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Echo Investment S.A.

Quarterly Report • Jan 5, 2017

5590_rns_2017-01-05_7778bb70-f53a-4cb0-be1f-5d106ad643b6.html

Quarterly Report

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Information onthe number of apartments sold in Q4 2016

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

- In Q4 2016 the Issuer and Issuer's subsidiariessold 422 apartments on the basis of preliminary contracts (compared to248 apartments sold in Q4 2015).

- In 2016 the Issuer and Issuer's subsidiaries havesold 925 apartments on the basis of preliminary contracts (compared to591 apartments sold from Q1 to Q4 2015).

- In Q4 2016 the Issuer and Issuer's subsidiariesconcluded 65 final contracts which transferred the ownership ofapartments to clients (compared to 157 such contracts concluded in Q42015).

- In 2016 the Issuer and Issuer's subsidiaries haveconcluded 451 final apartment sales contracts (compared to 400 finalcontracts concluded from Q1 to Q4 2015).