Current reports

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

Pursuant to §38 clause 1 item 2) 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 advises that it intends to submit to the Supervisory Board and then to the General Meeting of Shareholders (to be convened for 12 December 2011) the following draft changes to clause 1 §5 of the Articles of Association of the Company.
existing phrasing of clause 1 §5 of the Articles of Association of the Company:

“1.The share capital of the Company shall be PLN 1,261,924.60 (one million two hundred and sixty-one thousand nine hundred and twenty-four Polish zlotys 60/100) and shall be divided into:
a) 2,116,625 (two million one hundred and sixteen thousand six hundred and twenty-five) series A preferential registered shares,
b) 4,192,998 (four million one hundred and ninety-two thousand nine hundred and ninety-eight) ordinary bearer shares.”

proposed amendment:

“1.The share capital of the Company shall be PLN 1,261,924.60 (one million two hundred and sixty-one thousand nine hundred and twenty-four Polish zlotys 60/100) and shall be divided into:
a) 1,976,000 (one million nine hundred and seventy-six thousand) series A preferential registered shares,
b) 4,333,623 (four million three hundred and thirty-three thousand six hundred and twenty-three) ordinary bearer shares.”

The proposed amendment is intended to adjust the text of the Articles of Association to the current number of registered shares and bearer shares – after two conversions of registered shares into bearer shares effected after the last Ordinary General Meeting of Shareholders (on 4 May 2011 and on 19 September 2011).

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

Signed: Rafał Stempniewicz – President of the Management Board