Current reports

Change of Securities-based Rights

Current report number: 15/2011

Data: 4 May 2011

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

Acting pursuant to §5 sec. 1 item 10 of the Regulation of the Minister of Finance dated 19 February 2009 on ongoing and periodical information to be submitted by issuers of securities and terms on which information required by the provisions of law of a non-member state is to be deemed equivalent (Journal of Laws No. 33 pos. 259 as amended), the Management Board of TELL S.A. hereby makes it known that on 04 May 2011, in relation with the content of Art.334 §2 of the Code of Commercial Companies, it adopted a resolution concerning the conversion of the issuer’s registered shares into bearer shares. Following the shareholder’s request, 70.000 registered series A shares were converted into bearer shares. The shares covered by the conversion were preference shares (shares with plural voting); two votes applicable to each share. As a result of the conversion the preference right has expired. After the conversion the total number of votes at the General Meeting of Shareholders of the issuer amounts to 8.356.248 (eight million three hundred fifty six thousand two hundred and forty eight) votes. The share capital has not changed as a result of the share conversion and amounts to PLN 1.261.924,60.

Content of the Resolution of the Management Board concerning: the conversion of shares is as follows:
RESOLUTION NO. 1/05/2011
Management Board of TELL S.A.
in Poznań
dated 04 May 2011
concerning: the conversion of registered shares into bearer shares.

Pursuant to §20 sec.1 and §21 sec.1 of the Articles of Association of the Company as well as §7 sec.2 of the By-Laws of the Management Board, in relation with the content of Art. 334 §2 of the Code of Commercial Companies, the Management Board of Tell S.A. hereby adopts a resolution with the following content:

1. In relation to a request submitted by a shareholder for giving the consent to the conversion of registered shares into bearer shares, the Management Board resolves to make a conversion of 70.000 (seventy thousand) registered series A shares held by Mr Piotr Kardach into bearer shares.
2. The Resolution was adopted by circular voting.
3. The Resolution shall enter into full force and effect upon its adoption.

Legal basis: Art. 56 sec. 1 item 2) of the Act on Public Offer – ongoing and periodical information

Signed: Rafał Stempniewicz – President of the Management Board