On May 12, 2009, the Management Board of the Company presented the Supervisory Board of Echo Investment SA with a proposal concerning allocation of net earnings disclosed in the Company’s financial statement for the year ended December 31, 2008, and a proposal for allocation of the Company’s retained earnings of previous years.
The Management Board of the Company proposed that the net profit for 2008 and net earnings carried forward from the preceding years be excluded from distribution to shareholders and allocated to supplementary capital of Echo Investment SA in its entirety for purposes of financing daily operations of the Company. The Supervisory Board of Echo Investment SA issued a positive opinion on the Management Board’s proposal.
On 28 May 2009 the Ordinary General Shareholders’ Meeting of Echo Investment SA, on the basis of adopted resolution no. 6 on division of income, decided to exclude the income obtained by the company Echo Investment SA in the completed turnover year 2008 from division into shareholders, and designate in its entirety for supplying the reserve capital in order to finance the current activity of the company.