Body of the Report:

With reference to  the current report No. 52/2015 dated 7 September 2015, the Management Board of JSW S.A. ("Company", "JSW ",) announces that intensive talks with bondholders are still being conducted, to agree and sign the most important terms and conditions of the restructuring of the financial debt of JSW and the companies of the JSW capital group ("Term Sheet") which should have been agreed till 15 October 2015, what was reported by the Company in the current report No. 52/2015.

No signing and the lack of arrangements of the Term Sheet today, does not constitute grounds for termination of further cooperation dated 24 September 2015, concluded with Powszechna Kasa Oszczędności Bank Polski S.A., Bank Gospodarstwa Krajowego, ING Bank Śląski S.A. and PZU Closed-end Investment Fund of Non-Public Assets BIS 1 as bondholders having bonds issued by JSW based on issuance program established by contract issuance program dated 30 July 2014 (the "Agreement for Further Cooperation"). The basis for termination of the Agreement for Further Cooperation will  be the lack of signature and arrangements of the Term Sheet up to and including 16 November 2015.

The Company will inform about the outcome of the discussions in a separate report.