STATEMENT BY JSW S.A.

In reference to the media reports that appeared last weekend and alluded to an alleged announcement of industrial action in mines and the suspension of mining operations, JSW perceives these reports as overt attempts at inflicting harm on the Company, the miners and other employees. It is the absence of understanding of and support for the fact that the maintenance of jobs and wages depends to the largest extent on the economic standing of the whole Group and the climate created around it.

JSW is a stock exchange-listed company and the largest European producer of coking coal – a commodity classified as having a critical, and therefore strategic, significance for the European Union. In the current circumstances, it has a tangible opportunity to tap into its market potential.

The changes being made and the savings being sought are necessary. Yet there is no threat today to our employees’ wages or jobs. The Management Board is also ready to make every effort to guarantee the safety of jobs and employee compensation for the coming years.

Any protests against these declarations are perceived by JSW as targeted against the extension of existing guarantees.

What matters today is the company’s stable development, which may be attained through improvements in organizational, technological, production and commercial efficiency, opening up to global opportunities, looking for new potential, caring for business partners and, above all, for our employees as the company’s most important asset.

We want JSW to be a strong Polish brand caring for employee safety and a high quality of work, appreciating human resources and the values, spirit and energy displayed by JSW employees.

The JSW Management Board also urges the trade unions to take responsible action, while being guided, above all, by concern for a good and stable future of the Company and the safety of its employees in the decades to come.

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