Notice of an increase in proportion of voting rights at the General Meeting of Shareholders of Echo Investment S.A.

The Management Board of Echo Investment SA (the Issuer) hereby informs that on December 24, 2008 the Issuer received a notice dated December 24, 2008, whereunder Magellan Pro-Equity Fund I S.A., acting pursuant to Article 69 clause 2 item 1) of the Act of July 29, 2005 on Public Quotation and Conditions of Introduction of Financial Instruments to Organized Trade, and on Public Companies, hereby informs that on December 23, 2008 Magellan Pro-Equity Fund I S.A. received a decision of the District Court in Kielce, 10th Economic Department of the National Court Register, on registration as on December 23, 2008 of a merger of Magellan Pro-Equity Fund I S.A. and Columbus Pro-Equity Fund II Sp. z o.o., as a consequence whereof Magellan Pro-Equity Fund I S.A. took over the assets of Columbus Pro-Equity Fund II Sp. z o.o. Both the aforementioned companies are subsidiaries wholly owned by Mr. Michał Sołowow. The above mentioned incident has led to an increase in the voting rights held by Magellan Pro-Equity Fund I S.A. in the total number of votes at the General Meeting of Shareholders of Echo Investment S.A.

As at the effective date of this report, Magellan Pro-Equity Fund I S.A. holds 141,409,680 shares of Echo Investment S.A., corresponding to 33.67% of the share capital and carrying 141,409,680 votes at the General Meeting of Shareholders, i.e. 33.67% of the total number of votes at the General Meeting of Shareholders of Echo Investment SA.

Before December 23, 2008, Magellan Pro-Equity Fund I S.A. held 104,329,680 shares of Echo Investment S.A., corresponding to 24.84% of the share capital and carrying 104,329,680 votes at the General Meeting of Shareholders, i.e. 24.84% of the total number of votes at the General Meeting of Shareholders of Echo Investment SA.

Legal basis: Article 70 clause 1 of the Act on Public Quotations and Conditions of Introducing Financial Instruments to Organized Trade and on Public Companies as of July 29, 2005 (Journal of Laws No. 184 item 1539, as amended).