Commentary on the Consolidated Quarterly Statements for the Third Quarter of 2010

I. Accounting principles

The Group's consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) on a historical cost basis. All amounts are presented in thousands of Polish zloty (PLN k).

II. Significant changes to estimates, including adjustments for provisions, deferred income tax provisions and assets, and impairment charges on assets

The Group made/allocated:  Provisions for future payables at PLN 619 k  Provisions for remuneration under specific work contracts at PLN 1,131 k  Deferred income tax provision at PLN 988 k  Deferred income tax assets of PLN 995 k  Estimated income from contracts in proportion to the costs incurred at PLN 18,639 k

The Group released:  Provisions for future trade payables of PLN 1,268 k  Provisions for remuneration under specific work contracts of PLN 327 k  Deferred income tax provision of PLN 769 k  Deferred income tax assets of PLN 725 k  Estimation of income from contracts in proportion to the costs incurred at PLN 11,583 k

No material impairment charges were recorded in the third quarter of 2010.

II. Brief description of the issuer’s significant achievements and failures during the reporting period, including a list of key events relating thereto

The consolidated revenue and profit figures in the profit and loss account in the third quarter of 2010 are higher than in the first and second quarters of 2010 or in the last three quarters of 2009. This is due to the upturn in the television advertising market and, consequently, the improved condition of our main customers, and to the processes put in place in the ATM Group such as: cost reduction, improvement of the effectiveness of individual companies and organization units (due to two mergers within our Group, among other things), introduction of new formats of varying budgets, securing of additional external sources to finance production (grants from the National Film Institute, funds from cities and regions – in return for promotion in our productions etc.).

The fall schedules of television channels included nine productions of ATM Group companies – six continuations (new episodes of “Tancerze”, “Licencja na wychowanie”, “Pierwsza Miłość” (“First Love”), “Świat według Kiepskich” (Kiepski’s World), “Ojciec Mateusz” and “Złotopolscy”) and three brand new offerings (the series “Ratownicy” and “Ludzie Chudego” and the talk show “Kobieta Cafe”). The first four of the productions are made by ATM Grupa S.A., the next three, respectively, by WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366 Baltmedia Sp. z o.o., M.T.ART Sp. z o.o. and Profilm Agencja Filmowa Sp. z o.o., and the last two by Studio A Sp. z o.o.

One of the major events of the third quarter of 2010 was the acquisition by ATM Grupa S.A. on September 8 of a 50% stake in Aidem Media Sp. z o.o., a computer game producer. This investment furthers our Group’s strategy of diversifying revenue and expanding into new areas of the media sector. Aidem Media Sp. z o.o. is currently expanding into the fast-growing segment of games for portable devices such as i-Pads, i-Phones and gaming consoles. Aidem Media will also create games based on television productions of ATM Group companies.

In the reporting period our subsidiary ATM Studio Sp. z o.o. carried out works in connection with the construction of a studio complex in Warsaw. On September 21 the company signed a loan agreement with Bank Polska Kasa Opieki S.A. under which the Bank granted ATM Studio a long-term investment loan of PLN 25,000,000 which will enable our subsidiary to complete the project in a timely and uninterrupted manner, which is important for intensifying our further growth. The project is especially important in light of digitization, which will increase the number of new nationwide terrestrial TV channels. We expect new broadcasters and new thematic channels to enter the market, which will significantly increase demand for new programming and, consequently, for new studio spaces.

Increasingly, Group companies invest in new programs at their own cost and risk. We have an extended programming library of proprietary scripts and of options and licenses for interesting international programs (for Polish adaptations). More and more often, we create pilots of new programs for television stations, which usually leads to signing production agreements with broadcasters. This can only be done by companies with sufficient financial resources, which gives us a strong competitive edge in the current economic climate. Wary of ill-advised program investments, television stations are more willing to order new programs once they see a demonstration episode, which enables them to assess the program’s appeal. The success of this strategy is demonstrated by productions such as “Licencja na wychowanie” and “On i ona”, a program combining the talk show and game show formats, which broadcasters commissioned after seeing the pilot episodes. In September we started production of two pilot episodes of a new soap and we hope to receive a production order from one of our main clients before the end of 2010.

Below, presented in chronological order, are the major events of the third quarter of 2010:

1. On July 2, 2010, ATM FX Sp. z o.o. and Satchwell Warszawa Sp. z o. o. signed a contract to create special effects for the feature film “Syberiada Polska”. 2. On July 12, 2010, ATM Grupa S.A. and Telewizja Polsat S.A. signed a contract to produce new episodes of the series “Pierwsza Miłość”. 3. ATM Grupa S.A., together with its subsidiaries, and Telewizja Polska S.A. signed a number of contracts that meet the criterion of a major contract, i.e. their total worth of PLN 24,438 k exceeds 10% of the company’s equity. The above threshold was exceeded in July 2010. The contracts relate to the production of television content. The highest-value contract, worth PLN 13,768 k, was the contract of March 2, 2010, whereby a Group company, Baltmedia Sp. z o.o., undertook to produce the third season of the series “Ojciec Mateusz”. The signing of a major agreement with Telewizja Polska S.A. was disclosed in current report no. 14/2010 of July 13, 2010. WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366 4. On August 3, 2010, Studio A started filming a new season of the series “Ranczo” (“The Ranch”), produced for Telewizja Polska S.A. 5. On August 19, 2010, ATM Grupa S.A. and Telewizja Polską S.A. signed a contract to produce new episodes of the series “Licencja na wychowanie”. 6. On August 31, 2010, ATM Grupa S.A. and Telewizja Polska S.A., signed a contract to produce new episodes of the series “Tancerze”. 7. On September 8, 2010, ATM Grupa S.A. acquired a 50% stake in Aidem Media Sp. z o.o., based in Gdańsk. 8. On September 22, 2010, ATM Studio Sp. z o.o. and Bank Polska Kasa Opieki S.A. signed a major contract whereby Bank Pekao S.A. undertook to extend an investment loan to finance the construction of a television and film studio in Warsaw. The value of the contract is PLN 25 million. The contract is a major contract as its value exceeds 10% of the issuer’s equity.

IV. Description of factors and events, especially extraordinary ones, that have had a significant impact on the Group’s financial performance

The tables below present the basic indicators of the Group’s profitability.

Table 1. Selected consolidated financial data for the third quarters of 2010 and 2009

SELECTED FINANCIAL Third quarter of 2010 Third quarter of 2009 DATA AND July 1, 2010 to September July 1, 2009 to September PROFITABILITY RATIOS 30, 2010 30, 2009 (PLN k) (PLN k) Net sales 31 897 21 703 Profit on sales 4 484 - Margin 14,1% - Operating profit (loss) 2 516 -2 196 Margin 7,9% -10,1% EBITDA 5 991 1 245 Margin 18,8% 5,7% Net profit 1 368 -1 650 Margin 4,3% -7,6%

Table 2. Selected consolidated financial data for the first three quarters of 2010 and 2009

SELECTED FINANCIAL Three quarters of 2010 Three quarters of 2009 DATA AND January 1, 2010 to January 1, 2009 to PROFITABILITY September 30, 2010 September 30, 2009 RATIOS (PLN k) (PLN k) Net sales 86 396 73 151 Profit on sales 11 038 10 278 Margin 12,8% 14,1% Operating profit (loss) 3 994 -38 Margin 4,6% -0,1% EBITDA 14 419 10 076 Margin 16,7% 13,8% Net profit 2 663 90 Margin 3,1% 0,1%

WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366 Compared to the third quarter of 2009, consolidated revenues in the third quarter of 2010 rose by 47%. Net profit for the three months ended September 30, 2010 was PLN 1,368 thousand (in 2009 the net loss for the three months ended September 30, 2009, was PLN 1,650 k).

Consolidated revenue for the first three quarters of 2010 was PLN 86,396 k, a 18% rise on the same period of 2009. Net profit for the three quarters ended September 30, 2010 was PLN 2,663 k (net profit for the three quarters ended September 30, 2009 was PLN 90 thousand).

Due to the downturn and the resulting slowdown in the advertising industry, 2009 was particularly difficult for television producers. Every quarter negative trends grew stronger: television stations ordered fewer episodes of cyclical productions, renegotiated prices, postponed new projects. The cuts made by television stations in the budgets allocated for the purchase of programs from external producers and, at the same time, an increase in fixed costs within our Group (mostly a significant increase in depreciation due to the completion of high-value development projects) translated to a significant decrease in our margins. Lower budgets made it necessary to reduce production costs (by hiring fewer well-known actors, dropping expensive scenes).

The situation is slowly stabilizing as broadcasters commission more new programs, which is reflected in higher revenue than in 2009. However, sales profitability has remained at a comparable level.

Increasingly, ATM Group companies participate in production costs in exchange for retaining material rights to programs. This approach will enable our companies to generate revenue over longer periods of time than before (including international sales and DVD sales).

As compared to the first three quarters of 2009, the first three quarters of 2010 saw a significant decrease in administrative costs (a 15,9% decrease from PLN 11,630 k to PLN 9,789 k). This reduction in administrative costs was possible due to the saving plans put in place by ATM Group in the second part of 2010, which contributed to a significant rise in operating and net profitability.

Description of the structure of consolidated revenue in the third quarter of 2010.

ATM Group’s main source of revenue is television and film production. More than 90% of the consolidated revenue of our Group, both in the third quarter of 2010 and in the first three quarters of 2010, came from television production. Our main clients are Telewizja Polska S.A. and Telewizja Polsat S.A. The operations of ATM Group companies in the reporting period was almost exclusively limited to the Polish market. Export sales still represent a only small fraction of total revenue. The revenue structure of ATM Group is dominated by series and soaps. Telewizja Polsat and Telewizja Polska broadcast two of our soaps: “Pierwsza Miłość” and “Złotopolscy” and six of our series: “Ojciec Mateusz”, “Ratownicy”, “Ludzie Chudego”, “Tancerze”, “Licencja na wychowanie” and “Świat według Kiepskich”.

The Group’s revenue in the reporting period also includes revenue from the new season of the series “Ranczo”, which started filming in early August 2010. New episodes of the new season will premiere on TVP1 in the spring of 2011 (the station is currently broadcasting reruns of previous seasons). WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366 Of all our productions, the highest revenue in the third quarter of 2010 was generated by the soap “Pierwsza Miłość”. This is mainly due to the frequency of broadcast – “Pierwsza Miłość” is the only ATM Group production airing five times a week. New episodes of the soap, airing on Polsat after the vacation break, are drawing good ratings. Out of the 22 episodes aired in September, 19 exceeded a ratings threshold that entitles the Producer to additional fees.

The new, fourth season of “Ojciec Mateusz”, produced by Baltmedia Sp. z o.o., is attracting good ratings. Airing on Thursdays since September 9 on TVP1, the new episodes have more viewers than the programs broadcast in the same timeslot by the competition. The series reruns are also very popular among viewers.

The series “Licencja na wychowanie”, produced by ATM Grupa S.A., is gaining popularity. In September 2010, TVP2 switched the series from two to four days a week, and since October 27 a special online format has been available on www.tivi.pl (so-called webisodes) based on the characters and plot of the series. The webisodes are produced by A2 Multimedia (in collaboration with ATM Grupa S.A. and TVP). “Licencja na wychowanie – Przypadki” are short forms, not aired on television, providing insights into the personal feelings and thoughts of the series characters. The webisode format is popular abroad (webisodes have been produced for such popular series as “Desperate Housewives”, “Dexter” or “Lost”), as it allows to create communities around titles and attract new viewers.

Our latest productions, which debuted on television in the fall 2010, are the series “Ratownicy”, “Ludzie Chudego” and the program “Kobieta Cafe”.

The series “Ludzie Chudego”, produced by Studio A Sp. z o.o., is the Polish version of “Los Hombres de Paco”, owned by Imagina International Sales. 13 episodes of the series, filmed in Warsaw from April to July 2010, have been airing on Telewizja Polsat S.A. since September 5. The series is directed by Wojciech Adamczyk, who also directs Studio A’s series “Ranczo”. Despite the highly competitive timeslot, the series is drawing good ratings.

“Ratownicy” is a new series produced by our subsidiary Profilm Agencja Filmowa Sp. z o.o., TFT Sp. z o.o. and Telewizja Polska S.A. The series started filming in June 2010 in Zakopane, and debuted on air on September 22. The series director is Marcin Wrona, whose film “The Christening” (“Chrzest”) won Silver Lions at the 2010 Gdynia Film Festival. “Ratownicy” stars Bogusław Linda and Tomasz Schuchardt. “Kobieta Cafe” is a new program for women airing on Polsat Play. It is an hour-long program broadcast four times a week, hosted by Paulina Młynarska.

The Group also generated revenue from technical support of different events such as concerts and sport events. Our companies have a their disposal a high-class HD truck with live broadcast capabilities, professional lighting and sound equipment and a modern performance stage. Although revenue from these activities represents a relatively minor share of total revenue, the number of orders we receive for servicing different mass events, cultural and sports events is growing, as is the share.

There has also been consistent growth in revenue from the creation by our subsidiary ATM FX of professional special effects, both for feature films and television programs. The company has recently signed two major contracts with Zodiak Jerzy Hoffman Film Production Sp. z o.o. and Satchwell Warszawa Sp. z o. o. to create special effects for the feature films “Battle of Warsaw 1920” (“Bitwa Warszawska WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366 1920 roku”), directed by Jerzy Hoffman, and “Syberiada”, directed by Janusz Zaorski.

In addition to television production, the third quarter also saw revenue from the sale of houses (which remained from a development project undertaken by ATM Investment Sp. z o.o. – the construction of a film estate in Bielany Wrocławskie).

V. Explanations on the seasonal or cyclical nature of the issuer’s activity during the reporting period

There is no seasonal or cyclical aspect to the issuer’s business.

VI. Information on the issue, redemption and repayment of debt and capital securities

Not applicable.

VII. Information on dividend paid (or declared), in total and per share, broken down into ordinary and preference shares

On June 25, 2010, the Ordinary General Meeting of Shareholders of ATM Group resolved to pay a dividend of PLN 0.08 per share. Total dividend for distribution was PLN 6,880,000, which constitutes 99.1% of the unconsolidated profit for 2009.

July 14 was the record date and July 28 was the payment date. The profit was distributed among 86,000,000 A, B, C and D series shares.

VIII. Events that occurred after the date of the abridged quarterly financial report, not disclosed therein but likely to have a significant impact on the issuer’s future financial performance

Not applicable.

IX. Consequences of changes in the business’s structure, including changes resulting from mergers of businesses, acquisitions or disposals of group companies, long-term investments as well as from division, restructuring or winding up of operations

Profilm Agencja Filmowa Sp. z o.o. and Agencja Usług Telewizyjnych AUT Sp. z o.o. merged in the first quarter of 2010. The merger was effected through acquisition under Art. 492, § 1, Point 1 of the Code of Commercial Companies, by transferring all assets of the Acquired Company (Agencja Usług Telewizyjnych AUT Sp. z o.o.) to the Acquiring Company (Profilm Agencja Filmowa Sp. z o.o.). As the Acquiring Company is the only partner of the Acquired Company, the merger was completed pursuant to Art. 516, § 6 of the Code of Commercial Companies under the simplified procedure. Pursuant to Art. 515, § 1 of the Code of Commercial Companies and due to the fact that the Acquiring Company was the only shareholder of the Acquired Company, the merger did not involve an increase in the Acquiring Company’s share capital. The merger continued our Group’s strategy to lower costs at the consolidated level. In the third quarter of 2010, on September 8, ATM Grupa S.A. acquired a 50% stake in Aidem Media Sp. z o.o., a company headquartered in Gdańsk. 20,000 shares with a nominal value of PLN 2,000 k were acquired for PLN 2,800 k. The acquired assets WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366 are a long-term capital deposit. Aidem Media Sp. z o.o. specializes in the development of computer games. The table below shows a list of subsidiaries which, at the end of the reporting period (i.e. September 30, 2010) comprise, together with the issuer, ATM Group.

Company name Registered office % of ownership Consolidation method ATM System Sp. z Bielany 100 % Full consolidation o.o. Wrocławskie Profilm Agencja Sopot 100% Full consolidation Filmowa Sp. z o.o. Studio A Sp. z o.o. Warsaw 75% Full consolidation A2 Multimedia Sp. z Warsaw 50% Full consolidation o.o. M.T. ART Sp. z o.o. Warsaw 100% Full consolidation Baltmedia Sp. z o.o Warsaw 100% Full consolidation ATM Studio Sp. z Warsaw 100% Full consolidation o.o. ATM FX Sp. z o.o. Warsaw 75% Full consolidation Aidem Media Sp. z Gdańsk 50% Equity method o.o.

At the time of publication of the report for the third quarter of 2010 on November 15, 2010, the Group’s structure remained unchanged.

X. Changes in contingent assets and liabilities that have occurred since the end of the previous financial year

Contingent liabilities at the end of the current period totaled PLN 69,500 k. Contingent liabilities at the end of the previous financial year were PLN 2,000 k. The change in contingent liabilities is due to a guarantee of PLN 37,500 k provided by ATM Grupa S.A. against an investment loan of PLN 25,000 k taken by its subsidiary ATM Studio Sp. z o.o. and due to a blanket conventional mortgage of PLN 25,000 k and an open mortgage of PLN 5,000 k on a property located on Wał Miedzeszyński, Warsaw, owned by ATM Studio, to secure the interest and other costs of an investment loan provided to ATM Studio Sp. z o.o. by Bank Pekao S.A.

XI. The Executive Board’s view of whether it is possible to meet the previously published forecasts for the year in light of the results presented in the quarterly report as compared to performance forecasts The company did not publish any performance forecasts.

XII. Shareholders holding, directly or indirectly through subsidiaries, at least 5% of the voting power at the issuer’s General Meeting at the date of the quarterly report, including the number of shares held by such entities, their share in the share capital, the number of votes resulting therefrom and their share in the total number of votes at the general meeting, as well as changes in the ownership structure of significant blocks of the issuer’s shares during the period since the previous quarterly report WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366

The table below presents the shareholders of ATM Grupa S.A. who, according to our best knowledge, held at least 5% of the voting power at the Company’s General Meeting at the time of publishing the consolidated report for the third quarter of 2010.

The information included in the table in based on the current reports submitted to the Warsaw Stock Exchange, which contain the information obtained from shareholders under Art. 69, § 1, Point 2 of the Act on Public Offering and the Conditions Governing the Introduction of Financial Instruments to Organized Trading and on Public Companies.

On February 25, 2010, the Executive Board of ATM Grupa S.A. was informed by EFG Bank SA that in connection with a transaction made by EFG Bank SA on February 23, 2010, involving the sale of 2,741,980 shares, the initial number of shares, 6,741,980, which represented 7.84% of ATM Grupa S.A.’s share capital and corresponded to 6.19% of the voting power at the General Meeting, fell to 4,000,000 shares representing 4.65% of ATM Grupa S.A.’s share capital and corresponding 3.67% of the voting power at the General Meeting. This information was published in current report No. 3/2010 of February 26, 2010.

On April 19, 2010, the Executive Board of ATM Grupa S.A. was informed by ING Towarzystwo Funduszy Inwestycyjnych S.A. that as a result of the transformation of a number of investment funds into new subfunds, ING Parasol Fundusz Inwestycyjny Otwarty owns, solely and exclusively, ATM Grupa S.A. shares carrying more than 5% of the voting power at the company’s General Meeting. Previously, ING Parasol Fundusz Inwestycyjny Otwarty held a total of 2,063,561 ATM Grupa S.A. shares carrying 2,063,561 votes at the General Meeting and representing 2.4% of ATM Grupa S.A.’s share capital and 1.89% of the voting power at the General Meeting. As of April 14, 2010, and April 19, 2010, ING Parasol Fundusz Inwestycyjny Otwarty holds a total of 7,059,186 ATM Grupa S.A. shares corresponding to 7,059,186 votes at the General Meeting, representing 8.21% of ATM Grupa S.A.’s share capital and 6.48% of the voting power at the General Meeting. This information was published in current report No. 4/2010 of April 20, 2010

On September 21, 2010, the Executive Board of ATM Grupa S.A. was informed by Zygmunt Solorz-Żak that Karswell Ltd, with its registered office in Nikosia (subsidiary of Zygmunt Solorz-Żak), acquired on September 16, 2010, 5,408,000 shares of ATM Grupa S.A. Before the transaction, Karswell Ltd held 4,749,980 shares of ATM Grupa S.A., which represented 5.52% of the company’s share capital and carried 4,749,980 votes at the company’s General Meeting corresponding to 4.36% of the voting power at the General Meeting. Karswell Ltd currently holds 10,157,980 shares of the company, representing 11.81% of the company’s share capital and carrying 10,157,980 votes at the General Meeting corresponding to 9.32% of the voting power at the General Meeting.

Previously, Zygmunt Solorz-Żak (and his subsidiaries) held 9,280,000 shares of ATM Grupa S.A., representing 10.79% of the company’s share capital and carrying 9,280,000 votes at the General Meeting, i.e. 8.52% of the voting power at the General Meeting. After the transaction, Zygmunt Solorz-Żak (and his subsidiaries) holds 14,688,000 of the company’s shares, representing 17.08% of the company’s share capital and carrying 14,688,000 votes at the company’s General Meeting, i.e. 13.48% of the voting power at the General Meeting. WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366

In addition, Zygmunt Solorz-Żak informed that he had no plans to increase his share of the voting power at the General Meeting within 12 months from submitting this notice. The above information was published in current reports No. 15/2010 and 16/2010 of September 21, 2010.

According to the information available to the company, at the day of submitting this quarterly report, i.e. November 15, 2010, the following shareholders held over 5% of the total number of votes:

No. of Capital Shareholder No. of votes Vote % shares %

Dorota Michalak-Kurzewska and Tomasz 34 420 40.02% 57.420.000 52.68% Kurzewski 000 Zygmunt Solorz-Żak with subsidiaries, some deposited in a custodial account held by EFG Bank S.A. 14 688 17.08% 14.688.000 13.48% EFG Bank S.A. in Zurich holds 000

10.157.980 shares representing 11,81% of the share capital and carrying 10.157.186 votes (9,32% of the voting power) ING Towarzystwo Funduszy Inwestycyjnych S.A., including ING Parasol Fundusz Inwestycyjny Otwarty: 10 887 9.99% 12.66% 10.887.761 7.059.186 shares (8.21% of the share 761 capital) and 7,059,186 votes (6,48% of the voting power).

XIII. Statement of changes in the number of issuer shares or rights thereto (options) held by the issuer's executive and supervisory staff during the period since the previous quarterly report, according to the information available to the issuer

There have been no changes since the previous financial report.

On the day of submitting the quarterly report, i.e. November 15, 2010, the directors of ATM Grupa S.A. held:

No. of Capital No. of Shareholder Entity Vote % shares % votes Dorota Michalak-Kurzewska 34 420 00 57 420 00 ATM Grupa 40.02% 52.68% and Tomasz Kurzewski 0 0

WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366

XIV. Proceedings in courts of law, before arbitration authorities or public administration authorities

There are no proceedings pending, in courts of law or before arbitration or public administration authorities, concerning amounts in excess of 10% of the issuer's equity.

XV. Transactions with related entities

All transactions with related entities are market based and made as part of Group companies’ normal operations. Most transactions within ATM Grupa S.A. belong to the following groups: – auxiliary services for television production (rental of professional television equipment, editing) – rental of television studios, office space and warehouses – IT and transport services – disbursement and repayment of loans and costs/revenues related to servicing them

In September ATM Grupa S.A. provided a guarantee of an investment loan of PLN 25,000,000 to its subsidiary ATM Studio Sp. z o.o. The amount of the guarantee exceeds 10% of ATM Grupa S.A.’s equity. The transaction is described in detail in Section XVI below.

XVI. Information on whether the issuer or any of its subsidiaries granted any loan guarantees to an entity or any of its subsidiaries if the total value of the guarantees equals at least 10% of the issuer’s equity

In the third quarter of 2010, ATM Grupa S.A. provided a loan guarantee to its subsidiary ATM Studio Sp. z o.o., in connection to an agreement for a long-term investment loan signed with Bank Polska Kasa Opieki S.A. on September 21, 2010, whereby the Bank granted ATM Studio Sp. z o.o. a loan of PLN 25,000,000 (twenty- five million Polish zloty). The loan has a variable interest rate, based on the WIBOR rate for 3M deposits, plus the Bank margin. The borrower undertook to repay the loan in 168 monthly capital installments payable from January 31, 2012 to December, 31, 2025. The loan must be repaid by December 31 2025.

ATM Grupa S.A. (Guarantor) and ATM Studio (Borrower) are jointly and severally responsible for all obligations under the loan agreement. The obligations arising under the guarantee will be fulfilled when Bank Polska Kasa Opieki S.A. notifies ATM Grupa S.A. of a delay in the repayment of the loan, in whole or in part, by paying the amounts due in the manner and within the timeframe specified by the Bank. The maximum amount that the Bank can claim under the guarantee is PLN 37,500,000. The guarantee expires on December 31, 2028.

For providing the guarantee ATM Grupa S.A. will receive a fee of PLN 125,000 payable within 30 days from the disbursement of the first tranche of the loan.

ATM Grupa S.A. has a full stake in ATM Studio Sp. z o.o. The development project run by ATM Studio (the construction of a modern complex of television studios in Warsaw) is of significant importance for the Group’s further growth.

WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366 XVII. Other information that the issuer may deem important for the assessment of its human resources, property, financial position, financial performance and changes thereto, and information important for the assessment of the issuer’s ability to fulfill its obligations

Not applicable.

XVIII. Factors that according to the issuer will affect the issuer’s results over the following three months or longer

Developments in the advertising industry

Due to slower GDP growth, major advertisers cut their advertising budgets. This results in a decrease in the sales of broadcasters' advertising time (fewer commercials) and reduced rates for advertising time (higher discounts). The downturn in television advertising may translate to reduced broadcaster budgets for externally produced television content, which generates pressure for a reduction in prices earned by television producers for their programming.

The above happened in 2009 (according to Starlink media house, the advertising market shrank by more than 11% last year). The 2009 advertising downturn led to a significant decrease in the Group’s revenue and lower television production margins than in 2008. The advertising market is stabilizing but we are not able to fully anticipate future developments. As a result, we are not able to estimate the level of our future revenues from the sale of television productions or our margins.

Launching of new production projects

ATM Group companies are actively involved in the creation of content for the Polish television market. We have a programming library of carefully selected scripts which are ready for production. In addition, each year we attend many industry markets and acquire program options and licenses. We also have adequate technical capabilities to single-handedly undertake even the most demanding productions. We offer a broad range of programming, and, several times a year, present our ideas to broadcasters to attract their interest in our projects. Increasingly, we produce pilot episodes to show broadcasters that our new productions offer good value – this is how we presented the talk show “On i Ona” and the series “Licencja na wychowanie”, which was followed by signing production agreements. Our active efforts to attract the interest of broadcasters in our new formats is likely to translate into signing production agreements. Launching new productions will have a significant impact on the Group’s performance in the coming periods.

Participation in the MIPCOM television market in Cannes

The television market in Cannes is one of the premier events in the media industry. Attended every year by several thousand companies, it is a global meeting place of representatives of television channels, distributors, producers, advertising agencies, Internet portals, cellular operators and other companies active in the industry. ATM Grupa S.A. has attended the Cannes market since April 2002. Since October 2004 it has exhibited together with Sparks Network, an association that the company co- founded. The Cannes market is held twice a year – in spring (MIPTV) and in autumn (MIPCOM).

WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366 ATM Grupa S.A. attended the MIPTV in April 2010 and the MIPCOM in October 2010. Each such visit provides the Group with the opportunity to gain new valuable contacts and sign attractive agreements, both for the sale of our formats and for the purchase of licenses or finished programs for the Polish market.

Thanks to the Group’s attendance at the Cannes markets we have sold the following productions: “Gra w ciemno” (“Clueless”), “Awantura o kasę” (“Cash Battle”), “Goli i bosi” and the series “Pierwsza miłość” (“First Love”). Local versions of the Group’s original formats are produced in countries such as Spain, the Czech Republic, Greece and Liban.

Continued production of the Group’s formats including “Pierwsza Miłość”, “Ojciec Mateusz”, “Świat według Kiepskich” and maintenance of good ratings

Good ratings are the best guarantee that broadcasters will order new sets of episodes. Ratings, however, are determined by many different factors, especially the changing tastes and preferences of viewers and the programs offered by our competitors in the same time slots. ATM Group companies are committed to producing high-quality, attractive programming, but we can only influence the visual content. The remaining factors that may affect the ratings of our productions are up to broadcasters (publicity, broadcasting hours etc.). Therefore, we are not able to predict whether good ratings will be sustained in subsequent periods.

Production of the first seasons of new productions and their ratings

New productions are continued or scrapped depending on their ratings. If broadcasters find the ratings unsatisfactory, they may discontinue their orders. Televisions stations premiered two new ATM Group series in September 2010 (“Ludzie Chudego” and “Ratownicy”) and the new talk show “Kobieta Cafe” in October 2010. Our commitment to delivering high-quality, attractive productions is not enough to guarantee that a production will gain popularity and a wide enough audience.

Expanding our production and postproduction services to include special effects created by ATM FX (offered to Group companies and external customers)

Maximize the Group’s pace of growth using the synergy effects between the Group’s existing and new companies

XIX. Principles governing the conversion of PLN into EURO

Asset and liability values reported on the balance sheet were converted using the average exchange rate announced by the National Bank of Poland at the reporting date. Values reported in the profit and loss and cash flow statements were converted using the average rate for the calculation period, calculated as the arithmetic mean of the rates announced by the National Bank of Poland on the last day of each month during the given period.

. Average rate for the 9 months ended September 30, 2010 4.0027 . Average rate for the 3 months ended September 30, 2010 3.9996 WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366 . Rate on the last day of the reporting period, i.e. September 30, 2010 3.9870 . Lowest rate during the 9 months ended September 30, 2010 3.8356 . Highest rate during the 9 months ended September 30, 2010 4.1770

XX. Operational segments

ATM Group generates most of its revenue from film and television production. There is no division into industry segments as the share of other activities in the Group’s revenue is immaterial. In 2009, the subsidiary ATM Investment Sp. z o.o. generated revenue from construction, i.e. from the sale of single-family houses. As ATM Investment was acquired by its parent company, ATM Grupa S.A. will only follow the project to its completion, i.e. until the remaining houses are sold.

Key data on these activities (PLN k): First nine months First nine months of 2010 2009 3 430 2 536 Revenue

2 255 1 993 Costs

2 172 5 613 Work in progress

103 Goods (land) 94

Advances received (unsettled) 28 70

As revenue from construction represents less than 10% of total revenue, the Group is not required to report on this segment under IFRS 8. The share of other sales in revenue is immaterial too.

The Group operates mainly in Poland. The revenue, expenditure and assets related to non-Polish segments represent less than 1% of their respective total values. WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366 Commentary on the Abridged Unconsolidated Quarterly Statements for the Third Quarter of 2010

I. Accounting principles

The Group's consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) on a historical cost basis. All amounts are presented in thousands of Polish zloty (PLN k).

II. Significant changes to estimates, including adjustments for provisions, deferred income tax provisions and assets, and impairment charges on assets

The Group made/allocated:  Provisions for future payables at PLN 245 k  Provisions for remuneration under specific work contracts at PLN 950 k  Deferred income tax provision at PLN 705 k  Deferred income tax assets of PLN 340 k  Estimated income from contracts in proportion to the costs incurred at PLN 12,880 k

The Group released:  Provisions for future trade payables of PLN 631 k  Provisions for remuneration under specific work contracts of PLN 0 k  Deferred income tax provision of PLN 403 k  Deferred income tax assets of PLN 324 k  Estimation of income from contracts in proportion to the costs incurred at PLN 9,525 k

No material impairment charges were recorded in the third quarter of 2010.

WorldReginfo - 5b7d3f95-b2fb-4c6b-8065-37f33075d366