print

The Management Board of Echo Investment S.A. (the Issuer) informs that on 31st October 2008  an agreement on transfer of ownership was concluded between the Issuer’s subsidiaries ‘Projekt Naramowice’ Spółka z ograniczoną odpowiedzialnością with its seat in Kielce (the Alienator), and ‘Projekt Naramowice Poznań’ Spółka z ograniczoną odpowiedzialnością with its seat in Kielce (formerly ‘Projekt Echo – 64’ Spółka z ograniczoną działalnością) (the Purchaser).

The subject of the agreement is ownership of ‘Projekt Naramowice’ Sp. z o.o. with its seat in Kielce, comprising a set of material and non-material assets intended for the conducting of business activity, constituting in particular:
- a workplace, as understood in the regulations of Art. 231 of the Labour Code;
- ownership of real estate located in the Naramowice district of Poznań, consisting of:
a) a land plot of 12,971 sq m in area built upon with apartment buildings;
b) unbuilt land plots of a total area of 428,527 sq m;
c) a 3/18 share in a business establishment – a parking garage situated in a building at Rubież Street, Poznań.
- all rights and obligations resulting from concluded agreements.

The value of the enterprise specified in the transfer of ownership agreement is equal to 156.93 million PLN, and the book value of the transferred enterprise, as indicated in the accounting books of the Issuer’s subsidiary ‘Projekt Naramowice’ Sp. z o.o. and according to purchase and generation costs, is equal to 10.74 million PLN (as on 30th June 2008).

The aforesaid enterprise constitutes a non-monetary contribution to cover the newly created shares in the initial capital of ‘Projekt Naramowice Poznań” Spółka z ograniczoną odpowiedzialnością to the amount of 3,138,600 shares of a total nominal value of 156,930,000 PLN. These shares constitute 99.97% of the company’s initial capital, carrying 3,138,600 votes at the shareholders’ meeting.

The purchased assets, before their alienation, were used in development activity. ‘Projekt Naramowice Poznań’ Spółka z ograniczoną odpowiedzialnością intends to continue their previous use.

The Issuer’s management personnel manage simultaneously the significant assets of the Purchaser and of the Alienator.
The aforesaid assets were acknowledged as significant on the basis of the Issuer’s significant assets and ownership capital criteria.

Echo Investment S.A. owns 1000 shares in the initial capital of ‘Projekt Naramowice Poznań’ Spółka z ograniczoną odpowiedzialnością with its seat in Kielce, constituting 100% of the initial capital, carrying 1000 votes at the shareholders’ meeting.

Legal basis: §5 section 1 points 1 and 3 of the Decree of the Minister of Finance (Journal of Laws No. 209, item 1744, as amended) of 19th October 2005 on current and periodic information published by issuers of securities.

print

The Management Board of Echo Investment S.A. (the Issuer) informs that on 28th October 2008, the Issuer received a decision of the Budapest Court of Registration, on the basis of which, on 7th October 2008, a change was registered in the amount of the initial capital of the Issuer’s subsidiary, ‘Echo-Project-Management-Ingatlanhasznosito’ Kft. with its seat in Budapest (the Subsidiary).

The amount of the Subsidiary’s initial capital was increased by 35,400,000 HUF (which, according to the average rate of exchange provided by the National Bank of Poland as on the date of registration of changes in the initial capital, constitutes the equivalent of 489,228 PLN) and presently equals 88,400,000 HUF (which, according to the average rate of exchange provided by the National Bank of Poland as on the date of registration of changes in the initial capital, constitutes the equivalent of 1,221,688 PLN).

On the date of registration, Echo Investment S.A. took over the whole of the increased initial capital of the Subsidiary, constituting 40.04% of the present initial capital, and presently owns 100% of the initial capital and votes at the Subsidiary’s shareholders’ meeting. The source of finance for the shares are Echo Investment S.A.’s own resources.

The Subsidiary’s increased initial capital was acknowledged as significant on the basis of the significant financial assets criterion.

Legal basis: § 5 section 1 point 9 of the Decree of the Minister of Finance (Journal of Laws no. 209 item 1744) of 19th of October 2005 on current and periodic information published by issuers of securities.

print

The Management Board of Echo Investment S.A. (the Issuer) informs that on 21st October 2008 an agreement on the general realization of investment was signed (GRI Agreement) between the Issuer’s subsidiary ‘Echo - Arena Spółka z ograniczoną odpowiedzialnością’ Spółka komandytowa with its seat in Kielce (Investor), and Echo Investment S.A. with its seat in Kielce (General Executor of Investment).

On the basis of the concluded GRI Agreement, the General Executor of Investment is obliged to construct a shopping/entertainment center, ‘Arena’, on the land plot between Grottgera, Szczecińska and Bolesława Krzywoustego Streets, Słupsk (Center, Investment), up to the moment of passing the Center to the Investor and individual occupants. At the same time General Executor of Investment undertakes to obtain all permissions from the appropriate authorities necessary to commission the Center.

Completion of the investment is expected no later than 31st May 2011.

On the grounds of the execution of this agreement, the General Executor of Investment shall receive remuneration based on the investment budget. The estimated net value of the agreement is equal to approximately  274.96 million PLN.

The Agreement does not contain provisions relating to contractual penalties.
The agreement was acknowledged as significant on the basis of the Issuer’s ownership capital criterion.

Legal basis: § 5 section 1 point 3 of the Decree of the Minister of Finance (Journal of Laws no. 209, item 1744, as amended) of 19th October 2005 on current and periodic information published by issuers of securities.

print

The Management Board of Echo Investment S.A. (the Issuer), with reference to Current report no. 34/2008 of 30th July 2008, informs that between the Issuer’s subsidiary ‘Projekt Echo - 65’ Spółką z ograniczoną odpowiedzialnością with its seat in Kielce (Investor), and Echo Investment S.A. with its seat in Kielce (General Executor of the Investment), on 20th October 2008 Annex no. 1 (the Annex) to the Agreement on General Realization of Investment of 30th July 2008 (GRI Agreement) was concluded, on the basis of which the parties ascertained the value of remuneration on the grounds of execution of the GRI Agreement.

According to provisions of the Annex, the General Executor of the Investment shall receive remuneration based on the investment budget, the estimated net value of which is equal to approximately 94.42 million PLN.

On the basis of the concluded GRI Agreement, the General Executor of the Investment is obliged to the full completion of the office building (Office Complex) on the land plot at Malczewskiego Street, Szczecin, up to its completion, that is, passing the Office Complex over to the Investor and occupants of individual premises in the Office Complex and obtaining all permissions from the appropriate authorities which shall be necessary to commission the Office Complex (Investment).

Legal basis: § 5 section 1 point 3 of the Decree of the Minister of Finance (Journal of Laws no. 209, item 1744, as amended) of 19^th October 2005 on current and periodic information published by issuers of securities.

print

The Management Board of Echo Investment S.A. (the Issuer) informs that, as the result of a misprint in the published Current report no. 44/2008 of 5th September 2008, concerning the conclusion of a conditional GRI agreement and preliminary conditional sale agreement with Orbis S.A., the date of conclusion of the Promised Contract was stated erroneously, thus “The parties of this agreement undertake to conclude the Promised Contract by 4th December 2008, after fulfilment of the conditions specified in the Preliminary Conditional Sale Agreement.”

The sentence should read as follows:
“The parties of this agreement undertake to conclude the Promised Contract by 31st December 2008, after fulfilment of the conditions specified in the Preliminary Conditional Sale Agreement.”

Legal basis: § 6 section 2 of the Decree of the Minister of Finance (Journal of Laws No. 209, item 1744, as amended) of 19th October 2005 on current and periodic information published by issuers of securities.

print

The Management Board of Echo Investment S.A. (the Issuer), with reference to Current Report no. 4/2008 of 3rd January 2008, informs that on 16th October 2008 the Issuer received Annex no. 1 of 29th September 2008 (the Annex) to the Lease Agreement of 31st December 2007 (the Agreement) concluded by circulation between the Issuer’s subsidiary ‘Projekt Echo - 63’ Spółka z ograniczoną odpowiedzialnością with its seat in Kielce (the Lessor) and Fortis Bank Polska S.A. with its seat in Warsaw (the Lessee).

On the basis of the stipulations of the concluded Annex, the Parties to the Agreement agreed that the Lessor shall transfer to the Lessee, by 31st March 2010, an office space in a seven-storey, class A office building, of a leasable area equal to approximately 11,000 sq. m, which is to be erected at Lea Street in Krakow, together with above-ground and underground car parks (the Subject of the Lease).

The estimated value of net receipts from lease of the office space is equal to 92.48 million PLN (including 21.42 million EUR, which constitutes the equivalent of 72.72 million PLN, calculated according to the average exchange rate of the National Bank of Poland as on the date of conclusion of the Annex).

The Annex contains stipulations allowing for the charging of contractual penalties, whose total value may exceed 10% of the value of the Agreement. The amount of the penalties shall be calculated based on the monthly rental rate, to begin as of 3rd January 2010, owing to a delay in commissioning of the Subject of the Lease.

The Agreement provides for the option to pursue claims, the value of which may exceed the amount of the contractual penalties.

The Annex was acknowledged as significant on the basis of the Issuer’s ownership capital criterion.

Legal basis: §5 section 1 point 3 of the Decree of the Minister of Finance (Journal of Laws no. 209, item 1744, as amended) of 19th October 2005 on current and periodic information published by issuers of securities.

print

The Management Board of Echo Investment S.A. (the Issuer) informs that on 8th October 2008 an agreement on general realization of investment was signed (GRI Agreement) between the Issuer’s subsidiary ‘Projekt Echo - 63’ Spółką z ograniczoną odpowiedzialnością with its seat in Kielce (Investor), and Echo Investment S.A. with its seat in Kielce (General Executor of Investment, Contractor).

On the basis of the concluded GRI Agreement, the Contractor is obliged to the full completion of an office building together with an underground parking lot and essential infrastructure on the land plot at Lea Street, Krakow (Office Building, Investment), up to the moment of its completion, that is, handing the Office Building over to the Investor and occupants of individual premises in the Office Building. At the same time the Contractor undertakes to obtain all permissions from the appropriate authorities necessary to commission the Office Building.

The Investment is to be completed no later than 31st May 2010.

On the grounds of the execution of this agreement, the Contractor shall receive remuneration based on the investment budget, which shall be set within three months of the date of the conclusion of this agreement. Upon determining the final remuneration amount, the Issuer shall forthwith make this information public.

The agreement was acknowledged as significant on the basis of the Issuer’s ownership capital criterion.

Legal basis: § 5 section 1 point 3 of the Decree of the Minister of Finance (Journal of Laws no. 209, item 1744) of 19th October 2005 on current and periodic information published by issuers of securities.