Annual Report 2010

2010 ANNUAL REPORT REPORT ON THE ACTIVITY OFTHESUPERVISORYBOARD Al !he 170th anniversary of the founding of Železiarne Podbrezová, the Board of Directors and managemenťs effort invested when leading the staff and performing activities aimed at stabilizing and developing the company paid off. The members of the Supervisory Board agreed that the reported economic results are aclear confirmation that the tactic and strategic decisions made in the process of carrying out the anti-crisis measures in the previous years were the right ones. Based on the results of its supervisory activities the Supervisory Board states that when performing !he company's business activities !he Board of Directors acted with professional care and in line with the laws and Articles ofAssociation,while considering the interests of all shareholders. The company'sdevelopment is provided for on acontinuous basis, and quality ofwork and the environment is improving. The Supervisory Board reviewed the separate and consolidated financial statements for the year ended 31 December 2010. The Supervisory Board has not identified any inconsistencies and agrees with the auditor's opinion that both financial statements provide atrue and fair view,and ii recommends that!he General Meeting approve both financial statements. The Supervisory Board also recommends that the General Meeting approve the Board of Directors' proposal to distribute !he profit for201 Oas presented to the shareholders in !he invitation to the General Meeting. The Supervisory Board recommends that !he General Meeting approve Deloitte Audit s.r.o. as the auditor of the financial statements for the following period. In Podbrezová,17 May2011 Ing. Ján Banas Chairman of the Supervisory Board 1