Current Report No. 19/2019

The JSW S.A. Management Board’s recommendation regarding a dividend payment for 2018

Body of the report:

The Management Board of Jastrzębska Spółka Węglowa S.A. (“Company”, “JSW”) hereby reports that it adopted a resolution today on recommending the distribution of net profit for 2018 containing a dividend payment proposal. Pursuant to the clauses of the dividend policy defined in the prospectus of 2011, while giving consideration to the Group’s development plans, in particular its investment plans and capital needs, the Company’s Management Board reports that it intends to recommend a dividend payment to the JSW Shareholder Meeting for 2018 at a level below 30% of its consolidated net profit of PLN 1.71 per share. After obligatorily covering the net loss in the line item “Other comprehensive income” and after covering the net loss as of the date of initial application of IFRS 9 in the line item “Financial instruments”, the JSW Management Board proposes to designate the remainder of the 2018 financial result to reserve capital for the purpose of financing JSW’s investment plans.

The Company’s Management Board has proposed for the record date to be 27 August 2019 and the dividend payment date to be 10 September 2019.

In accordance with the content of current report no. 10/2019 the financial results of JSW and the JSW Group will be published on 14 March 2019.

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