TPSA announced yesterday that its 2006 strategy and forecast will be presented along with the 4Q05 results on 8 February. CEO Jozefiak stated that the guidance will be based on very conservative assumptions. Parent France Telecom called for a turnaround in TPSA, and the resignation of key management personnel, including former CFO Roger de Bazelaire, following several quarters when the company missed its targets. We believe that a tighter management of operations and financials would be beneficial as the Polish market becomes increasingly competitive. We reiterate our Buy recommendation on TPSA with a PLN 28 fair value.