Echo Investment S.A.

Business and Financial Review

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Selected operational datafrom Issuer's residential segment

The Management Board of Echo Investment S.A. (‘the Company') herebyreports that:

- in January 2018 the Issuer and Issuer's subsidiaries sold 91apartments on the basis of preliminary agreements;

- in January 2018 the Issuer and Issuer's subsidiaries concluded 60final agreements transferring ownership of apartments to clients.

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