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Current Report No. 23/2012

Management Board’s recommendation on the distribution of net profit of JSW S.A. for the financial year ended 31 December 2011

Body of the Report:

The Management Board of Jastrzębska Spółka Węglowa S.A. (“Company”, “JSW”) hereby informs that on 10 April 2012 it adopted a resolution on the distribution of net profit of Jastrzębska Spółka Węglowa S.A. for the financial year ended 31 December 2011.

According to the said resolution, the Management Board of JSW S.A. proposes to distribute JSW’s net profit of PLN 2,082.5 million generated in 2011, reduced by the mandatory disbursement from profit for the period from 1 January 2011 to 31 July 2011 payable by wholly-owned State Treasury companies pursuant to the Act of 1 December 1995 on Distributions from Profit by Companies Wholly Owned by the State Treasury (Journal of Laws No. 154 Item 792, as amended) in the amount of PLN 127.0 million, i.e. distributable net profit of PLN 1,955.5, as follows:

1. distribute PLN 631.7 million as a dividend to the Company’s shareholders, which means that after the planned redemption of 1,796,324 series C shares, in the matter of which a decision will be made by the Company’s Extraordinary Shareholder Meeting convened for 17 April 2012, the dividend will be PLN 5.38 per share;

2. distribute PLN 130.0 million as payment to JSW’s employees, inclusive of related burdens;

3. transfer the remaining amount of PLN 1,193.8 million to reserve capital for the purposes of financing the Company’s investment program.
Pursuant to Article 382 § 3 of the Commercial Companies Code and § 20 Section 2 Item 8 of the Company’s Articles of Association, the Management Board will submit the above proposal to the Company’s Supervisory Board for evaluation.

The final decision on the distribution of profit for the financial year 2011 will be made by the Company’s Ordinary Shareholder Meeting.

Legal Basis:Article 56 Section 1 Item 1 of the Act of 29 July 2005 on Public Offerings and the Terms and Conditions for Introducing Financial Instruments to an Organized Trading System and on Public Companies

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