Body of the report:

The Management Board of Jastrzębska Spółka Węglowa S.A. („Company”) reports that it has received a fairness opinion (from the Company’s perspective) dated 15 July 2014 from Citigroup Global Markets Limited concerning the financial conditions for the consideration paid by the Company („Opinion”) in connection with the acquisition of an organized part of a business from Kompania Węglowa S.A. in the form of the Knurów-Szczygłowice Hard Coal Mine in Knurów, which opinion forms an attachment to this report. The opinion was prepared in the English language. A translation of this opinion into the Polish language is attached to this report but in the event of any discrepancies the English version shall prevail.

Attachments:

1. Fairness opinion letter ENG

2. Fairness opinion letter PL