The JSW trade unions have eventually accepted proposal of the Company’s Management Board concerning an increase in the basic rates of wages and salaries. That key element of negotiations held with the participation of the JSW Management Board, the Governor of the Katowice Province, the Ministry of Treasury and the Ministry of Economy, allowed its participants to conclude all negotiated issues, confirming thus the schedule of the Company’s debut.

The understanding concluded today with the community includes such key elements as:

1) ten-years’ guarantees of employment for the JSW employees; The guarantees will be effective after the JSW’s debut on the stock exchange;

2) 5.5% increase in the basic rates of wages and salaries for every employee. Moreover, pursuant to the Management Board’s recommendation, the community has undertaken to commence works on preparation of motivation-based salary system in the Company. The Management Board and the community will strive to introduce the system by 1 January 2012.

3) maintenance of the corporate power by the State Treasury according to the provisions of the JSW Articles of Association;

4) cooperation in order to develop a model of shares distribution among authorised and unauthorised employees; the model will be presented by the community and the JSW Management Board will provide for technical and legal aspects thereof.

5) transfer of additional PLN 30 million gross for the benefit of the employees as a premium in connection with the results achieved by JSW in 2010.

In signing the understanding, the trade unions expressed their full support for the Company's listing at the stock exchange. The declared goal, common for all parties, including the trade unions, is a successful listing and target increase in the value of shares of JSW. The parties are aware of the fact that it is in common interests of the Company, the State Treasury as well as all JSW employees – the future co-shareholders of the Company.

In the photograph: Jarosław Zagórowski, the President of JSW presenting Sławomir Kozłowski, the Head of Solidarność at JSW, with the issue prospectus in the presence of Zygmunt Łukaszczyk, the Governor of the Katowice Province, and Michał Baniak, theVice-Minister of Economy.