Materiality matrix

4.804.604.404.204.003.803.603.403.203.203.403.603.804.004.204.40 Freedom of association, right to collective bargaining Diversity and equal opportunities Risk management Training and education Employee-employer relations Strategic perspective taking intoaccount sustainable development Anti-competitive behaviour Sewage and waste Ethics Employment (level of employment, HR policy) Product and service labelling Personal data protection Innovations Corporate governance Human rights Public policy Product impact on natural environment Local communities Stakeholder engagement Marketing communication Consumer health and safety Occupational health and safety Meaning of economic, environmental and social impact Impact on stakeholders' assessments and decisions

The results of the validation survey carried out at the end of 2019 emphasise the particular materiality of issues related to responsible management and sustainable development. On the one hand, this means the materiality of innovativeness and incorporating sustainable development aspects in our strategic perspective, while on the other hand it means corporate governance, ethics and anti-corruption.

The key environmental aspects include energy management, followed by energy-related emissions. Other material aspects include waste and sewage management, which in JSW Group's realities predominately means the management of extractive waste (waste rock) and discharge of mining waters.

Issues related to employment are also of great significance, especially with regard to occupational health and safety management. Relations between the employer and the employees were also considered as important.

The stakeholders also indicated a range of other aspects, which, although not as important as those above, are still material. At the same time, analysis of the results confirmed the materiality of the key areas of responsibility outlined in the Sustainable Development Strategy 2017-2020. No significant changes were observed that would require the existing responsibility aspects to be updated. At the same time, taking into account the analysis results, certain aspects are given slightly more attention in this report. Stakeholders also point to issues related to incorporating sustainable development and innovativeness in JSW Group's development strategy. On the one hand, this is certainly the result of the changes taking place in the social and economic environment, but on the other hand it shows JSW Group's strong emphasis on these issues in recent years and solid communicating of the need to account for these issues in its business strategy.