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

5.12. Information policy and communication with the capital market

JSW S.A. takes a number of actions to enhance communication with its stakeholders and environment. In 2012 the investor relations activities undertaken by JSW S.A., above all with shareholders and bondholders aimed at the following among others:

• forming bonds based on efficient and precise communication between the Company and capital market participants, involving among others, the provision of accurate information to stakeholders whose scope is customized to meet the expectations of capital market participants while simultaneously falling within the legal regulations,
• shaping the desirable image for the company among the circle of JSW S.A.'s stakeholders,
• raising the level of interest in the Company among its stakeholders.

To accomplish these tasks JSW S.A. holds and transmits results conferences with simultaneous translation into English, it uses mailing lists, it participates in shareholder conferences and meetings with investors and analysts, both domestically and internationally, it participates in conference calls, one-on-one and group meetings as well as roadshows, Management Board members and other representatives of JSW S.A. give interviews.

JSW S.A.'s activities in respect of conferences and meetings with capital market participants:

• holding four results conferences for analysts and journalists in Warsaw (March, May, August and November 2012) and participating in investor conferences: March 2012: 13th Annual Emerging Europe Conference in New York, April 2012: Annual Zürs Investor Conference in Zürs, May 2012: Credit Suisse Poland CE3 Conference in London, June 2012: 16th “WallStreet” conference in Zakopane, July 2012: RESPECTIndex conference, September 2012: investor's day: mining sector in Katowice, October 2012: The Polish Equities Conference in New York, November 2012: Woods Winter in Prague Emerging Europe Conference in Prague, January 2013: PGE Power Conference in Warsaw,
• organizing and participating in investor meetings: Warsaw with Ipopema and UniCredit, London with Societe Generale, Frankfurt with Deutsche Bank and stock analysts too.

To provide for reaching the broadest possible circle of stakeholders, JSW S.A. maintains a bilingual website (Polish and English)at www.jsw.pl including a special dedicated Investor Relations section at http://www.jsw.pl/relacje-inwestorskie/. The service contains current accurate information on the Company and modern interactive tools.

The service includes the following materials among others:

• interactive graphs and tables to portray the quotations of JSW S.A.'s shares,
• interactive data depicting the consolidated financial data to make rapid comparisons of financial results in the form of graphs and tables,
• results presentations accompanied by recordings of the results conferences,
• current and periodic reports;
• corporate event calendar containing information on shareholder meetings, publication of periodic reports, conferences in which the Company will participate,
• information on organizing shareholder meetings and their course.

The fact that JSW S.A. employs the highest standards of information governance is confirmed by its presence in the RESPECT Index.

Capital market entities may contact the issuer in the following manner:

• Izabela Tokarz, Director of the Department for Organization and Investor Relations in Warsaw, phone no. +48 22 222 17 50, e-mail: itokarz@usun.jsw.pl, relacje@usun.jsw.pl,
• Investors Relation Team – Manager Paweł Warzecha, phone: +48 32 756 44 25, e-mail: [email protected], relacje@usun.jsw.pl.