Echo Investment S.A.

Capital/Financing Update • Sep 3, 2020

Subject:

Establishmentof a bond issuance program of Echo Investment S.A. for the issuance ofbonds denominated in EUR and the possibility of carrying out a bondissue pursuant to the issuance program

Legalbasis:

Article17 of the Regulation of the European Parliament and of the Council (EU)No. 596/2014 of 16 April 2014 on market abuse and repealing Directive2003/6/EC of the European Parliament and of the Council and CommissionDirectives 2003/124/WE, 2003/125/WE and 2004/72/WE.

TheManagement Board of Echo Investment S.A. ("Issuer") informsthe public that on 3 September 2020 the Issuer and Bank Polska KasaOpieki S.A. concluded an issue agreement (the "Issue Agreement"),establishing a program for the issuance of unsecured ordinary bearerbonds up to the total amount (nominal value) of the issued andoutstanding bonds of EUR 100,000,000 (the "Issuance Program").

Bondsissued pursuant to the Issuance Program ("Bonds") will beoffered for purchase in accordance with Article 33 point 1 of the BondAct dated 15 January 2015, without the need to draw up a prospectus orinformation memorandum.

On theissuance date the Bonds will be registered in the depository maintainedby Krajowy Depozyt Papierów Wartościowych S.A.

Bondswill be introduced to trading in an alternative trading system operatedby Giełda Papierów Wartościowych w Warszawie S.A.