The level of Open Pension Funds’ involvement as at the end of 2008 amounted to 37.44% of share capital and votes at the General Meeting of Shareholders of Echo Investment SA. As at December 31, 2008, the Open Pension Funds were holding 157,235,294 shares.

‘The number of Echo Investment SA’s shares in Open Pension Funds’ portfolios as at the end of 2008 increased by nearly 7.5 million, which corresponds to approximately 2% growth in comparison to the balance as at the end of the preceding year when the Open Pension Funds had held 149,237,341 shares in Echo’, says Agnieszka Dróżdż of the Equity Market Department of Echo Investment SA. It is worth adding that engagement in Echo's shares has increased despite deteriorating interest in investments in investment/development companies as a consequence of change on the real estate market.

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Open Pension Funds (so-called OFEs) constitute the equity part of the new pension system, or the so-called 2nd pillar. The object of open pension funds’ activity is gathering and investing OFE members’ funds designated for disbursement to fund members as soon as they reach retirement age. Funds reach the Open Pension Funds via the Social Security Agency (ZUS) as a certain part of social security contribution. It is a statutory obligation of a pension fund to invest its assets under the condition of assuring maximum safety and profitability of investments.