Audit Committee

The Audit Committee was appointed by the Supervisory Board on 10 August 2011. The main purpose of the Audit Committee is to support the Supervisory Board in exercising financial supervision and to provide the Board with reliable information and opinions that allow it to efficiently make correct decisions in the area of financial reporting, internal control and risk management.

The rules of its operation and the tasks of the Audit Committee have been determined by the Bylaws of the Audit Committee in the JSW S.A. Supervisory Board as adopted by the Supervisory Board.

The main tasks of the Audit Committee include in particular the following:

- monitoring the financial reporting process,
- monitoring the effective operation of internal control, internal audit and risk management systems,
- monitoring the performance of financial audit activities,
- monitoring the independence of the auditor and the entity authorized to audit financial statements,
- recommending an entity authorized to audit financial statements and to conduct financial audit activities in JSW S.A. to the Supervisory Board.

The Audit Committee is authorized to audit financial statements and to conduct financial audit activities, in particular with respect to any significant irregularities of JSW S.A.'s internal control system relating to the financial reporting process.

In 2012, the Audit Committee was comprised of:

• Miłosz Karpiński – Chairman (till 10 July 2012),
• Tomasz Kusio – Chairman (from 29 August 2012),
• Antoni Malinowski – Deputy Chairman (from 29 August 2012),
• Mariusz Warych – Member (till 10 January 2012),
• Alojzy Nowak – Member (from 10 January 2012).

As at 13 March, the Audit Committee was comprised of:

•  Tomasz Kusio – Chairman,
•  Antoni Malinowski – Deputy Chairman,
•  Stanisław Kluza – Member,
•  Alojzy Nowak – Member.