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Agora S.A. (AGOD)

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Wednesday 13 May, 2009

Agora S.A.

Changes in the operating efficiency improvement...


Changes in the operating efficiency improvement plan in the Agora Group

In connection to the current report no 69/2008 dated December 29, 2008 on
implementation of operating efficiency improvement plan, the Management Board
of Agora SA (`the Company') with its registered seat in Warsaw, hereby informs
that on May 13, 2009, they adopted the resolution on increasing employment
reductions and extending the time of the process, within the capital group
where the Company is the parent entity, and within the Company itself ("the
Group").

Initially, up to 300 people were to be made redundant during the process of
employment reductions carried out in the Group, since January 1 till July 31,
2009. In the Company the employment reductions were to be carried out in the
form of the group lay-offs.

Following the changes introduced by the Management Board's resolution dated May
13, 2009, the whole process of employment reduction carried out since January
1, 2009 shall be executed till October 31st, 2009, and shall concern about 400
people in the Group (which constitutes about 10.4% of employees in the Group as
at November,31 2008). The process includes the group lay-offs in the Company.
According to the information submitted on May 13, 2009 to the Labour Office,
additional group lay-offs in the Company shall be performed until October 31,
2009 and shall be carried out in compliance with the provisions of the law
dated March 13, 2003 on specific rules of terminating employment relationships
due to causes unrelated to the employees.

Due to the increased employment reductions, the Company shall create additional
provision for the cost of lay-offs execution in the amount of about PLN 2.3
million, which will in full affect Group's consolidated financial result for
the first six months of 2009.


                                                                                                                                                                                                                         

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