Powers of the Shareholder Meeting

Without prejudice to §33 item 2, §34 item 1 and §34 item 3 of the Articles of Association of JSW S.A., the following matters shall require a resolution of the Shareholder Meeting:

1. examining and approving the Management Board report on the activity of JSW S.A. and the financial statements for the previous financial year and discharging the members of JSW S.A.’s governing bodies on the performance of their duties,
2. distributing profits or covering losses,
3. changing JSW S.A.’s line of business,
4. amending the Articles of Association of JSW S.A.,
5. increasing or decreasing the share capital,
6. authorizing the Management Board to purchase JSW S.A.’s treasury stock for retirement and specifying the manner and conditions for retiring stock,
7. merging, splitting up or transforming JSW S.A.,
8. dissolving or liquidating JSW S.A.,
9. appointing or dismissing Supervisory Board members,
10. setting remuneration for Supervisory Board members,
11. allowing JSW S.A. to enter into a loan agreement, a surety agreement or another similar agreement with a Management Board member, a Supervisory Board member, a general proxy or a liquidator or in favor of any such person,
12. allowing a subsidiary to enter into a loan agreement, a surety agreement or another similar agreement with a Management Board member, a Supervisory Board member, a general proxy or a liquidator or in favor of any such person,
13. issuing bonds,
14. selling or leasing an enterprise or an organized part thereof and establishing a limited right in rem thereon,
15. making decisions on claims to remedy damages incurred during the establishment of JSW S.A. or in its management or oversight,
16. establishing or dissolving JSW S.A.’s capitals and funds.

The purchase or sale of a real property or a right of perpetual usufruct or of a share in a real property or in a right of perpetual usufruct shall not require consent of the Shareholder Meeting.