Echo Investment S.A.

Share Issue/Capital Change • Oct 20, 2017

Information on the final terms of the sale byLisala sp. z o.o. of 40.8 million existing shares in Echo InvestmentS.A. in the offering

Not for release, publication or distributiondirectly or indirectly, in or into the United States of America,Australia, Canada or Japan or in any other jurisdiction where to do sowould be restricted or prohibited by law.

Further to current reports No. 33/2017 dated 26September 2017, 38/2017 dated 4 October 2017 and 50/2017 dated 17October 2017, Echo Investment S.A. (the "Company" or "Echo") herebyannounces that today the Company has been informed by its mainshareholder - Lisala sp. z o.o. (the "Selling Shareholder") - about thetotal number of the existing Company's shares to be sold by the SellingShareholder under or in connection with the undocumented offering of theCompany's shares, as disclosed to public by the Company in its currentreport No. 50/2017 dated 17 October 2017 (the "Offering").

The Selling Shareholder notified the Company that:

(1) it has decided to sell in the Offering 40,800,000existing shares of the Company at the sale price per one such share equalto PLN 4.6 (the "Sale Price");

(2) in connection with the Offering, it has decidedto sell:

- to Mr Nicklas Lindberg (President of the Company'sManagement Board) 460,663 existing shares of the Company at the saleprice per one such share equal to the Sale Price and the total saleprice of all such shares equal to PLN 2,119,050; and

- to Mr Maciej Drozd (Deputy President of theManagement Board) 184,265 Company's existing shares at the sale priceper one such share equal to the Sale Price and the total sale price ofall such shares equal to PLN 847,620.

This material is not a promotional material in themeaning of article 53 of the Polish Act on Public Offering, ConditionsGoverning the Introduction of Financial Instruments to Organized Tradingand on Public Companies dated 29 July 2005, as amended.

This material or any part hereof is not intendedfor distribution, whether directly or indirectly, within the territoryof or in the United States of America or other jurisdictions where suchdistribution, publication or use may be subject to restrictions or maybe prohibited by law. The securities referred to in this material havenot been and will not be registered under the U.S. Securities Act, andmay only be offered or sold within the United States under an exemptionfrom, or in a transaction not subject to, the registration requirementsof the U.S. Securities Act.

This material does not contain or constitute orform part of any offer or invitation, or any solicitation of an offer,for securities, and under no circumstances shall form the basis for adecision to invest or not in the securities of the Company.

Legal basis: Art 17 section 1 MAR - confidentialinformation.