Current report number 45/2004

Echo Investment S.A. informs that on 19 October 2004 the company received a notice about the change Issuer's shares assets owned by Michal Solowow.

Mr. Solowow informs that as a result of 19 October 2004 regulation on securities account belonging to Media Projekt Sp.z.o.o. , resulting from Echo Investment S.A. shares purchase he now holds:

-directly- 146,392 Echo Investment S.A. shares, which comprises 1,39% of equity capital and gives 146,392 votes at GSM, comprising 1,39% of total Echo Investment S.A. GSM votes.

-indirectly through such companies as Pro-Equity Fund I S.A., Columbus Pro-Equity Fund II Sp,z,o,o, and Media Projekt Sp.zo.o. total- 3,817,742 Echo Investment S.A. shares which comprise 36,36% of equity capital and gives 3,817,742 votes at GSM, comprising 36,36% of the total Echo Investment S.A. votes at GSM.

Directly and indirectly Mr. Michal Solowow holds 3,964,134 Echo Investment S.A. shares in total, which comprises 37,75% of equity capital and gives 3,964,134 votes at GSM, comprising 37,75% of the total Echo Investment S.A. GSM votes.