The Board of TIM S.A. with its registered seat in Wrocław, informs that on 08.07.2015 TIM S.A. signed Annexe No. 1/2015 of 07.07.2015 to the Factoring Agreement No. 1347/2014 of 29.09.2014 concluded by and between TIM S.A. and Coface Poland Faktoring Sp. z o.o. with its registered seat in Warszawa. Under the above-mentioned Annexe to the Factoring Agreement the limit in financing liabilities of TIM S.A. covered with the above-mentioned Factoring Agreement granted by Coface Poland Faktoring Sp. z o.o. to TIM S.A. was increased from the current PLN 15 million (fifteen million zlotys) to PLN 19 million (nineteen million zlotys).
The Subject of the Factoring Agreement referred to above is providing factoring services by Faktor – Coface Poland Faktoring Sp. z o.o. to TIM S.A.
As a security of claims resulting from the above-mentioned Agreement TIM S.A. issued a blank promissory note together with blank promissory note agreement according to which Faktor shall be entitled to fill in the above-mentioned promissory note up to the due amount in full or in requested part of the liabilities with interest and other amounts due of Faktor resulting from the above-mentioned Agreement and carried out assignment of rights from the insurance policy no. 347725 concluded with Atradius Credit Insurance NV S.A. Branch Office in Poland.
The above-mentioned Agreement shall be concluded for indefinite period of time.
The Agreement does not include the condition or a term of suspension; does not provide for contractual penalties which maximum value could exceed 10% of its value and it was concluded on the basis of terms and conditions commonly applied in this type of contracts.
The above-mentioned Agreement fulfils the criterion of a reference contract due to the fact that its value exceeds 10% of equity capital of TIM S.A.