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Current Report No. 8/2018

|   Investors Relations

Information on the results of assets impairment tests

Body of the report:

The Management Board of Jastrzębska Spółka Węglowa S.A. (“Company”, “JSW”) hereby reports that it has completed the analyses of the key indications that the carrying amount of JSW’s assets may be impaired, in accordance with the provisions of IAS 36 Impairment of Assets.

The results of the tests carried out by JSW point to impairment of the carrying amount of non-current assets in the coal segment, i.e. the assets of the “Knurów-Szczygłowice” and “Budryk” black coal mines, in the total amount of PLN 759.1 million.

Recognition of the impairment loss will reduce the operating result of JSW and the Group but will not impact their liquidity position. The final value of the impairment loss will be presented in the standalone and consolidated financial statements of JSW and the JSW Group, respectively, for 2017.

At the same time, the Company reports that it has carried out an impairment test of the carrying amount of the financial assets i.e. the shares of JSW KOKS S.A.

The results of the tests carried out by JSW point to impairment of the shares of JSW KOKS in the amount of PLN 113.4 million.

The impairment loss will reduce JSW’s operating result but will not impact the Company’s liquidity position. The final value of the impairment loss will be presented in JSW’s standalone financial statements, without impact on the consolidated financial results of the JSW Group for 2017.

At the same time, the Company reports that the above figures are estimates and are subject to change.

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