Recommendation of Agora's Management Board on profit distribution for the fiscal year 2008

20-05-2009

Regulatory filing

The Management Board of Agora SA ("the Company") hereby informs that on May 20 ,2009 they adopted the resolution on the submission, to the Annual General Meeting of Shareholders of Agora SA, a motion concerning the distribution of the 2008 profit by increasing with this profit the Company's reserve capital and not paying out to the shareholders a dividend for the fiscal year 2008.

The Management Board of Agora SA would like to state that Agora's policy for returning profits to shareholders, announced in the current report no. 6/2005 dated February 14, 2005 remains unchanged. According to this policy, the Company shall pay out an annual dividend of PLN 0.50 unless, in the opinion of the Management Board or the Supervisory Board, there are counter-indications arising from the earnings and prospects of the Company or market conditions. In the Company's opinion, in a situation of the world-wide crisis bringing about an unstable macroeconomic situation and uncertainty in respect of the economic situation in Poland, it is justifiable to make an exception from the policy of dividend pay out to the shareholders and to distribute the total net profit of PLN 26.365.008,66 for the fiscal year 2008 for the increase of Company's reserve capital.

The above described motion received a positive opinion of the Company's Supervisory Board.

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