23-01-2013 Current report no. 4/2013

Notification from a significant shareholder

 The Management Board of Echo Investment S.A. (hereinafter referred to as the Issuer or the Company) hereby announces that on January 22, 2013 the Issuer received a fax notification from Aviva Powszechne Towarzystwo Emerytalne Aviva BZ WBK S.A. which reported that Aviva Otwarty Fundusz Emerytalny Aviva BZ WBK [Aviva Open Pension Fund Aviva BZ WBK) (hereinafter referred to as Aviva OFE) increased its share in the total number of votes in the company to more than 10% as a result of the purchase of Echo Investment S.A.'s shares on January 15, 2013.

'Before the settlement of the aforementioned transactions, on January 17, 2013, AVIVA OFE held 41,846,565 shares of Echo Investment S.A., corresponding to 9.96% of its share capital. The shares carried 41,846,565 votes constituting 9.96% of the total number of votes at the General Meeting of Shareholders.

After the closing and the settlement of the aforementioned transactions, on January 18, 2013, AVIVA OFE held 42,958,079 shares of Echo Investments S.A., corresponding to 10.23% of its share capital. The shares carried 42,958,079 votes constituting 10.23% of the total number of votes at the General Meeting of Shareholders.

This is a portfolio investment. Aviva OFE allows for the possibility of increasing its involvement in the company over the next 12 months from the date of this notification, in order to achieve a maximum degree of safety and profitability of the open pension fund's investments. We also communicate that in accordance with the provisions of the act on the organization and operation of pension funds and the detailed regulations issued pursuant to the act, the involvement of Aviva OFE may not exceed 20% of the share capital of the Company. The fund does not preclude selling the shares in the event of an appropriate increase in the value or the risk of the investment.'

Legal basis: Art. 70 (1) of the Act on Public Quotations and Conditions of Introducing Financial Instruments to Organized Trade and on Public Companies of July 29, 2005 (Journal of Laws No. 185 item 1439).

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