Body of the Report:

With reference to current reports No. 52/2015, 55/2015, 59/2015 and 60/2015 The Management Board of JSW S.A. ("JSW") announces that on 20 November 2015, an annex No. 3 (“Annex”) was executed to the agreement on further cooperation of 24 September 2015 (as amended by Annex No. 1 on 16 November 2015 and by Annex No.2 of 20 November 2015) between JSW and Powszechna Kasa Oszczędności Bank Polski S.A, Bank Gospodarstwa Krajowego, ING Bank Śląski S.A. and PZU Closed 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 ("Further Cooperation Agreement ").

Deadline for agreeing and signing the list of terms and conditions for the restructuring of financial debt of JSW and the companies of the JSW group ("Term Sheet") provided for in the Agreement for Further Cooperation has been extended on the basis of the Annex.

Lack of signing and arrangements of the Term Sheet till 30 November 2015 (inclusive) will be the basis to terminate the Agreement for Further Cooperation.