Legal Basis: Article 56 Section 1 Item 2 of the Act on Offerings – current and periodic information
Body of the Report:
The Management Board of Jastrzębska Spółka Węglowa S.A. (“Company”, “JSW”) hereby informs that the total estimated value of agreements, for the period ending on their expiration date, entered into by and between the companies of the JSW Capital Group and the companies of the ArcelorMittal Poland S.A. Capital Group from the date of publication of Current Report No. 28/2011 (i.e. 20 September 2011) to the date of publication of this Report has reached the value of PLN 2,330 million (two billion three hundred thirty million Polish zloty).
The agreement of the largest value was signed on 22 February 2012 by and between Jastrzębska Spółka Węglowa S.A. with its registered office in Jastrzębie-Zdrój and ArcelorMittal Poland S.A. with its registered office in Dąbrowa Górnicza for deliveries of coking coal (“Agreement”).
Material terms and conditions of the Agreement: the pricing terms are agreed upon on a quarterly basis.
The Agreement will be valid from 1 January 2012 to 31 December 2012.
The settlement currency of the Agreement is the Polish zloty.
The estimated net value of the Agreement until the end of its term of validity is PLN 1,800 million (one billion eight hundred million Polish zloty).
The Agreement contains reciprocal provisions on sanctions for non-performance of contractual obligations by either party equal to 10% of the gross value of undelivered/uncollected merchandise. In the event either party suffers a loss in excess of the amount of liquidated damages, it may pursue additional compensation.
The other terms of the Agreement do not differ from those commonly used in this type of agreement.
The estimated value of newly executed agreements between the JSW S.A. Capital Group and the ArcelorMittal Poland S.A. Capital Group from the date of publication of Current Report No. 28/2011, i.e. from 20 September 2011, to the date of publication of this Report has exceeded 10% of the Company’s equity.
Legal Basis:
§ 5 Section 1 Item 3 of the Regulation issued by the Finance Minister on 19 February 2009 on the Current and Periodic Information Transmitted by Securities Issuers and the Conditions for Recognizing the Information Required by the Regulations of a Non-Member State as Equivalent (Journal of Laws of 2009 No. 33 Item 259, as amended)