Echo Investment S.A.

M&A Activity • Dec 7, 2016

With reference to the informationreferred to in current report No. 26/2016, themanagementboard of Echo Investment S.A. (the "Issuer")herebyannounces that: (i) on 30 August 2016, Lisala sp. z o.o., with itsregistered seat in Warsaw ("Lisala"), in performance of itsright arising from a sale agreement dated 23 August 2016 executedbetweena subsidiary of the Issuer, Echo PrimeAssets B.V. ("Echo Prime") and Lisala (the "Agreement"),transferred the rights and obligations arising from the Agreement toEcho Partners B.V. ("Echo Partners"); and (ii) in relation to thesatisfaction of the conditions precedent specified in the Agreement, on 6 December 2016, Echo Prime sold 12,863,228 shares(the "Shares") representing approximately 2.2% of the sharecapital of Echo Polska Properties N.V. ("Echo Polska") toEcho Partners.

The purchase price for the Sharesamounts to EUR 12,863,228 (the "Purchase Price") and is tobe paid by 1 April 2018 (along with the interest on the price accruedfrom the date of execution of the lock-up agreement regarding the Sharesuntil the payment is made).

On 6 December 2016, the partiesto the Agreement also entered into: (i) a lock-up agreement regardingthe Shares which will remain effective from the date on which EchoPartners purchased the Shares until the fifth anniversary of the initialpublic offering of the shares in EPP (IPO); and (ii) asecuritiesaccount pledge agreementregardingthe Shares to secure the payment of the Purchase Price.