ECHO INVESTMENT has commenced negotiations of lease contracts concerning surfaces in the newly developed part of Pasaż Świętokrzyski in Kielce.

Early in spring 2008, extension of Pasaż Świętokrzyski in Kielce will be launched. Using its area reserve,
ECHO INVESTMENT has scheduled development of over 4 thousand square meters extra rentable area.
The Company anticipates completion of Pasaż Świętokrzyski extension works during the 4th quarter of 2008.

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PASAŻ ŚWIĘTOKRZYSKI is the second mall built by Echo Investment in Kielce. Its current tenants are using 16.5 thousand sq. m of rentable area. The mall comprises over 40 stores and its customers may shop in such outlets as, among others, RTV Euro AGD, Reporter, Orsay, Monnari, Gino Rossi, or Tatuum. The center also comprises a food court and service outlets. Visitors can use a parking lot for 660 cars. Development of this project commenced
in December 2005 and took 11 months. In July 2007, Echo Investment sold its Pasaż Świętokrzyski mall to Catalyst Capital investment group. The company has also signed a developer agreement with the new owner, whereunder
it is going to extend the mall, let the area to tenants and offer extended commercial space to new tenants.
The manager of Pasaż Świętokrzyski is Est-On Property Management, ECHO INVESTMENT’s subsidiary.