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Current Report No. 37/2021

Update of JSW’s operating assumptions for coal production in 2021

Body of the report:

The Management Board of Jastrzębska Spółka Węglowa S.A. ("JSW", "Company") hereby reports that it has revised the basic operating assumptions for 2021 and announces the updated operating target for coal production in 2021 in relation to the data presented in the adopted JSW Strategy including JSW Group subsidiaries for 2020-2030 ("Strategy").

The coal production operating assumptions for 2021 have been updated from approximately 16 million tons in accordance with the Strategy to 13.8 million tons.

The change in coal production assumptions is related to, among other things:

–   gradual transition of JSW's operating model towards increasing the share of production of coking coal;

–   descending with coal mining to lower seams, which entails more difficult mining and geological conditions (e.g. a greater number of unforeseen faults in coal deposits).

The reduction of mining is also aimed at ensuring crew safety in the event of an increase in natural hazards, in particular temperature hazards, methane hazards, bump hazards and hazards resulting from more difficult geological conditions.

At the same time, the Company reports that it is cooperating with its business partners in the execution of shipments in the current year based on the contracts concluded. Coal shipments are executed using current inventories and any potential differences are subject to commercial arrangements with buyers. In JSW's view, the presented revision of basic operating assumptions for 2021 will not disturb the cooperation with the existing long-term business partners based on long-term contracts for future years.

Moreover, the Company reports that systematization of the actions taken this year will make it possible to maintain coal production in the coming years at a level above 14 million tons, along with an increase in the quality and share of coking coal in total coal production, which will be taken into account in the actions associated with updating the Strategy mentioned in the introduction.

Legal basis: Article 17(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.

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