Echo Investment S.A.

Legal Proceedings Report • May 21, 2018

Announcement of delayedinsideinformation regarding thecase allocationrequest filed to the European Commission.

The Management Board of Echo Investment S.A. (the "Company")hereby reports that according to the Regulation (EU) No 596/2014 of theEuropean Parliament and of the Council of 16 April 2014 on market abuse(market abuse regulation) and repealing Directive 2003/6/EC of theEuropean Parliament and of the Council and Commission Directives2003/124/EC, 2003/125/EC and 2004/72/EC (the "MAR"), theCompanypublishesinsideinformation, disclosure of which was delayed by theManagementBoard of the Companyon 6 April 2018 based onArticle 17 point 4 of MAR.

Content of delayed inside information:

On 6 April 2018 the Company filed a case teamallocation request to the European Commission pursuant to the procedureimplementing the Council Regulation (EC) No 139/2004. The proposedrequest concerns allocation of a case team that will review a mergerclearance notification relating to the intended creation of afull-function joint venture between the Company and R4R S.à r.l., acompany controlled by a fund managed by one of the world's premierinvestment managers.

The Management Board of the Company made a decisionto delay the above mentioned inside information as in the opinion of theManagement Board of the Company an immediate disclosure could adverselyaffect the Company's position, including creating uncertainty about itsfuture, implementation of its adopted strategy and concluded agreements.Moreover, an immediate disclosure of the inside information could haveresulted in the incorrect assessment of information by the public,including other shareholders of the Company, and could have causedunnecessary changes in the Company's share price.