Echo Investment S.A.

Related Party Transaction • Dec 1, 2016

Theconclusion of an amendment to the preliminary conditional real estatepurchase agreement and the conditional real estate purchase agreementconcerning real properties located in the area of ul. Towarowa in Warsaw

Furtherto the information published in the form of current report No. 32/2016,the management board of Echo Investment S.A. (the "Issuer")hereby announces that on 30 November 2016, a subsidiary of the Issuer,Projekt Echo - 138 sp. z o.o. sp. k. (the "Buyer"),Griffin Real Estate Invest sp. z o.o., with its registered seat inWarsaw ("GREI") and Fidelin Development sp. z o.o. sp. k.,with its registered seat in Warsaw (the "Seller"),concluded: (i) an amendment to the preliminary conditional purchaseagreement dated 15 September 2016 concerning 13 (thirteen) realproperties located in the area of ul. Towarowa in Warsaw (the "PPA"),including eight real properties being subject to the statutory right offirst refusal vested in the authorities of the capital city of Warsaw(the "RFF Real Properties") and five real properties notbeing subject to such statutory right of first refusal (the "OtherProperties") (the "Amendment to the PPA"); and(ii) in performance of the PPA, a conditional agreement for the sale ofthe RFF Real Properties (the "Conditional Agreement").

Pursuantto the Amendment to the PPA, the price for the sale of the RFF RealProperties was set at EUR 19,234,588.50, and the conclusion of theConditional Agreement was made dependent on the fulfilment of thefollowing conditions precedent, i.e. (i) the receipt of relevant mergerclearance; and (ii) the receipt of the repayment representation referredto in the PPA (the "Conditions"). The Amendment furtherprovides that both the Buyer and the Seller are entitled to rescind (odstąpićod) the PPA if, by 31 January 2017, the Buyer and the Seller havenot jointly received the advance tax ruling concerning the transactionas contemplated under the PPA.

TheAmendment to the PPA describes the conditions precedent for theconclusion of the Conditional Agreement (described below) the fulfilmentof which will result in the parties being required to execute anagreement on the transfer of the title to the RFF Real Properties (the "FinalAgreement").