Management Board Report on the activity of the JSW S.A. Capital Group for 2012

3.8. Description of the structure of key equity investments or key investments made within the Capital Group during the financial year

Changes in the Capital Group's structure which took place during 2012 and capital investments made to that effect are described in Item 1.1.3 of this report. Furthermore, in 2012 one of the Capital Group companies, i.e. SEJ, issued corporate bonds with a total value of PLN 10.0 million which were subscribed for exclusively by the Parent Company.