Current report number 18/2007

Merger of dependent companies and registration of amendments in stock capital of a dependent company

Board of directors of company Echo Investment S.A. (Issuer) informs that on the 26th of February 2007 Issuer received from District Court in Kielce Xth Economic Department of National Court Register a decision on the basis of which on the 21st of February 2007 there registered amendments in amount and structure of the stock capital of a dependent company „Echo Investment – Centrum Handlowe Świętochłowice” Sp. z o.o. with its head office in Kielce.

On the day of registration the dependent company „Echo Investment - Centrum Handlowe Świętochłowice” Sp. z o.o. („Intercepting Company”) merged with Issuer’s dependent companies:
- company „Echo Investment – Centrum Handlowe Olkusz Sp. z o.o.” with its head office in Kielce,
- company „Echo Investment – Centrum Handlowe Piła Sp. z o.o.” with its head office in Kielce,
- company „Echo Investment – Centrum Handlowe Siemianowice Śląskie Sp. z o.o.” with its head office in Kielce,
- company „Echo Investment – Centrum Handlowe Tczew Sp. z o.o.” with its head office in Kielce,
- company „Echo Investment – Centrum Handlowe Zamość Sp. z o.o.” with its head office in Kielce, (hereinafter referred to as „Intercepted Companies”).

Merger took place by way of transferring of the whole property of Intercepted Companies onto Intercepting Company with concurrent increasing of stock capital of Intercepting Company by establishing shares which were granted to previous shareholders of Intercepted Companies in exchange for their previous shares in Intercepted Companies.

Filed value in Issuer’s accountancy books of Intercepted companies’ shares and units dependent on It was:
- „Echo Investment - Centrum Handlowe Olkusz Sp. z o.o.”: 10.058.020,99 PLN,
- „Echo Investment - Centrum Handlowe Piła Sp. z o.o.”: 4.450.650,70 PLN,
- „Echo Investment - Centrum Handlowe Siemianowice Śląskie Sp.z o.o.”:5.297.549,10 PLN,
- „Echo Investment - Centrum Handlowe Tczew Sp. z o.o.”: 3.590.059,17 PLN,
- „Echo Investment - Centrum Handlowe Zamość Sp. z o.o.”: 4.551.520,01 PLN.

Newly created shares in company „Echo Investment – Centrum Handlowe Świętochłowice” Sp. z o.o. were given out on the date of aforesaid registration to:
- Echo Investment SA in amount of 557.263 shares of total value of 27.863.150 PLN, entitling to 557.263 votes at the shareholders’ meeting, constituting 82,77% of the stock capital,
- Issuer’s dependent company „Projekt Echo – 17” Sp. z o.o. with its head office in Kielce in amount of 195 shares of total value of 9.750 PLN, entitling to 195 votes at the shareholders’ meeting, constituting 0,03% of the stock capital.

Newly created shares have a character of a long-term capital investment.

Filed value in Issuer’s accountancy books of Intercepted Companies’ property or units dependent on It was, as per 30th of September 2006, respectively:
- in „Echo Investment – Centrum Handlowe Olkusz Sp. z o.o.”: 19,44 mill. PLN,
- in „Echo Investment – Centrum Handlowe Piła Sp. z o.o.”: 11,45 mill. PLN,
- in „Echo Investment – Centrum Handlowe Siemianowice Śląskie Sp. z o.o.”: 14,30 mill. PLN,
- in „Echo Investment – Centrum Handlowe Tczew Sp. z o.o.”: 12,52 mill. PLN,
- in „Echo Investment – Centrum Handlowe Zamość Sp. z o.o.”: 16,44 mill. PLN.
Property of Intercepted Companies was used in developer’s and financial activity. Intercepting Company shall continue activities of Intercepted Companies and previous use of transferred assets.

From the day of registration of the aforesaid amendments, the amount of stock capital of company „Echo Investment – Centrum Handlowe Świętochłowice” Sp. z o.o. equals 33.662.250 PLN and divides into 673.245 shares of face value 50 PLN per each share. Total number of votes resulting from the shares is 673.245 votes at the shareholders’ meeting.

Proprietary structure of company „Echo Investment – Centrum Handlowe Świętochłowice” Sp. z o.o. underwent modification and now presents as follows:
- company Echo Investment SA owns 673.049 shares in dependent company of total value of 33.652.450 PLN, entitling to 637.049 votes at the shareholders’ meeting, constituting 99,97% of the stock capital,
- Issuer’s dependent company „Projekt Echo - 17” Sp. z o.o. with its head office in Kielce owns 195 shares in the company of total value of 9.750 PLN, entitling to 195 votes at the shareholders’ meeting, constituting 0,03% of the stock capital,
- Issuer’s dependent company „Projekt Echo - 37” Sp. z o.o. with its head office in Kielce owns 1 share in the company of total value of 50 PLN, entitling to 1 vote at the shareholders’ meeting, constituting 0,0001% of the stock capital.

Managing persons in Intercepting Company and companies acquiring assets of significant value up to the time of merger registration have also had managing functions in Intercepted Companies.

Newly created shares and value of transferred property items have been acknowledged as assets of significant value on the basis of criterion of assets of significant value and own capital of Issuer.

Issuer’s board of directors also informs that on the 21st of February 2007 the name of Intercepting company „Echo Investment – Centrum Handlowe Świętochłowice Sp. z o.o.” with its head office in Kielce underwent modification. The present name is: „Echo – SPV 6 Sp. z o.o.” with its head office in Kielce.

Legal basis: §5 section1 point 1 and point 9 of Decree by Minister of Finance (Journal of Laws No 209 item1744) from 19th of October 2005 on the issue of current and periodical information published by issuers of bonds.