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Partial release of JSW’s debt

By virtue of a decision by the Polish Development Fund, more than half of the preferential loan granted at the end of last year to Jastrzębska Spółka Węglowa under the government-sponsored program Financial Shield of the Polish Development Fund for Large Companies has been forgiven.

In December 2020, JSW obtained a PLN 173.6 million preferential loan. The Polish Development Fund has decided that part of this loan in the amount of PLN 89,175,000 will be forgiven.

In accordance with the rules of the Financial Shield of the Polish Development Fund for Large Companies, a maximum of 75 percent of what has been defined as the actual damage caused by the COVID-19 pandemic may be forgiven. The forgiveness has been granted at the request of JSW, whereas the decision on the amount to be forgiven is made in each case by the Polish Development Fund.

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