Representation on the application of corporate governance principles

Pursuant to § 91 section 5 sub-section 4) of the Finance Minister’s Regulation of 19 February 2009 in the matter of current and periodic information provided by issuers of securities and conditions for considering the information required by laws of a non-member state as equivalent to EU regulations (“Regulation”) and § 29 sec. 5 of the Stock Exchange Regulations and Resolution 1013/2007 adopted by the Management Board of WSE on 11 December 2007, the Management Board of JSW S.A. ("Issuer", "Company", "Parent Company") hereby presents its Representation on the Application of Corporate Governance Rules in 2012.