Echo Investment S.A.

Capital/Financing Update • Sep 22, 2017

TheManagement Board of Echo Investment S.A. (‘the Company') hereby reportsthat in accordance with the basic prospectus approved by the FinancialSupervision Authority on 26 May 2017 (‘the Prospectus') and the FinalTerms of F-Series Bonds published on 19 September 2017, in the periodfrom 20 September 2017 until 21 September 2017 subscriptions were madefor a higher number of F-series bonds of the Company (‘F-Series Bonds')compared to the total number of F-Series Bonds offered, as a result ofwhich 21 September 2017 was the Oversubscription Date.

The companyreports that the period of subscriptions for F-Series Bonds, which isstipulated in the Final Terms of F-Series Bonds, has been shortened. Thesubscription closure date is moved to 22 September 2017.

Investorswho made their subscriptions before the Oversubscription Date i.e. until 20September 2017 (inclusive) will be allotted F-Series Bonds in accordancewith the number of subscriptions made.

Subscriptionsmade in the period from the Oversubscription Date i.e. 21 September 2017(inclusive) until 22 September 2017 (inclusive) will be reducedproportionally.

The totalnumber of F-Series Bonds allotted to Investors who made subscriptionsfrom the Oversubscription Date i.e. 21 September 2017 (inclusive) until22 September 2017 (inclusive) will equal the difference between thetotal number of F-Series Bonds offered and the number of F-Series Bondsallotted to Investors who made their subscriptions until 20 September2017 (inclusive).

Detailedmanner of subscription reduction is described in the Prospectus.