Continuation of capital restructuring in the Agora Radio Group The Management Board of Agora SA with its seat in Warsaw hereby announces that on March 28, 2008 the District Court for the capital city of Warsaw, XIII KRS Commercial Division, registered the merger of six radio companies exercising the licenses for broadcasting radio programs with Grupa Radiowa Agory Sp. z o.o. (GRA), a subsidiary of Agora SA. The companies that were merged with GRA include: - Multimedia Plus Sp. z o. o. - Regionalne Przedsiębiorstwo Związkowe Sp. z o. o - Tres Sp. z o.o. - Bis-Media Sp. z o.o. - Jan Babczyszyn Radio Jazz Fm Sp. z o. o - Lokalne Radio w Opolu Sp. z o.o. All aforementioned Companies had their registered seats in Warsaw The merger was executed pursuant to Art. 492 § 1 item 1and Art. 516 § 1, § 5, § 6 (merger by acquisition) of the Commercial Companies Code, this is by transferring all the assets of the six companies being acquired to GRA - the acquiring company. Before the merger GRA held 100% of share capital in each of the above 6 companies being acquired therefore pursuant to Art. 515 of the Commercial Companies Code the merger was effected without the increase of the share capital of GRA. Agora SA is the only shareholder of the acquiring company - GRA. END