Transactions with related entities

In 2012, the Parent 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 37 to the Consolidated Financial Statements of the Jastrzębska Spółka Węglowa S.A. Capital Group for the financial year ended 31 December 2012.