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

3.5. Transactions with related entities

In 2012, the Company and its subsidiaries did not enter into any individually or jointly significant transactions with related entities out of compliance with the arm’s length principle.

Detailed information on JSW S.A.’s transactions with related entities is presented in Note 35 to the Financial Statements of Jastrzębska Spółka Węglowa S.A. for the financial year ended 31 December 2012.