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

Body of the Report:

In order to provide a more detailed explanation, the Management Board of Jastrzębska Spółka Węglowa S.A. (“Company”), with reference to Current Report No. 3/2012 of 11 January 2012, in connection with Current Report No. 27/2011 of 13 September 2011, hereby informs that on 10 January 2012, the following decisions were made:

1) to dissolve reserves of approx. PLN 196 million and keep reserves and liabilities on account of disputable real estate tax on underground workings in the amount of approx. PLN 66 million in connection with general risk related to pending disputes with municipalities,

2) to capture in the “Report on the financial standing” receivables from municipalities by virtue of paid disputable real estate tax on underground workings in the amount of approx. PLN 164 million.

The total impact of the above operations on the financial result before tax is approx. PLN 359 million, and after taking deferred income tax into account the total impact on the financial result after tax is approx. PLN 290 million.

The report of 13 September 2011 contained information that the total impact on the financial result before tax is approx. PLN 435 million, which after taking deferred income tax into account translates into the total impact on the financial result after tax of approx. PLN 352 million.

The differences in the values presented in the aforesaid publications result from the establishment of new reserves in the second half of 2011, payment of certain tax liabilities resulting from decisions of tax authorities and keeping the aforedescribed reserves and liabilities on account of disputable real estate tax in the accounting ledgers for 2011.

We would also like to inform that the above values are subject to statutory audit.