Another round of talks between representatives of the Ministry of Treasury and the Ministry of Economy and representatives of the trade unions of Jastrzębska Spółka Węglowa was held on 28 April 2011 as part of arrangements preceding the initial public offering of JSW.

The representatives discussed the proposal concerning employee shares, which will be made available to JSW Employees as part of the process of the Company going public. Another part of the agenda was a discussion on the mechanisms of capitalising employee packages in the public markets, as well as the possibility of purchasing additional shares by JSW Employees under the retail offering.

The presented proposal was met with interest from representatives of the community, who took a constructive position regarding the co-shareholding by JSW Employees in the Company following the initial public offering. The community asked for additional information to make the structure and schedule of the offer clearer.

The issue prospectus for the IPO transaction of Jastrzębska Spółka Węglowa is ready to be submitted to the Polish Financial Supervision Authority and awaits the appropriate decision of JSW’s General Shareholders Meeting. The decision on convening the General Shareholders Meeting of JSW shall be made by the Ministry of Economy as part of ownership supervision.

Irrespective of the preparations for the IPO of Jastrzębska Spółka Węglowa, negotiations are underway between the trade unions and the Management Board of Jastrzębska Spółka Węglowa with regard to the issue of employment and salary guarantees.