Echo Investment S.A.

Earnings Release • May 8, 2018

Monthly information onapartments sales

The Management Board of Echo Investment S.A. (hereinafter referred to asthe ‘Issuer') hereby reports that:

- in April 2018 the Issuer and Issuer's subsidiaries sold 81 apartmentson the basis of preliminary contracts, compared to 86 apartments sold inApril 2017;

- the Issuer and Issuer's subsidiaries have cumulatively sold 428apartments on the basis of preliminary agreements since the beginning of2018, while 343 units were sold on the basis of such agreements incoresponding period of 2017;

- in April 2018 the Issuer and Issuer's subsidiaries concluded 13 finalcontracts which transferred the ownership of apartments to clients,compared to 6 final contracts concluded in April 2017;

- the Issuer and Issuer's subsidiaries have cumulatively concluded 124final agreements transferring ownership of apartments to clients sincethe beginning of 2018, while 100 such agreements were concluded incoresponding period of 2017.