On December 31, 2007 the National Deposit of Securities and the Warsaw Stock Exchange are going to split the shares of Echo Investment SA. Ten times more shares will be floated and their market price will be lowered ten times as well.

The resolution concerning change of the present number of the Company’s shares through splitting their nominal value was passed by the Extraordinary General Meeting of Shareholders of Echo Investment SA on October 18, 2007.
The existing nominal value of 0.50 PLN per share shall now be changed into 0.05 PLN. Through the split, the number
of shares will increase from 42 million to 420 million.

The purpose of restructuring the Company’s share capital is to improve the liquidity of shares quoted at the Warsaw Stock Exchange.