Company's announcement

The Management Board of Agora SA with its seat in Warsaw hereby informs that on April 28, 2004 the increase of the initial capital of Lokalne Rozgłośnie Radiowe Sp. z o.o. (the LRR) - the subsidiary company of Agora SA - the broadcaster of the local radio programme in Poznań and Rzeszów, was registered.

The increase was performed by the contribution in kind of shares of the subsidiary companies of Agora SA. The names of the companies and the structure of the stock capital resulting from the contribution in kind of shares are presented in the table below.

Name of the company	Name of the local radio station	The company's seat	Shareholders
Radio Trefl Sp.z o.o.	Radio Złote Przeboje Trefl	Sopot	Agora SA - 50,99%; LRR Sp. z o.o. - 48,97%; natural person - 0,04%
Radio Wanda Sp.z o.o.	Radio Złote Przeboje Wanda	Kraków	Agora SA - 51%; LRR Sp. z o.o. - 49%
O'LE Sp.z o.o.	Radio Złote Przeboje O'le	Opole	Agora SA - 51%; LRR Sp. z o.o. - 49%
Radio na Fali Sp.z o.o.	Radio Złote Przeboje Na Fali	Szczecin	Agora SA - 51%; LRR Sp. z o.o. - 49%
Wibor Sp.z o.o.	1. Radio Złote Przeboje Echo; 2. Radio BLUE FM Kraków	Nowy Sącz	Agora SA - 51%; LRR Sp. z o.o. - 49%
Karolina Sp.z o.o.	Radio Złote Przeboje Karolina	Tychy	Agora SA - 51%; LRR Sp. z o.o. - 49%
ROM Sp.z o.o.	Radio Klasyka FM	Warszawa	Agora SA - 51%; LRR Sp. z o.o. - 49%
Radio Pomoże Sp.z o.o.	Radio BLUE FM Bydgoszcz	Bydgoszcz	Agora SA - 51%; LRR Sp. z o.o. - 49%
Barys Sp.z o.o.	-	Tychy	LRR Sp. z o.o. - 90%; natural person - 10%
Agencja Reklamowa Jowisz Sp.z o.o.	-	Jelenia Góra	LRR Sp. z o.o. - 100%
Twoje Radio Sp. z o.o.	1. Radio Złote Przeboje Zielona Góra; 2.Radio Złote Przeboje Jelenia Góra	Wałbrzych	Agora SA - 70,59%; Agencja Reklamowa Jowisz Sp. z o.o. - 22,65%; LRR Sp. z o.o. - 6,76%

The Management Board of Agora SA has undertaken actions aiming at increasing the efficiency of the Agora Group functioning, including the transfer of the ownership supervision over the radio stations to the LRR. The change of the stock capital structure presented above constitutes the first phase of restructuring, the following phases of which may be carried out after the company is granted the appropriate licenses by the National Broadcast Council.

Additional information

Agora SA owns 100% of shares which entitle Agora to 100% of votes at the shareholders meeting of the LRR.

After the increase the initial capital of the LRR amounts to 5,026,000.00 PLN.

Total number of votes resulting from all shares after the increase of the initial capital had been registered amounts to 10,052 of votes (1 vote per 1 share)

The value of non-monetary assets amounts to 23,064,001.00 PLN. The value was estimated on the basis of valuation of an independent expert.

The book value of assets contributed in the form of non-monetary shares in Agora book equals to 15,562,989.69 PLN.