Current reports

Change of rights from securities.

Current report number: 25/2011

Data: 19 September 2011

Polish Financial Supervision Authority
Pl. Powstańców Warszawy 1
00-950 Warszawa

Pursuant to §5 clause 1 item 10) of the Regulation of the Minister of Finance of 19 February 2009 on current and periodical information to be disclosed by security issuers and on conditions of recognition of information required by the laws of a state that is not a member-state (Journal of Laws No. 33 item 259 as amended), the Management Board of TELL S.A. hereby informs whom it may concern that on 19 September 2011, in relation with the provisions of art. 334 §2 of the Polish Code of Commercial Companies, it adopted a resolution on the conversion of the issuer’s registered shares into bearer shares. Pursuant to the request of a shareholder, 70,625 registered A series shares were converted into bearer shares. Shares subject to the conversion were preferential in terms of voting rights: each share entitled to two votes. In consequence of the conversion, this preference expired. After the conversion, the total number of votes at the general meeting of shareholders of the issuer amounts to 8,285,623 votes (say: eight million two hundred and eighty-five thousand six hundred and twenty-three). After the conversion, the share capital did not change and amounts to PLN 1,261,924.60.

The text of the Resolution of the Management Board on the conversion of shares:
RESOLUTION NO. 1/09/2011
of the Management Board of TELL S.A.
in Poznań
of 19 September 2011
concerning: the conversion of registered shares into bearer shares.

Acting pursuant to §20 clause 1 and §21 clause 1 of the Articles of Association of the Company and §7 clause 2 of the Management Board By-Laws, in relation with the provision of art.334 §2 of the Polish Code of Commercial Companies, the Management Board of Tell S.A. hereby resolves what follows:

1. In relation with the request of the shareholder concerning the grant of consent to convert registered shares into bearer shares, the Management Board hereby decides to convert 70,625 (say: seventy thousand six hundred and twenty-five) registered A series shares held by Mr Paweł Rozwadowski into bearer shares.
2. This Resolution was adopted in a circular manner.
3. The Resolution shall enter into full force and effect upon its adoption.

Legal basis: Art.56 clause1 item 2 of the Offering Act – Current and Periodical Information

Signed: Rafał Stempniewicz – President of the Management Board