Body of the Report:

With regard to current reports no. 44/2015 and 49/2015 the Management Board of JSW S.A.    ("Company", "JSW") announces that in connection with the ongoing intensive talks with bondholders, referred to below, the Company has not bought out bonds on September 22, 2015  (which was indicated by the Powszechna Kasa Oszczędności Bank Polski S.A., acting as Paying Agent,  as a term of due payment of the redemption) subject to request ING Bank Śląski S.A. ("ING") early redemption of the bonds owned by ING with a total nominal value of PLN 26,260,000 and the total nominal value of USD 12.95 million, of which the Company informed in current report no. 44/2015.

The Company also announces that intensive talks are being held with Powszechna Kasa Oszczędności Bank Polski S.A., Bank Gospodarstwa Krajowego, ING and also PZU Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych BIS 1 as bondholders having bonds issued by JSW based on issuance program established by issuance program agreement dated July 30, 2014 (the "Programme"), concerning the restructuring of JSW debt, including the conclusion of the standstill agreement, which shall regulate the issue of terms and conditions of exercising the right to demand early redemption of bonds held by the bondholders.

The outcome of the discussions will be published by the Company in a separate report.