commissioning acceptance report of the Head of Mine Operations.		5%	0 / 1	11,478	11,141
COOPERATION OF THE JSW MANAGEMENT BOARD WITH THE SUPERVISORY BOARD
Performance of the JSW Management Board's information duties to the JSW Supervisory Board and implementation of its recommendations in the period covered by Management Objectives, including presentation to the JSW Supervisory Board, by 31 December 2022, the Technical and Economic Plan adopted by the JSW Management Board for 2023 and the Technical and Economic Plan of the JSW Group for 2023		5%	0 / 1		YES

* In the evert of a significant charge in this Chieftive, the USW Management Board is required to inform the USW Superisory Board of the reasons for such change.

* If the performance is greater than the courn, the bonus will not be increased ary nore. It nay be paid out up to the bouts of the bonus allocated to that Objective.

In the case of Management Objectives concerning:

. Coking coal production level;
. Corridor works;
Unit Mining Cash Cost;

these measures have not been fulfilled to the extent that was required for Management Board Members to receive variable compensation, namely:

· According to the Plan, coking coal production was to reach 12,162,626 tons in 2022. The actual production was 10,985,547 tons. The plan was fulfilled in 90.32% and consequently a bonus on this account cannot be considered. According to the curve adopted for this Objective, a bonus may be awarded if the plan is fulfilled in 95% at the least.
· According to the Plan, corridor works were set at 79,288 running meters for 2022. The fulfillment was 74,520 meters. The plan was fulfilled in 93.99% and consequently a bonus on this account cannot be considered. According to the objective, a bonus could be awarded if the Plan was fulfilled in at least 95%.
· According to the Plan, (unit) Mining Cash Cost was to be 454.36 PLNton in 2022. The fulfillment was 543.81 PLN/ton. The plan was exceeded by 19.69% and consequently a bonus on this account cannot be considered. According to the curve adopted for this objective, a bonus could be awarded if the measure was below the Plan or at 100% of the Plan at most.

With respect to other Objectives:

™ 10,564,113 thousand. The plan was fulfilled in 273.45% and consequently a bonus on this account was subject to consideration. According to the curve adopted for this objective, a bonus could be awarded if the measure was fulfilled in at least 95%.
™ plan was fulfilled in 101.23% and consequently a bonus on this account was subject to consideration. According to the curve adopted for this objective, a bonus is be awarded if the measure was fulfilled in at least 100%.
။ Capital expenditures: one of the management objectives called for the material and financial sope of investment projects included in the Methans Reduction Program and selected investment projects included in the Energy Efficiency Program in JSW Mines; these objectives were attained, which meant that the bonus on this account was subject to consideration. According to the curve adopted for this objective, a bonus could be awarded if the measure was fufililed in at least 100%.
" Regarding the evaluation of the measure of cooperation of the JSW Management Board with the Supervisory Board in 2022, the JSW Supervisory Board will make a decision in this matter within the usual time limit.

In § 2 of Resolution No. 578/X/22 of 16 March 2022, a list of Management Objectives for 2022 was also defined, determining the conditions for receiving variable compensation for 2022 by the Manager.

TABLE 9: Management Objectives on which variable compensation for 2022 was contingent

lte m	MANAGEMENT OBJECTIVE	MANAGEMENT BOARD MEMBER OBLIGATED TO FULFILL THE MANAGEMENT OBJECTIVE	DEADLINE FOR FULFILLING THE MANAGEMENT OBJECTIVE	FULFILLMENT CRITERION FOR THE MANAGEMENT OBJECTIVE
	Development and application of the rules for compensating members of management and supervisory bodies in subsidiaries, in compliance with the rules set forth in the Act of 9 June 2016 on the Rules for Shaping the Compensation of Persons Managing Certain Companies in the case of companies, for which the obligation to implement these compensation rules will arise in 2022	Management Board - each Management Board Member	31 December 2022	Adoption by the authorized bodies of a JSW subsidiary in the Group, within the meaning of the Competition and Consumer Protection Act of 16 February 2007, of the relevant resolutions required by the Act of 9 June 2016 on the Rules for Setting the Compensation of Persons Managing Certain Companies, documented by the Management Board report with attached copies of the resolutions mentioned above, along with the representation of the JSW Management Board on the continuous application of the implemented rules of compensation in the subsidiary
2	Fulfillment of the obligations referred to in Articles 17- 20, Article 22 and Article 23, taking into account Article 18a and Article 23a of the Act of 16 December 2016 on the Rules for Managing State Property	Management Board - each Management Board Member	31 December 2022	Adoption by the Shareholder Meeting of each company, for which JSW is the parent undertaking within the meaning of Article 4 sec. 3 of the Competition and Consumer Protection Act of 16 February 2007, of the relevant resolutions required by Articles 17-20, Article 22 and Article 23, taking into account Article 18a and Article 23a of the Act of 16 December 2016 on the Rules for Managing State Property, documented by the Management Board report with attached copies of the resolutions mentioned above, and in the case of resolutions pertaining to an amendment to the company's articles of association - additionally a decision of the relevant court of registration or information from the National Court Register as at 31 December 2022 demonstrating the fact of registering the amendments to the articles of association of the subsidiary in the National Court Register and the

Management Board's representation on the continuous application of the above obligations in the subsidiary after they were implemented.

These objectives have been fulfilled.

TABLE 10: Compensation of JSW Management Board Members [data in PLN]

Period in Specification*** office in 2022		Year	Fixed Compensation	Annual Variable Compensation*	Other items **	Total compensation (2+3+4)	Ratio: Fixed Compensation / Variable Compensation / Other items
0		1	2	3	4	5	6
Tomasz Cudny President of the Management Board	01.01.2022 -31.12.2022	2022	720,000.00	382,205.30		1,102,205.30	65.32%/34.68%/0.00%
Sebastian Bartos Vice-President for Sales	01.01.2022 -31.12.2022	2022	600,000.00	318,504.42		918,504.42	65.32%/34.68%/0.00%
Robert Ostrowski Vice-President for Financial Matters	01.01.2022 -31.12.2022	2022	600,000.00	318,504.42	27,763.92	946,268.34	63.41%/33.66%/2.93%
Edward Paździorko Vice-President for Technical and Operational Matters	01.01.2022 -31.12.2022	2022	600,000.00	318,504.42		918,504.42	65.32%/34.68%/0.00%
Artur Wojtków Vice-President for Employment and Social Policy	01.01.2022 -31.12.2022	2022	600,000.00	318,504.42		918,504.42	65.32%/34.68%/0.00%
Wojciech Kałuża Vice-President for Development	15.12.2022 -31.12.2022	2022	28,333.33			28,333.33	100.00%/0.00%/0.00%
TOTAL			3,148,333.33	1,656,222.98	27,763.92	4,832,320.23

* Variable compensation for 2022 includes adopted by the JSW Supervisory Board on 29 March 2023 with Resolution No. 118X/23.

** This item includes: coverage (eimbursenent) of connection with the use of the residential apartment (par. 4 sec. 1 item 5 of the management contract).

** The periods of holding the function of Management of a Supervisory Board Member to the Maragement Baard in connection with the vacancy in the respective position, if any.

Variable compensation for 2021 (included in the costs of 2021) in the total amount of PLN 1,1100.00 estimated by the Supervisory Board by Resolution No. 596/X/22 of 14 April 2022:

= for Mr. Tomasz Cudny: PLN 129,900.00,
=
=
for Mr. Edward Paździorko: PLN 104,800.00,
그 for Mr. Artur Wojtków: PLN 314,300.00,
=
for Ms. Barbara Piontek: PLN 135,200.00, ■

has not been paid by the date of this report.

Moreover, in 2022, based on the submitted bills, the following variable compensation for 2020 was paid:

on 10 January 2022: for Mr. Radoslaw Załoziński, awarded by a Supervisory Board Resolution No. 536/X/21 of 1 December 2021 in the amount of PLN 30,000.00,
on 8 February 2022: for Mr. Artur Dyczko, awarded by a Supervisory Board Resolution No. 534/X/21 of 1 December 2021 in the amount of PLN 30,000.00.

OPQRSTUOVSWXYVZS[X

!"#\$%&'(#)" #*+,)" -'./-" #0"0 12345655 7899 :;<=>?@ A> ?:B9C@ CDEFC@@CG A> ;A99A<>@ 9C@@ @?:?CG <?LCFMA@CN - ]^-_a^bcde^\_fgfch]^i^h^\_jgfkhgdfdlmdjn^fbkhgdfdlh]^on^_egbd_pqdk_ir^js^_b-]ke^s^^fkidnh^isptkpdl-_^bdahgdfbdlh]^uovo]k\_^]dai^\_r^^hgfcwgfmdjnagkfm^tgh]h]^-\_^cakhgdfbakgiidtfgfh]^xmhdl-u`f^yz{-<> ?LC |=9C@ H~ ?LC <;EC>@:?A<> <H ICF@<>@ :>:~A>~ CF?:A> <;E:>AC@-

]^jdfh]apmdjn^fbkhgdfdlon^\_egbd\_pqdk\_ir^js^\_bgbb^hkbh]^n\_dimhdlh]^skb^kjdfh-\_^l^\_\_^ihdgfx\_hgma^-o^mhgdf-h^j-dlh]^xmh-<> ?LC |=9C@ H<F }C??A>~ ?LC <;EC>@:?A<> <H ICF@<>@ :>:~A>~ CF?:A> <;E:>AC@dl-uf^yz{kfih]^ldaadtgfcj`ahgnag^_-

ld_h]^o`n^_egbd_pqdk_i-]kg_n^_bdf---
ld_dh]^_o`n^_egbd_pqdk_ir^js^_b---

fyzyywon^\_egbd\_pqdk\_ir^js^\_bt^\_^-^fhgha^ihd-\_^m^ge^mdjn^fbkhgdf-\_^ck\_ia^bbdlh]^fjs^_dlj^^hgfcbmdfe^f^ion^\_egbd\_pqdk\_ir^js^\_bt^\_^fdh-^fhgha^ihdkfpmdjn^fbkhgdfld\_h]^jdfh]gft]gm]h]^pigifdhkhh^fikfpdlh]^md\_\_^mhapmdfe^f^ij^^hgfcbkfih]^g\_ksb^fm^tkbfdh-^mb^i-]^on^\_egbd\_pqdk\_ii^mgi^isptkpdlk-\_^bdahgdft]^h]^_h]^ksb^fm^dlkon^\_egbd\_pqdk\_ir^js^\_khkj^^hgfctkb-bhglg^id_fdh-

on^\_egbd\_pqdk\_ir^js^\_bt^\_^-^fhgha^ihd-\_^gjs_b^j^fhdl-^n^fb^bgfm\_\_^igfmdff^mhgdftgh]h]^nk\_hgmgnkhgdfgfh]^td\_bdlh]^on^_egbd_pqdk_i-

244 ¡¢

2£

—"'	"˜ ˜" ™™˜¤"˜" 5655	"–	˜¥" ''""•–—˜"	"—˜"'""—–" ˜•–¡˜¦˜—Ÿ '¦–"•§	—–¦¤''""•–—˜" ¨5©3ª	–—˜ ˜¥" ''""•–—˜"« "—˜"'""—–" ˜•–¡˜¦˜—Ÿ '¦–"•
z			y		¬	‹
1–¦˜"–œ o`n^_egbd_p qdk_i †]kg_tdjkf	zˆzˆyzyy ®zˆz‰ˆyzyy yzˆz‰ˆyzyy ®ˆyˆyzyy	yzyy	¯wy‹ˆ¯‹	®	¯wy‹ˆ¯‹	zzˆzz°±zˆzz°
o`n^egbd_p qdk_i r^js^	zˆz‰ˆyzyy® yzˆz‰ˆyzyy
¡"—²œ "¦•˜ o`n^egbd_p qdk_i o^m^hk_p	zˆzˆyzyy ®zˆz‰ˆyzyy yzˆz‰ˆyzyy ®ˆyˆyzyy	yzyy	‰wy{¯ˆz¬	yw‰‰¬ˆ¬z	¯ywz¬yˆ¬¬	{ˆ{y°±ˆ¯°
r^js^_	zˆz‰ˆyzyy ®yzˆz‰ˆyzyy
¦³´Ÿµ– o`n^egbd_p qdk_i r^js^	zˆzˆyzyy ®ˆyˆyzyy	yzyy	‰wy{¯ˆz¬	®	‰wy{¯ˆz¬	zzˆzz°±zˆzz°
#¶·¸¹º»·¼ *½¾º¿À o`n^egbd_p qdk_i r^js^	zˆzˆyzyy ®ˆyˆyzyy	yzyy	‰wy{¯ˆz¬	®	‰wy{¯ˆz¬	zzˆzz°±zˆzz°
´–¡"¦–𐔓Á ²µ–¦•– o`n^egbd_p qdk_i r^js^	zˆzˆyzyy ®zˆz‰ˆyzyy	yzyy	w¯¬‰ˆ	®	w¯¬‰ˆ	zzˆzz°±zˆzz°
!Â÷¸¶· .ĽºÀ· o`n^egbd_p qdk_i r^js^	zˆzˆyzyy ®ˆyˆyzyy	yzyy	‰wy{¯ˆz¬	®	‰wy{¯ˆz¬	zzˆzz°±zˆzz°
– ˜œ•´›Ÿ'Ÿ¤Å o`n^egbd_p qdk_i r^js^	zˆzˆyzyy ®ˆyˆyzyy	yzyy	‰wy{¯ˆz¬	yw‰‰¬ˆ¬z	¯ywz¬yˆ¬¬	{ˆ{y°±ˆ¯°
*·¼¿» (¹¿ºÆÇÆ·È o`n^egbd_p qdk_i r^js^	zˆzˆyzyy ®zˆz‰ˆyzyy	yzyy	w¯¬‰ˆ	w¬ˆ{{	¬wy¬ˆ‰‰	{ˆ{y°±ˆ¯°

REPORT ON COMPENSATIONS OF MANAGEMENT BOARD AND SUPERVISORY BOARD MEMBERS OF JASTRZEBSKA SPOŁKA WEGLOWA S.A. FOR THE FINANCIAL YFAR FNDFD 31 DECFMBER 2022

Item	Period in office in 2022	Year	Fixed Compensation	Retirement and disability plans*	Total compensation (2+3)	Ratio: Fixed Compensation / Retirement and disability plans
0		1	2	3	4	5
Tadeusz Kubiczek Supervisory Board Member	01.01.2022 -01.07.2022	2022	39,847.11	1,394.66	41,241.77	96.62%/3.38%
Michał Rospędek Vice-Chairman	20.07.2022 -31.12.2022
		2022	79,268.04		79,268.04	100.00%/0.00%
Supervisory Board Member	01.01.2022 -20.07.2022
Paweł Nieradzik Supervisory Board Member	01.07.2022 -31.12.2022	2022	39,634.02	1,387.20	41,021.22	96.62%/3.38%
Robert Łazarczyk Supervisory Board Member	01.07.2022 -31.12.2022	2022	39,634.02	1,387.20	41,021.22	96.62%/3.38%
TOTAL			763,743.46	11,112.52	774,855.98

* Retirement and disability plans

By virue of the discharge of the functions entrusted to them, Management Board Members are not entitled to participate in any retirement and disability or early for Supervisory Board Members appointed by employees who are entitled having their contribution resulting from the employment relationship with the Employee Pension Plan.

2.2. PRESENTATION OF PROPORTIONS BETWEEN COMPENSATION COMPONENTS (FIXED AND VARIABLE)

The proportions between Fixed and Variable Compensation of Management Board on the fixed compensation amount and the maximum variable compensation amount set by the Supervisory Board, taking into acsing from the wording of the Policy.

2.3. EXPLANATION OF THE RELATIONSHIP BETWEEN COMPENSATION AWARDED OR DUE AND PERFORMANCE

Total compensation is consistent with the accepted Policy and serves the purpose of achieving the Company's assumed business results.

The established KPI-based Management Objectives (including statutory ones) and the tasks assigned to Management Board Members serve the purose of pursuing the Company's business strategy, including environmental strategy interests (including the execution of long-term investment projects, including those reduction program) and ensure stability of the Company.

The established objective and measurable ment and settlement of the Management Objectives provide Management Board Members with incentives to accomplish them.

Details are presented in Section 2.1. and Section 5.2. of this Report.

2.4. COMPENSATION AMOUNTS FROM GROUP COMPANIES

A Management Board Member may not receive any compensation for serving as a member of any comporate body of the Company's subsidiary within the Group within the meaning of Article 4(14) of the Competition and Consumer Protection Act of 16 February 2007.

Members of the Supervisory Board of the 10th term of office elected by employees, i.e.: Robert Kubiczek, Pawel Bieszczad, Arkadiusz Wypych, and Members of the 11th tern elected by employees, i.e. Robert Kudelski, Robert Lazarczyk, Pawel Nieradzik, Arkadiusz Wypych, also receive compensation under their employment contracts on account of being employed in JSW. Moreover, in 2022, Mr. Pawel Nieradzik, Supervisory Board Member of the 11th term of office elected by employees, also received compensation under a mandate contract entered into with one of the Group companies, namely Jastrzebskie Zaklady Remontowe Sp. z o.o.

2.5. MONETARY OR NON-MONETARY PERFORMANCES AWARDED TO CLOSEST RELATIVES OF MANAGEMENT BOARD AND SUPERVISORY BOARD MEMBERS

In the period covered by this report, no monetary benefits related to the function/postion held in JSW's governing bodies were granted to the close relatives of the any JSW Management Board Members or JSW Supervisory Board Members.

SHARE-BASED PAYMENTS 3.

The management contracts in effect in 2022 executed with Members of the 10th and 11th terms of office of the Articles of Association contained no provisions regardility of awarding financial instruments, including shares, to Management Board Members or Supervisory Board Members.

4. EXERCISE OF THE RIGHT TO FILE A COMPLAINT

The management contracts signed with the Management Board of the 10th and 11th terms of office that were in effect in 2022 contained the following regulations concerning refunds of variable compensation components:

· The Company is entitled to put forward a claim for a refund of the Variable Compensation paid if, after payment of such compensation it becomes apparent that the Variable Compensation was granted to the Manager on the basis of data that subsequently turned out to be untrue.

In 2022, there were no circumstances giving rise to the option of requesting a refund reimbursement of variable compensation components.

5. INFORMATION ON CONSISTENCY OF COMPENSATION WITH THE COMPENSATION POLICY AND APPLICATION OF PERFORMANCE CRITERIA

5.1. EXPLAINATION HOW TOTAL COMPENSATION IS COMPLIANT WITH THE COMPENSATION POLICY AND HOW IT CONTRIBUTES TO THE ACHIEVEMENT OF THE COMPANY'S LONG-TERM PERFORMANCE

Total compensation is consistent with the accepted Policy and serves the Company's assumed business results. The established KP-based Management Objectives (including statutory ones) and the tasks assigned to Managers serve the purpose of achieving the Company's business strategy and its long-term interests (including the execution of long-term investment project) and ensure stability of the Company. The established objective and measurable criteria for the accomplishment of the Management Objectives provide Management Board Members with incentives to accomplish them.

When setting detailed Management Objectives, the Supervisory Board each time adopts clear, comprehensive and diversified criteria for the adoption of weights for each of the Management Objectives in the variable compensation as well as objective and measurable criteria for their accomplishment and settlement, both in relation of the Company's financial and non-financial performance.

When establishing the detailed Management Objective for the Supervisory Board, taking into consideration the Company's line of business, each time and to the greatest possible extent takes into account the public interest, the Company's contribution to environmental protection and the taking of at preventing and counteracting the adverse social effects of the Company's business.

The applied performance criteria, i.e.:

. EBITDA of the JSW Group,
coking coal production volume,
. quantity of corridor works,
underground productivity,
unit mining cash cost,
strategic investment projects (capital expenditures),

are the key measures which, if performed at the assumed levelopment of the Company in the medium term and contribute to the execution of projects optimizing JSW's and the Group's operating areas and build financial stability of the entire JSW Group.

The investment projects included in the Charler of Management Board Members for 2022 are an element of the Environmental Strategy adopted by the Group, the primary objectives of which are as follows:

=
= reducing the environmental impact striving to achieve climate neutrality by 2050.

The investment projects involving the construction systems in KWK Budryk are part of the Methane Emissions Reduction Program ("MERP"). Because methane, as an accompanying mineral in the coal mining process, accounts for 74% of the the

7899 :;<=>?@ A> ?:B9C@ CDEFC@@CG A> ;A99A<>@ 9C@@ @?:?CG <?LCFMA@CN OPQR-STUVW-XYSZ-[ZYWX\V]TSXZY-S^V-_]Z`]Ta-SZbWVaVS^TYV-[ZaaV][XTccd-S^TS-^TWeVVY-_b]WbV-SZf\TSV-TY-S^V-YVg-VhhZ]SW-YVV\V-SZ-T[^XViV-S^V-XYSVY\V\cViVc-ZhaVS^TYV-[T_Sb]V-Zh-T__]ZjXaTSVcdklm-TY-XSW-[ZaaV][XTcbSXcXnTSXZY-Zhb_-SZokmp-

qYiVWSaVYS-_]ZrV[SW-XYiZciXY-S^V-[ZYWS]b[SXZY-Zh-T-]VT[SXiV-\_ZgV]-[Za\_VYWTSXZY-WdWSVa-XY-S^VsZ]dYXTtV[SXZY-TY\-S^V-[ZYWS]b[SXZY-Zh-Tuvwxyz{z|}~zyzu~zxvzyuvwxz|}~v|}}zw~||~zyzxyv{zu~~~z}~wz{zuv|~|zvx~w~~vY-Zh-VcV[S]X[XSd-[ZYWba\_SXZY-TY\-Xa\_]ZiVaVYS-Zh-VYV]d-VhhX[XVY[dp--

sZS^-S^VWV-_]ZrV[SW-T]V-XY[cb\V-X|{z~yxyvzu~v||zw~}}~v|}yzu~v|yz~wz-

QV\b[XY-]VVY^ZbWV-TW-VaXWWXZYW-XY-T[[Z]\TY[VgXS^-S^V-RT]XW-]VVaVYSp-
s]XYXYhT[XcXSXVW-XYSZ-[Za_cXTY[VgXS^-VYiX]ZYaVYSTc-VaXWWXZY-]VbX]VaVYSW-ZheVWS-TiTXcTecV-SV[^YXbVWsp-
ZYSXYb~|vx~w~~v|vz|zyuv|}wx~v||~~~v|uyv}}{zyvx}vxzy~v|}-
PhhV[SXiVcd-Xa_cVaVYSXY-S^V-XYiVWSaVYS-\_]ZrV[SW-\_cTYYV\-XY-S^V-]Zb\_ -[ZiV]XY-S^VaTXY-WZb][VW-Zh-VaXWWXZYWbYSXcll-TY-[ZYSXYbXY-SZ-\ViVcZ\_-XYYZiTSXiV-VaXWWXZY-]V\b[SXZY-SV[^YZcZXVWhZ]hb]S^V]-YVbS]TcXnTSXZYedlklp-

¡XiV]WXhdXY`-S^V-]Zb_¢W-Z_V]TSXZYWeTWV-ZYcZg-VaXWWXZY-TY-STjZYZaX[-_]Z\b[SW-TY-WV]iX[VWp-

£¤5¤¥1¦1

§Y-¨©-OT][^l -S^Vtb_V]iXWZ]dsZT]-T\Z_SV-QVWZcbSXZY-ªZpk«¬® -XYg^X[^-XS-WVS-S^V-Wb__cVaVYST]d-[Za_VYWTSXZY-TY-S^V-OTYTVaVYS-§erV[SXiVW-Zh-OTYTVaVYSsZT]-OVaeV]WhZ]lp-

¡VSTXcW-Zh-S^V-T]]TYVaVYSW-]VT]\XY-Wb\_\_cVaVYST]d-[Za\_VYWTSXZYiT]XTecV-[Za\_VYWTSXZY-TY\-S^V-OTYTVaVYS-§erV[SXiVW-T]V-_]VWVYSV-XYtV[SXZYp¨ hZccZgV\ed-S^VX]-T[SbTc-_V]hZ]aTY[V-ZY-S^V-YVjS-_T`Vp

TABLE 12: Evaluation criteria – 2022

		Evaluation of satisfaction of the criteria
Criteria	Weight of the	Tomasz	Robert	Sebastian	Edward	Artur
	criterion	Cudny	Ostrowski	Bartos	Paździorko	Wojtków
Development and application of the rules for compensating members of management and supervisory bodies in subsidiaries, in compliance with the rules set forth in the Act of 9 June 2016 on the Rules for Shaping the Compensation of Persons Managing Certain Companies in the case of companies, for which the obligation to implement these compensation rules will arise in 2022	Objective, which must be met to receive variable compensation	Done	Done	Done	Done	Done
Fulfillment of the obligations referred to in Articles 17-20, Article 22 and Article 23, taking into account Article 18a and Article 23a of the Act of 16 December 2016 on the Rules for Managing State Property	Objective, which must be met to receive variable compensation	Done	Done	Done	Done	Done
CRITERION 1 EBITDA of the JSW Group, calculated as the sum of operating profit and depreciation and amortization calculated in accordance with the manner of presentation in the Group's financial statements prepared in accordance with IFRS/IAS	30%	a) 273.45% b) PLN 216,000.00	273.45% a) b) PLN 180,000.00	a) 273.45% b) PLN 180,000.00	a) 273.45% b) PLN 180,000.00	a) 273.45% b) PLN 180,000.00
CRITERION 2 Coal production level - production of coking coal	20%	a) 90.32% b) PLN 0.00	a) 90.32% b) PLN 0.00	a) 90.32% b) PLN 0.00	a) 90.32% b) PLN 0.00	a) 90.32% b) PLN 0.00
CRITERION 3 Corridor works - quantity of corridor works (the measure does not include works related to conversions and extractions)	15%	93.99% a) b) PLN 0.00	a) 93.99% b) PLN 0.00	a) 93.99% b) PLN 0.00	a) 93.99% b) PLN 0.00	a) 93.99% b) PLN 0.00
CRITERION 4 JSW's Mining Cash Cost (unit) - unit cash cost of coal mining calculated as the ratio of JSW's operating costs less amortization and depreciation and costs unrelated to coal production (selling and distribution expenses, costs of capitalizing mine workings and reinforcing longwalls, cost of goods and materials sold, other costs of the period not related to coal production), to net coal extraction	10%	a) 119.69% b) PLN 0.00	a) 119.69% b) PLN 0.00	a) 119.69% b) PLN 0.00	a) 119.69% b) PLN 0.00	a) 119.69% b) PLN 0.00
CRITERION 5 Underground productivity - productivity per 1 underground worker calculated as the ratio of net coal extraction to average employment of underground workers of: KWK, JSW SIG and third-party companies	10%	101.23% a) b) PLN 58,205.30	a) 101.23% b) PLN 48,504.42	a) 101.23% b) PLN 48,504.42	a) 101.23% b) PLN 48,504.42	a) 101.23% b) PLN 48,504.42

		Evaluation of satisfaction of the criteria
Criteria	Weight of the criterion	Tomasz Cudny	Robert Ostrowski	Sebastian Bartos	Edward Paździorko	Artur Wojtków
CRITERION 6 Capital expenditures - Selected investment projects included in the Methane Emissions Reduction Program - Construction of two cogeneration installations in KWK Budryk* (2x4MW + 2MW Stage II cogeneration system, 2x4MW cogeneration system). Implementation of the material and financial scope in 2022. Achievement of the objective confirmed by obtaining the final decision permitting the operation of the cogeneration system.	5%	100.00% a) b) PLN 36,000.00	a) 100.00% b) PLN 30,000.00	a) 100.00% b) PLN 30,000.00	a) 100.00% b) PLN 30,000.00	a) 100.00% b) PLN 30,000.00
CRITERION 7 Capital expenditures - Selected investment projects included in the Energy Efficiency Program* (Delivery and commissioning of a follow-up, automatic reactive power compensation system in the Borynia Section and construction of a comprehensive reactive power compensation system in KWK Pniowek). Implementation of the material and financial scope in 2022. The achievement of the objective is confirmed by the commissioning acceptance report of the Head of Mine Operations.	5%	100.00% a) b) PLN 36,000.00	a) 100.00% b) PLN 30,000.00	a) 100.00% b) PLN 30,000.00	a) 100.00% b) PLN 30,000.00	a) 100.00% b) PLN 30,000.00
CRITERION 8 Cooperation of the JSW Management Board with the JSW Supervisory Board - performance of the JSW Management Board's information duties to the JSW Supervisory Board and implementation of its recommendations in the period covered by Management Objectives, including presentation to the JSW Supervisory Board, by 31 December 2022, the Technical and Economic Plan adopted by the JSW Management Board for 2023 and the Technical and Economic Plan of the JSW Group for 2023	5%	100.00% a) b) PLN 36,000.00	a) 100.00% b) PLN 30,000.00	a) 100.00% b) PLN 30,000.00	a) 100.00% b) PLN 30,000.00	a) 100.00% b) PLN 30,000.00
TOTAL ESTIMATED VARIABLE COMPENSATION		382,205.30	318,504.42	318,504.42	318,504.42	318,504.42

(a)

(1) will be de upon salifacin of the neversed contracts contracts contributing in particials con adulting in pricialian por adoption of resolution of resolution of resolution of Management Objectives and determination of the variable compensation amount.

* In the event of a significant change in this Chiective, the JSV Management Board is required to infrom the SVI Superiory Board of the reasons for such change,

Mr. Wojcied Kaiza, Vice-Pesident of the Management, who served in this capacity for 15 December 2022 is not entilled by vaiable opmensation due to failure to fulfill the condition of providing services for at least 3 months in the respective financial year.

6. COMPARATIVE INFORMATION ON CHANGES IN COMPENSATION AND IN THE COMPANY'S PERFORMANCE

TABLE 13: Annual change in compensation and performance [data in PLN]

(% change calculated only if employed for the entire year in both years being compared)

Annual change	2017	2018 /2017 %	2018	2019 /2018 %	2019	2020 /2019 %	2020	2021 /2020 %	2021(2)	2022 /2021 %	2022(3)
Compensation of JSW Management Board Members (1)
Włodzimierz Hereźniak President of the Management Board 01.08.2019-18.01.2021 Vice-President of the Management Board for Sales 05.05.2021-09.07.2021					- 445,584.00		- 756,000.00		- 270,000.00
Artur Dyczko Vice-President for Strategy and Development 09.08.2017-10.01.2019 04.07.2019-20.01.2020 Vice-President for Technical and Operational Matters 20.01.2020- 29.03.2021	238,333.33		- 902,372.71 - - - -		- 615,387.75		- 653,494.08 ---------------------------------------------------------------------------------------------------------------------------------------------------------------		- 456,010.13
Radosław Załoziński Vice- President for Financial Matters 04.07.2019-29.03.2021					- - 440,633.06	------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Artur Wojtków Vice-President for Employment and Social Policy 01.01.2014-31.12.2022	600,000.00		150.4% 902,372.71	99.0%	893,643.46		70.5% 630,000.00	145.1%	914,300.00	100.5%	918,504.42
Tomasz Duda Vice-President for Development 13.02.2020-09.07.2021							- 554,750.00		- 780,000.00
Barbara Piontek President of the Management Board 01.03.2021-09.07.2021									- 393,200.00
Tomasz Cudny President of the Management Board 28.08.2021-31.12.2022									- 377,900.00
Sebastian Bartos Vice-President for Sales 30.07.2021-31.12.2022									- 386,033.34		918,504.42
Robert Ostrowski Vice-President for Financial	600,000.00	150.4%	902,372.71		100,000.00				384,339.96		946,268.34

!"#\$%&'(#)" #*+,)" -'./-" #0"0 12345655
7899 :;<=>?@ A> ?:B9C@ CDEFC@@CG OOPQRSTQOUV	A> ;A99A<>@ 564W	IJK\ =>9C@@ 564X Y564W Z	@?:?CG <?LCFMA@CN 564X	564[ Y564X Z	564[	5656 Y564[ Z	5656	5654 Y5656 Z	5654\5]	5655 Y5654 Z
^_``abc defgefhgijefefhk fdefjefhidhehef
lmnopm *oqmrstput vwxaiybacwza{`<br> }b<br>~ax{wx_€<br>_{z<br>'ab_`w}{€ ^``abc fhefkefhidhehef		i	i	i	i	i	i	i	i dfƒ"g…ƒeff		i
-t†‡sˆ‡‰ )oŠ‹Œo vwxaiybacwza{`<br> }b<br>aŽa€}'a{` hƒehefidhehef		i	i	i	i	i	i	i	i	i	i
!optŠon !'mp'ˆu vwxaiybacwza{` }b "w{{xw€ ^_``abc hfefƒefhifkefefh		i	i	i	i	i	i	i	i hfh"gggeg		i
%o"oŠ *osˆuo vwxaiybacwza{` }b •_€ac f…efefhkihefeff		i	i	i	i ƒ"d…hefg		i f"fffeff		i	i	i
\$t–or —˜ˆmq vwxaiybacwza{` }b ~ax{wx_€ ^_``abc fgehfefhihjehefhk	h…d"dddedd		i kf"deh	hhƒeh™	h"fdj"kdejg		i hƒ"fffeff		i	i	i
QOšVR›œO ybacwza{`<br>} <br>`a ^{aa{` ž}_bz dfehhefhihhefgefhk	g"fffeff		i f"fffeff		i gj"fffeff		i	i	i	i	i
ŸœRQO Q¡P¢›£Q vwxaiybacwza{` }b •_€ac fhehefhgihfefhefhk	gff"fffeff	hƒfe…™	kf"deh		i dhg"gggeg		i	i	i	i	i
œ¤Q¢›Q¥Rš£ ybacwza{`<br>} <br>`a ^{aa{` ž}_bz f…efkefhƒifgefdefh	ƒ…f"fffeff		i	i	i	i	i	i	i	i	i
!¦rˆ" *on˜s§¦n vwxaiybacwza{` }b ~ax{wx_€ ^_``abc defgefhgifdefdefh	dff"fffeff		i	i	i	i	i	i	i	i	i
¨¡›©¢› œª©¢šQ£ vwxaiybacwza{` }b •_€ac defgefhgifgehfefhg	ff"fffeff		i	i	i	i	i	i	i	i	i
œ¤«VO¢Q šœOœªŸ¬P«V¡š¢œ¡©œQ¡®V¤¯V¡¢
1QRšOQP£ •ž °wb±}{ fƒefjefhgifhefef fefefidhehef	ƒ"j…ƒedg	hfjeg™	ƒ"dkhe	hdded™	g"…jdeg	hhe™	kd"hh…eƒ	kgeĪ	jk"jdehg	kke…™

!"#\$%&'(#)" #*+,)" -'./-" #0"0 12345655
7899 :;<=>?@ A> ?:B9C@ CDEFC@@CG OOPQRSTQOUV	A> ;A99A<>@ 564W	IJK\ =>9C@@ 564X Y564W	@?:?CG <?LCFMA@CN 564X	564[ Y564X	564[	5656 Y564[	5656	5654 Y5656	5654\5]	5655 Y5654
^_`^a`^b^`^a`^		Z		Z		Z		Z		Z
cdVefgPhVRijk lm lnopnqrps ^`^_`^_tb^`^a`^ ^`^a`^bu_`_`^ lvwnpxyz{ps m{rp }n~np ^_`^a`^b^`^a`^	€t€`u' \| _^^`^ƒ	€t€`u' \| _a`"ƒ	'a'^€`_u \| _€`ƒ	€^u€`t€ \| "'`€ƒ	^t`tt \| _^^`^ƒ
Rc…†‡cˆQj lm }n~np ^`^_`^_tbu`_`^	€t€`u' \| _^^`^ƒ	€t€`u' \| _t`aƒ	'€"_t`'t \| _t`'ƒ	_€"`t \| "'`€ƒ	a"'`^t \| _^^`^ƒ
#‰Š‹ŒŽŠ ''" lm }n~np ^t`^a`^"bu*`_`^		b b	b		b u""t`a' \| \| b<br>_€"`t	b	''_u`a		b
†QdVRQ"cOVjgcˆQRijQ lm }n~np ^`^"`^"b^_`^a`^		b b	b		b ttt^`" \| \| b<br>_€"`t	"'`€ƒ \| a"'`^t		b
gcOeQhQRSVeijk lm }n~np `_^`^_b"`_^`^^		b b	_^`_u \| \| b<br>'€"_t`'t		b '€`uu	b		b	b
!•–Š‹‰Š .—"Š lm }n~np ^`^u`^"bu`_`^		b b	b		b €tt^a`"" \| \| b<br>_€"`t	"'`€ƒ \| a"'`^t	_^^`^ƒ
ejQhkPi†˜‡™‡ST lm }n~np `^_`^_bu`_`^		b b	€^tu^`u \| \| b<br>'a'^€`_u	_€`ƒ \| €^u€`t€	"'`€ƒ \| ^t`tt	_^^`^ƒ
*Š'Ž (Œ'š›šŠœ lm }n~np `^'`^b^`^a`^		b b	''u`^' \| \| b<br>'a'^€`_u	_€`ƒ \| €^u€`t€	"'`€ƒ \| ^t`tt		b
QhVPi†gPdkS†Vj lm }n~np `^'`^b^`^a`^		b b	''u`^' \| \| b<br>'a'^€`_u	_€`ƒ \| €^u€`t€	"'`€ƒ \| ^t`tt		b
cdVefcQOVj lm }n~np ^t`^a`^"b`^_`^^		b b	b		b u""t`a' \| \| b<br>€t€t`"	b		b	b
žŒ›ŸŠŽ %• ¡œ'" ¢yonb£¤ryp~r¥ ^`^a`^bu_`_`^ lvwnpxyz{ps m{rp }n~np "`_^`^^b^`^a`^		b b	b		b	b	b u€^`'^ \| b \| at€^`		b
*Š'Ž ¦Œ'ŠœšŒ" lvwnpxyz{ps m{rp }n~np		b b	b		b	b	b	b b		b	b
^`^a`^bu`_`^ %•§'‰ ,ŠšŠ›š¨" lvwnpxyz{ps m{rp }n~np		b b	b		b	b	b	b b		b	b

!"#\$%&'(#)" #*+,)" -'./-" #0"0 12345655
7899 :;<=>?@ A> ?:B9C@ OOPQRSTQOUV	CDEFC@@CG A> ;A99A<>@ <H 564W	IJK =>9C@@ 564X Y564W	@?:?CG <?LCFMA@CN 564X	564[ Y564X	564[	5656 Y564[	5656	5654 Y5656	5654\5]	5655 Y5654
^`^a`^bc`_`^		Z		Z		Z		Z		Z
dQe QfRgShg ij klmnlo ^p`^q`^rb^s`^a`^	ptqsp`cr \| <br><br><br><br><br><br><br><br><br><br><br>_^^`^u	ptqsp`cr \| \| b<br>at_c`a		b	b b		b	b
OvwOgQRgOwfxhg ij klmnlo ^`^_`^_sb^s`^a`^	ptqsp`cr \| <br><br><br><br>_^^`^u	ptqsp`cr \| \| b<br>at_c`a		b	b b		b	b
weQxy2gx ij klmnlo c^`_`^rb^`^c`^	ptqsp`cr \| <br><br><br><br><br>_^^`^u	ptqsp`cr \| \| b<br>__tp^r`rp		b	b b		b	b
%z{ }~ € ' ij klmnlo a`^_`^_br`^`^ a`^p`^ ^s`^a`^_b^`^q`^	b	b	b		b _stsr`cc		b	b b		b	b
QOgVRywO ij ƒ"…†om…‡ ^s`^q`^_rb^r`^c`^_a ^a`^r`^_a ^q`^`^_a	b	b	b		b b		b	b b		b	b
PUVOgPxyQˆwO ij il‰olŠ…o‹ ^_`^_`^_sbq`^r`^_q	ptqsp`cr \| <br>b \| rt_`^		b b		b	b b		b	b
)}ŒŽŒ~z )€''" Ž'" ij "l•–Š‹ ƒ"…†om…‡ ^p`^q`^_rb`_^`^_q	ptqsp`cr \| <br><br><br><br><br><br><br><br><br><br><br>b \| str_a`c		b b		b	b b		b	b
OdˆyV— QRQˆSy˜h ij klmnlo ^_`^_`^_sbq`^r`^_q	ptqsp`cr \| <br><br><br><br><br><br><br><br><br><br><br><br><br><br>b \| rt_`^		b b		b	b b		b	b
™QO ˆy˜fQˆQ ij klmnlo ^`^r`^_pb^`_^`^_a	ct_q`_c	b	b		b b		b	b b		b	b
wešVOxQvgwOw›vTV™œPšVˆgxwˆ˜wQˆdVežVˆxdVRVUQvVdvwšVˆ›wˆevVešwˆQˆgR˜vTVdPvgVxw›vTV ˆVxgdVOvQOdgSVŸ ˆVxgdVOvw›vTV™œQOQUVeVOvwQˆd
#~€'"ށ€ } Ž ' ^`^a`^ba`^q`^*	b	b	b	b	b	b	b	b	rtaas`_	b
"¡¢€ %zŽ£¤¥ ' ^`^a`^bc^`^a`^	b	b	b	b	b	b	b	b	cptsqc`qa	b
QOgVRywO ^r`^c`^_ab^r`^r`^_a ^q`^r`^_ab^a`^`^_a ^`^`^_abc^`__`^_a	pstc`pq	b	b	b	b		b b	b		b b
%z{ }~ € ' a`^`^br`^p`^ q`^p`^b^c`^a`^	b	b	b	b	^rtaa`c	b	b	b		b	b

!"#\$%&'(#)" #*+,)" -'./-" #0"0 12345655
7899 :;<=>?@ A> ?:B9C@ CDEFC@@CG OOPQRSTQOUV	A> ;A99A<>@ <H 564W	IJK =>9C@@ 564X Y564W	@?:?CG <?LCFMA@CN 564X	564[ Y564X	564[	5656 Y564[	5656	5654 Y5656	5654\5]	5655 Y5654	5655\3]
^OQOS^QRQO_`aVbQc^OUaVbd`beQOSV		Z		Z		Z		Z		Z
Vcab`d^cY\R`ff]`dghijk ilmn ok	pqjppqr	stuvw	rqjrtqv	puw	qjv		x irqsjrqsrk		x pyqtj	pqrszuw	zqrrsqtr
Vcab`d^cY\R`ff]`dcTVb`Pa ijk ilmn ok	pqsjqsj	vyupw	rqzvqty	vuyw	vjyqszr		x irqszqyzk		x yspqvr	zyzupw	zqsyqzyy
1gh ijkq isk ilmn ok	qyjrqprj	zvuvw	qpqrrs	vjupw	rqyyqsvj		x ivzsqvsyk		x pqjtpqjt	jpsusw	rqsvjqrr
`{^OUS`QRab`_PSc^`O `RPeV i}~ok	rqvzsqzsy	yzuw	rqsrqry	ytuvw	rqptqjry	rtujw	rrqvrqzjy	yyusw	rrqsqzvt	yyutw	rqytsqsjz
ivk `bb^_`b€`b{f ik	zqpvp	ttuyw	vsqrv	rrsurw	zsqry	yvupw	zpqrsj	rzujw	zzqjtz	yvupw	zjqsp
izk ^O^OUQfT`fc ilmn'}k	rpusj	rpvuyw	yvujv	rzusw	jpvu	ysuvw	jzuz	ryutw	jjzurp	rpruvw	sjutr
itk O_VbUb`PO_ab`_PSc^ ^cƒ i}~o'"…†o~k	zpuv	ytuw	vyus	yjupw	vsuv	yzuyw	vvuy	yzuw	vryus	rzu
VbQUVfQRQbƒ`d`eaQOƒVeaR`ƒVVf€T`QbVO`cVe‡Vbf`dcTVQOQUVeVOc`Qb_`bPaVb ^f`bƒ`Qb_
VbQUVe`OcTRƒfQRQbƒ\yk	tqsputs	rpjuvw	rqvrjuzp	rruvw	rqzttuj	yjutw	rqppuvt	rturw	rrqsvuvp	rpsuw	rqtsvqtsirk

ilmnk-

7N LC ECFA<G@ <H L<9GA> ?LC H=>?A<> :C;C>? <:FG C;BCF@ A>9=GC ECFA<G@ <H @C<>G;C>? <H : =ECFA@<F <:FG C;BCF ?< ?LC :>:C;C>? <:FG A> <>>C?A<> MA?L ?LC ::> A> ?LC FC@EC?AC E<@A?A<> AH :>

7N LC <;EC>@:?A<> H9=GC@ ?LC C@?A;:?CG :;<=>? <H :FA:B9C <;EC>@:?A<> :C;C>? <:FG C;BCF@ H<F @?:?CG <> ?LC B:@A@ <H ?LC =ECFA@<F <:FG C@<9=?A<> K< <H 8EFA9 :FA:B9C <;EC>@:?A<> MA99 BC G=C =E<> @:?A@H:?A<> ?LC ;:>:C;C>? <>?F:?@ <>9=GCG B ?LC :B:C;C>? <:FG C;BCF@ A>9=GA> A> E:F?A=9:F =E<> :G<E?A<> <H : FC@<9=?A<> B ?LC =ECFA@<F <:FG <> ?LC ECFHC :C;C>? ¡B¢C?AC@ :>G GC?CF;A>:?A<> <H ?LC :FA:B9C <;EC>@:?A<> :;<=>?

7£N LC <;EC>@:?A<> H9=GC@ ?LC C@?A;:?CG :;<=>? <H :FA:B9C <;EC>@:?A<> :C;C>? <:FG C;BCF@ H<F @?:?CG <> ?LC B:@A@ <H ?LC =ECFA@<F <:FG C@<9=?A<> K< ¤¥£ <H :FL £ :FA:B9C <;EC>@:?A<> MA99 BC G=C =E<> @:?A@H:?A<> ?LC ;:>:C;C>? <>?F:?@ <>9=GCG B ?LC :B:C;C>? <:FG C;BCF@ A>9=GA> A> E:F?A=9:F =E<> :G<E?A<> <H : FC@<9=?A<> B ?LC =ECFA@<F <:FG <> ?LC ECFHC :C;C>? ¡B¢C?AC@ :>G GC?CF;A>:?A<> <H ?LC :FA:B9C <;EC>@:?A<> :;<=>?

7N LC G:?: MCFC FC@?:?CG A> <>>C?A<> MA?L ?LC L:>C A> ?LC F=9C@ ?:?A<> :EE9ACG B ?LC ¦F<=E :@ =:F § ?LA@ <>CF>@ FC9:@@AHA:?A<> FC:9A¨CG HF<; <?LCF <;EFCLC>@AC A><;C ?< EF<HA? <F 9<@@

7N ©¥ª8 <H ?LC ¦F<=E :9=9:?CG :@ ?LC @=; <H EFG GCEFCA:?A<> :>G :;<F?A¨:?A<> :9=9:?CG A> :C M«¬®¬¯®°±²²¯³®´µ®¶³¯·¯²¬±¬«´²®«²®¬¯®¸³´¹¶º·®µ«²±²»«±¼® @?:?C;C>?@ EFCE:FCG A> :C MA?L ¥½¥8

¾»»´³¿«²À®¬´®¬¯®¸¹«¿¯¼«²¯·®´µ®¬¯®Á¹³´¶¯±²®Â¯»¹³«¬«¯·®±²¿®Ã±³Ä¯¬·®¾¹¬´³«¬Å®ÆÇÁÂþÈÉ®´²®¾¼¬¯³²±¬«Ê¯®Ë¯³µ´³°±²»¯®Ã¯±·¹³¯·Ì®ÁÍ¥ª8 A@ :> 89?CF>:?AC ICFHC C:@=FC ©¥ª8 A@ : ECFHC ;C:@=FC ><? GCHA>CG B ¥>?CF>:?A<>:9 ½A>:>A:9 CE ?:>G:FG@ 7Î¥½ÎN :>G ?LCFCH<FC @L<=9G ><? BC <>@AGCFCG :> :9?CF>:?AC ?< ¥½ ;C:@=FC@ ¥> :GGA?A<> ©¥ª8 G<C@ ><? L:C : @A>9C :>G HA>:9 GCHA>A?A<> LC ;C?L<G@ ?LA@ F:?A< A> <?LCF <;E:>AC@ ;: BC @A>AHA:>?9 GAHHCFC>? HF<; ?LC ;C?L<G@ =@CG B ?LC Ï<;E:> LCFCH<FC ©¥ª8 G ©¥ª8 <H ?LC ¦F<=E ;: ><? BC <;E:F:B9C ?< @A;A9:F F:?A<@ EFC@C>?CG B <?LCF <;E:>AC@ LC@C F:?A<@ @L<=9G BC ?FC:?CG :@ @=EE9C;C>?:F A>H<F;:?A<> CD?C>GA> ?LC EFC@C>?:?A<> G <?LCF G:?: G ?LC ¦F<=E

7N Ï<FFAG<F M<FÐ@ A@ GCHA>CG :@ ?LC =:>?A? <H <FFAG<F M<FÐ@ 7?LC ;C:@=FC G<C@ ><? A>9=GC :> M<FÐ FC9:?CG ?< <>CF@A<>@ :>G CD?F:?A<>@ :>G :> M ?LC ¥>GCEC>GC>? <<H <9? =EE<F? EF<¢C?N

7ÑN ÆÒ²«¬É®Ã«²«²À®Ó±·®Ó´·¬®»±¼»¹¼±¬¯¿®±·®¬¯®³±¬«´®´µ®ÔÂÕº·®´¶¯³±¬«²À®»´·¬·®¼¯··®±°´³¬«Ö±¬«´²®±²¿®¿¯¶³¯»«±¬«´²®±²¿®»´·¬·®¹²³¯¼±¬CG ?< <:9 EF<G=?A<> 7@C99A> :>G GA@?FAB=?A<> CDEC>@C@ <@?@ ;A>C M@ :>G 9<>M:99 FCA>H? <@? <H <<G@ :>G ;:?CFA:9@ @<9G <?LCF <@?@ <H ?LC ECFA<? FC9:?CG ?< <:9 EF<G=?A<>N ?< >C? <:9 CD?F:?A<>

7¤N ×>GCFF<=>G EFCG :@ EFGCFF<=>G M<FÐCF :9=9:?CG :@ ?LC F:?A< C? CD?F:?A<> ?< :CF:C C;E9<;C>? GCFF<=>G M<FÐCF@ G ?LAFGÚE:F? <;E:>AC@

7N Ï:9=9:?CG : ?< ?LC ;C?L<G<9< <H ?:?A@?A@ I<9:>G

7N 8 ?< ?LC 8FCC;C>? @A>CG <> =9 B :>G BC?MCC> ?LC :>:C;C>? <:FG :>G ?LC CEFC@C>?:?AC F:GC ×>A<> ¡F:>A¨:?A<>@ A> : :@L B<>=@ M:@ E:AG ?< C;E9<CC@ A> LC :CF:C ;<>?L9 @:9:F A> M:@ IJK £Ñ MA?L<=? AA> <>@AGCF:?A<> A> ?LC @:9:F H=>G ?< ?LC :B<C :@L B<>=@ 7:>>=:9 L:>CØ ¤ÛN

7.

This Report on compensations of Jastrzębska Węglowa S.A. Management Board Members for the financial year ended 31 December 2022 has been approved by Resolution No. 138/XI/23 of the JSW Supervisory Board of 27 April 2023.

Jastrzębie-Zdrój, 27 April 2023

AI Terminal

JSW S.A.

5664_rns_2023-05-18_c3752ab1-04fe-4788-97d4-e4177ccd651d.pdf

6788 9:;<=>? @= >9A8B? BCDEB??BF @= :@88@;=? ;G HIJ <=8B?? ?>9>BF ;>KBEL@?BM 1

INTRODUCTION 1

1.1. BACKGROUND

1.2. COMPENSATION REPORT FOR PREVIOUS YEARS

1.3. KEY DEVELOPMENTS IN JSW'S BUSINESS ENVIRONMENT IN 2022

MARKET SITUATION

- - 01 23 4544

¡¢£¡¤¥¢¦§¨¡¢¨©¡¢¥§¨

£¿ÀÁ¨Âÿ¤Ä£¦¡¿¢¨

¡¢Í¥§¦¡¢Î¨À£¦¡Í¡¦¡¥§¨

С¢À¢£¡ÀÁ¨Ã¥§ÄÁ¦§¨

Coal segment1

Coke segment2

Summary of the Company's financial results

1.4. INFORMATION ABOUT THE IMPLEMENTED COMPENSATION POLICY

DEROGATIONS FROM THE COMPENSATION POLICY IMPLEMENTATION PROCEDURE

- NOPPQRSTUVWUXRWYWZT[\XTYP]^XPXW[Q[YVWTV_T[\XTUVP]XWNQ[YVWT]V^YUST

~XRVZQ[YVWNT_RVPT[\XTQ]]^YUQ[YVWTV_T[\XTUVP]XWNQ[YVWT]V^YUST

3¬¬® 0

13µ¶·¸¶¹º»º¶¼¶½»¾¿¯°À¼ÀÁ¿·¿¼»¶ÀÂÃÀ¼Ã»¿Â·¹º¼¶½½ºÄ¿¶½À¼ÀÁ¿·¿¼»¶ÀÂÿ·Å¿Â¹º¼4544

- - 01 23 4544

144544

3ÅÆÅÇ 0

12ÈÉÊÈËÌÉÊÍÍ4544

REPORT ON COMPENSATIONS OF MANAGEMENT BOARD AND SUPERVISORY BOARD MEMBERS OF JASTRZEBSKA SPÓŁKA WEGLOWA S.A. FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

TABLE 4: Changes to the JSW Supervisory Board in 2022

1.7. COMPOSITION OF SUPERVISORY BOARD COMMITTEES AND FUNCTIONS DISCHARGED IN THE COMMITTEES BY THEIR MEMBERS

TABLE 5: Composition of the Audit Committee and functions discharged in 2022

2 5655

2 ¨©ª5655

1.8. KEY CHANGES IN THE COMPENSATION OF THE JSW MANAGEMENT BOARD AND SUPERVISORY BOARD IN 2022

CHANGES IN THE RULES OF COMPENSATION OF MANAGEMENT BOARD MEMBERS

CHANGES IN THE RULES OF COMPENSATION OF SUPERVISORY BOARD MEMBERS

2. TOTAL COMPENSATION OF THE MANAGEMENT BOARD AND THE SUPERVISORY BOARD

2.1. TOTAL COMPENSATION AMOUNT BROKEN DOWN INTO COMPONENTS

MANAGEMENT BOARD

The management contracts signed with the Management Board Members were in effect in 2022 based on the following documents:

qrstquvwxyxyqrtz{|}w~

w·uyr{xyqr¸w¹w·{rtw

Duties of the Company:

¡¢£¤¥¦§¨5655©

REPORT ON COMPENSATIONS OF MANAGEMENT BOARD AND SUPERVISORY BOARD MEMBERS OF JASTRZEBSKA SPÓŁKA WEGLOWA S.A. FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

In the case of Management Objectives concerning:

With respect to other Objectives:

TABLE 9: Management Objectives on which variable compensation for 2022 was contingent

These objectives have been fulfilled.

TABLE 10: Compensation of JSW Management Board Members [data in PLN]

OPQRSTUOVSWXYVZS[X

2 44 ¡¢

REPORT ON COMPENSATIONS OF MANAGEMENT BOARD AND SUPERVISORY BOARD MEMBERS OF JASTRZEBSKA SPOŁKA WEGLOWA S.A. FOR THE FINANCIAL YFAR FNDFD 31 DECFMBER 2022

* Retirement and disability plans

2.2. PRESENTATION OF PROPORTIONS BETWEEN COMPENSATION COMPONENTS (FIXED AND VARIABLE)

2.3. EXPLANATION OF THE RELATIONSHIP BETWEEN COMPENSATION AWARDED OR DUE AND PERFORMANCE

2.4. COMPENSATION AMOUNTS FROM GROUP COMPANIES

2.5. MONETARY OR NON-MONETARY PERFORMANCES AWARDED TO CLOSEST RELATIVES OF MANAGEMENT BOARD AND SUPERVISORY BOARD MEMBERS

SHARE-BASED PAYMENTS 3.

4. EXERCISE OF THE RIGHT TO FILE A COMPLAINT

5. INFORMATION ON CONSISTENCY OF COMPENSATION WITH THE COMPENSATION POLICY AND APPLICATION OF PERFORMANCE CRITERIA

5.1. EXPLAINATION HOW TOTAL COMPENSATION IS COMPLIANT WITH THE COMPENSATION POLICY AND HOW IT CONTRIBUTES TO THE ACHIEVEMENT OF THE COMPANY'S LONG-TERM PERFORMANCE

£¤5¤¥1¦1

TABLE 12: Evaluation criteria – 2022

6. COMPARATIVE INFORMATION ON CHANGES IN COMPENSATION AND IN THE COMPANY'S PERFORMANCE

TABLE 13: Annual change in compensation and performance [data in PLN]

7.

More from JSW S.A.

Talk to a Data Expert

25655

2¨©ª5655

244 ¡¢