Current report number 19/2004

Echo Investment S.A. Management Board informs that on 15.04.2004 the company signed a contract with BRE Bank S.A. with office in Warsaw regarding 'Bonds Issue Programme' ('Bonds'). On the strength of signed contracts Echo Investment S.A. can issue short, mid and long-term Bonds denominated in PLN. BRE Bank S.A. as a part of Bonds Issue Programme will organize and completely service non-government issue of Echo Investment S.A. Bonds.

Maximum, total face value of all issued bonds will not exceed the amount of 300,000,000PLN. Planned Bonds Issue conditions assumes that Bonds can be issued in the period of three years since contracts' conclusion, they will be unsecured and their rate of interest can be stable or variable. Bonds will not entitle to any non-cash benefits.

Maximum face value of planned Bond Issue Programme comprises 99,3% of Echo Investment S.A. equity (as at 31.12.2003). Moreover, maximum amount of face value of planned Bonds Issue Programme as well as those previously issued but not redempted

in amount of 50,000,000PLN, comprises 115,9% of Echo Investment S.A. equity (as at 31.12.2003)

At the same time Echo Investment S.A. Management Board declares that on the day of contract conclusion the company does not plan to introduce bonds to public turnover.

Echo Investment S.A. centers its activity on projects realization within real estate market. Accomplished by the company projects (including one of the most modern shopping-entertainment centres in Poland: Galaxy in Szczecin) summarize current investment development programme initiated by the company.

Echo Investment S.A. strategy entails continuing investment -developing activity in such sectors as: housing, hotel, commercial and office. One of the factors contributing to current successes as well as basis for future development is possibility to use flexible financing system.

Echo Investment S.A. Management Board is convinced that gaining additional financial means in form of bonds, which will supplement owned by the Company credit limits assured by leading Polish banks, will allow for development in current sectors of activity as well as assure advance in achieved results.