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

Mar 31, 2020

UNOFFICIAL TRANSLATION:

Current report no. 21/2020

Date: March 31, 2020

Short name of issuer: i2 Development S.A.

Subject: Change in the terms of issue of series Hbonds

Legal basis Article 17 para. 1 MAR - confidentialinformation

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

1) on March 30, 2020, adopted a resolution to amendthe Terms of Issue (hereinafter referred to as "WEO") of Series H Bondsadopted by Resolution No. 1 of the Company's Management Board ofSeptember 26, 2018, amended by Resolution No. 1/3/2019 of the Company'sManagement Board of March 29 2019 on the change in the terms of issue ofseries H bonds and Resolution No. 2/02/2020 of February 25, 2020 on thechange of the terms of issue of series H bonds issued by the Company onSeptember 26, 2018, with a value of PLN 1,000 each bond (hereinafter"Bonds H");

2) concluded with the bond holder holding all Bonds Han amendment to amend WEO.

The WEO changes concern the scope of establishedcollateral. The amendment of 30 March 2020 was added collateral in theform of mortgages on real estate and guarantees.

H bonds 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 surety granted by the Guarantor to theSecurity Administrator up to the amount of the product of the number ofH Notes taken up by all Subscribers and 150 (one hundred and fifty)% ofthe nominal value of one H Note;

(iii) to secure claims covered by a surety, theguarantor will establish a joint contractual mortgage in second place interms of priority of satisfaction on the property located in Wrocław atStalowa Street, Grabiszyn district including plot of land withregistration number 4/2, the acquisition of which the Company announcedin current report no. 15/2020 of February 28, 2020 and on the propertylocated in Wrocław at Grabiszyńska Street, Grabiszyn District, coveringa plot of land with registration number 13/18, the acquisition of whichthe Company announced in Current Report No. 60/2019 of December 20,2019, and undertakes to transfer the abovementioned mortgages for amortgage emptied after the first place mortgage;

(iv) joint contractual mortgage on premises - a totalof sixteen service premises with a total area of ​​805.36 m2, which willbe separated in the building "B9 - Bulwar Staromiejski" erected on theproperty located in Wrocław at Wszystkich Świętych Street and Jana PawłaII Square the mortgage will be entered in the land and mortgageregister, to which housing properties will be separated, in second placein terms of priority of satisfaction and will be entitled to enter theemptied mortgage place after this mortgage;

(v) a declaration of submission to enforcement by theIssuer in favor of the Bondholders.

Signatures of persons representing the Company:

2020-03-31 Marcin Misztal - President of the Board