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

4.3. Description of the policy concerning the directions for the Capital Group's development

The Capital Group's development has been defined in the Operational Strategy for the JSW Capital Group in 2010-2020 as adopted by the JSW S.A. Management Board and as implemented in accordance with the Group's mission statement and vision.

Optimizing the usage of its resources and augmenting the synergies between the mining and coke segments in collaboration with the energy, logistics and laboratory areas will make it possible to expand its own resource and infrastructural base to satisfy the Group's needs while utilizing proprietary sources.

The strategic assumptions concerning the Capital Group's development primarily contemplate internal growth, obtaining the leadership position and diversifying its business model.