Notice of increase beyond 10% of the total number of votes at the general meeting of shareholders of Echo Investment S.A.

The Management Board of Echo Investment S.A. (the Issuer) hereby informs that on May 14, 2009 the Issuer was notified by Commercial Union Powszechne Towarzystwo Emerytalne BPH CU WBK S.A. (CU Common Pension Society), which communicates, according to Article 69 clause 1 and clause 4 of the Act of July 29, 2005 on Public Quotations and Conditions of Introducing Financial Instruments to Organized Trade and on Public Companies (Journal of Laws No. 184 item 1539) that as a result of transaction of acquisition of shares of Echo Investment S.A. at the Warsaw Stock Exchange, cleared as at May 12, 2009, Commercial Union Otwarty Fundusz Emerytalny BPH CU WBK S.A. (CU Open Pension Fund) has become the holder of a stake of Echo Investment S.A.’s (the Company’s) shares exceeding 10% of votes at the general meeting of shareholders of the Company.

Before the aforementioned transaction, as at May 11, 2009, CU Open Pension Fund used to hold 41,874,227 shares of Echo Investment S.A., corresponding to 9,97% of the Issuer’s share capital. These shares carried 41,874,227 votes, constituting 9,97% of the total number of votes at the Issuer’s general meeting of shareholders.
After closing and settlement of the aforementioned transaction, as at May 11, 2009 CU Open Pension Fund was holding 43,274,227 shares of Echo Investment S.A., corresponding to 10,30% of the Issuer’s share capital. These shares carried 43,274,227 votes, constituting 10,30% of the total number of votes at the Issuer’s general meeting of shareholders.

Investment in the shares of Echo Investment S.A. is a portfolio investment. CU Open Pension Fund acknowledges the possibility of further increasing its involvement in the Company during the next 12 months as of the submission date of the present notice, for the purpose of achieving maximum safety and profitability of the open pension fund’s investments. CU Common Pension Society further informs that, in accordance with the provisions of the Act on organization and functioning of pension funds and secondary legislation issued under the said Act, CU Open Pension Fund’s involvement may not exceed 20% of the Company’s share capital The Fund does not preclude transferring of its shares in case of appropriate growth of value or occurrence of relevant investment risk.

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).