BBI Development S.A. — Capital/Financing Update 2020

May 27, 2020

UNOFFICIAL TRANSLATION:

Current report no. 37/2020

Date: May 27, 2020

Short name of issuer: i2 Development S.A.

Subject: Change in the terms of issue of series Ibonds

Legal basis Article 17 para. 1 MAR - confidentialinformation

Management Board of i2 Development S.A. (hereinafter:"the Company", "the Issuer") informs that:

1) on May 26, 2020, adopted a resolution to amend theTerms and Conditions of Issue (hereinafter "WEO") of Series I Bonds witha nominal value of PLN 1,000 each, issued by the Company on the basis ofa resolution of the Management Board of December 17, 2019, marked by theNational Depository for Securities (KDPW) the code 'PLO222400015'(hereinafter 'Bonds I');

2) concluded with a bond holder holding all Bonds Ian agreement regarding the amendment of WEO.

The WEO changes concern the scope of establishedcollateral. In connection with the purchase and redemption of a total of10,000 Bonds I with a nominal value of PLN 1,000 (one thousand zlotys)each and the total nominal value of PLN 10,000,000.00 (ten millionzlotys), about which the Issuer informed in current reports number23/2020, 24/2020, 25/2020, 27/2020, 29/2020 and 32/2020, the bond holderholding all the Bonds I agreed to release the joint contractual mortgageon the right of perpetual usufruct of real estate constitutingundeveloped plot No. 2/25, with an area of ​​4674 m2, located at ul.Grabiszyńska in Wrocław and a joint contractual mortgage with the rightof perpetual usufruct of real estate constituting undeveloped plot ofland No. 3/10, with an area of ​​1294 m2, located at Al. Gen. JózefHaller in Wrocław.

Bonds I after the WEO change are secured:

(i) an agreement to subordinate liabilities to thecollateral administrator resulting from loans granted to companies ofthe Issuer's Capital Group by entities related to the Issuer's mainshareholder;

(ii) a declaration of submission to enforcement bythe Issuer in favor of the Bondholders.

Signatures of persons representing the Company: