Legal basis: Article 56 Section 1 Item 1 of the Act on Offerings – confidential information 

Body of the report: 

With reference to current report no. 27/2011 of 13 September 2011, on the basis of the Constitutional Tribunal ruling pronounced on 13 September 2011 in the matter of the Act on Local Charges and Taxes of 12 January 1991, the Management Board of Jastrzębska Spółka Węglowa S.A. (“Company”) hereby reports that it made the decision on 10 January 2012 to resolve a significant portion of the provisions created for the contested real estate tax on underground workings and to treat the amounts paid by the Company as receivables from municipalities, after making a revaluation charge. 

The pertinent postings will be made in December 2011.

The Management Board tentatively estimates that the foregoing changes will exert a positive impact on the Company’s financial result of approximately PLN 290 million. Detailed information concerning the release of the provisions and the treatment of the amounts paid by the Company as receivables from municipalities after making the revaluation charge will be included in the annual report for 2011.