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Zrozumiałem i akceptuję

Position of the Management Board of TIM S.A. regarding the assessment of the creditworthiness of TIM S.A. carried out by KUKE S.A.

Date

2012-11-21

Current report no.

28/2012

The Management Board of TIM Spółka Akcyjna [joint-stock company], having its registered seat in Siechnice, in order to guarantee to all its Shareholders equal access to information which may potentially influence the share price of TIM S.A. informs that in the opinion of the Management Board of TIM S.A. there are no grounds for lowering the overdraft limit from PLN 1 million to 0 which was executed by Korporacja Ubezpieczeń Kredytów Eksportowych Spółka Akcyjna, having its registered seat in Warszawa („KUKE SA”) referring in the grounds to the bad financial situation of the Company.

On 13 November 2012 the Company published the consolidated report for 3Q of 2012 which proves that the financial and property situation of TIM S.A. is very good.

In order to provide the Shareholders access to the report of the independent entity regarding the financial situation of TIM S.A., the Management Board of TIM S.A. commissioned carrying out the analysis of the financial situation of TIM S.A. to the audit company HLB M2 Audyt Sp. z o.o. [limited liability company] having its registered seat in Warszawa. The above-mentioned analysis is enclosed to this Report.

In conclusion of the matter-of-fact analysis, Mr Maciej Czapiewski – the expert auditor carrying out the above-mentioned analysis – said that „(…) the payment situation of TIM S.A. as on 30 September 2012 was good. The Company is highly capable of timely servicing its liabilities. The financing source structure indicates sufficient security and stabilization of the financial situation of the Company. Lack of hazards for the Company is also confirmed by the presented factors of the discriminant analysis, acknowledged as an early warning system based on the comprehensive assessment of the financial situation of the entity”.

That being so, in the opinion of the Management Board of TIM S.A., the assessment of the financial situation of TIM S.A. carried out by KUKE S.A. having its registered seat in Warszawa and its decision to decrease the overdraft limit are entirely incomprehensible and are not justified by the financial results and the property situation.

Moreover, the Board informs that in the period from the day the consolidated report for 3Q of 2012 was published to the day of issuing this Report no events which could negatively influence the financial, property, and business situation of the Company took place.

The Management Board of TIM S.A. emphasises that no other insurance or financial event decreased the rating of TIM S.A.

 
SIGNATURES OF PERSONS REPRESENTING THE COMPANY

2012-11-21, Krzysztof Folta – President of the Board
2012-11-21, Maciej Posadzy – Vice President of the Board, Director of Operations

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