Echo Investment S.A.

Capital/Financing Update • Jul 4, 2019

Loanagreement of the Issuer's subsidiary

TheManagement Board of Echo Investment S.A. (hereinafter referred to as"Issuer"), reports that on 3 July 2019, a subsidiary of the Issuer,Projekt 20 - "Grupa Echo" Spółka z ograniczoną odpowiedzialnością SKAwith its registered office in Kielce, (KRS 0000482805) (hereinafter: "Borrower "," Company ") signed with Bank Bank Polska Kasa Opieki SA withits registered office in Warsaw (KRS 0000014843) (hereinafter: "Lender""Bank") a loan agreement to finance the construction of two officebuildings composing the Face2Face Business Campus complex located inKatowice in the area of Chorzowska / Żelazna / Grundmana streets(hereinafter referred to as "Loan Agreement").

Thefunds obtained under the Loan Agreement are:

Constructionloan amounting to EUR 64,997,000

Investmentloan amounting to EUR 64,997,000

VATloan amounting to PLN 18,000,000.

Loanperiod:

Financingperiod: Construction and VAT loans - until December 31, 2021

Financingperiod: Investment loan - until December 31, 2023.

Theamounts of the Investment and Construction Loans bear interest at avariable EURIBOR rate and increased by the Bank's margin. The VAT loanamount is bearing interest at a variable WIBOR interest rate andincreased by the Bank's margin.

Theagreement provides for the obligation to meet the standard terms in suchtransactions suspending the payment of the aforementioned loans,including the establishment of collateral and the obligation to comply,after starting the abovementioned loans, follow-up conditions, which arealso standard for transactions of this type.