Loan agreement of Issuer’s subsidiaries

The Management Board of Echo Investment S.A. (hereinafter referred to as the "Issuer") reports that on May 16th, 2016 the Issuer received an investment loan agreement (hereinafter referred to as the "Agreement" or the "Loan"), which was signed on May 13th, 2016 by: 1) Galeria Sudecka – "Projekt Echo – 43" Spółka z ograniczoną odpowiedzialnością – spółka komandytowa with its registered office in Kielce at 36 Solidarności Avenue, 25-323 Kielce, entered in the Register of Entrepreneurs kept by the District Court in Kielce, 10th Commercial Department of the National Court Register, under the number KRS 0000615677, REGON no. 260133410, (hereinafter "Borrower 1", "Company 1")
2) Veneda – "Projekt Echo – 97" Spółka z ograniczoną odpowiedzialnością – spółka komandytowa, with its registered office in Kielce at 36 Solidarności Avenue, 25-323 Kielce, entered in the Register of Entrepreneurs kept by the District Court in Kielce, 10th Commercial Department of the National Court Register, under the number KRS 0000616084, REGON no. 291016455 (hereinafter "Borrower 2", "Company 2")
3) Echo – Galeria Amber Spółka z ograniczoną odpowiedzialnością – spółka komandytowa, with its registered office in Kielce at 36 Solidarności Avenue, 25-323 Kielce, entered in the Register of Entrepreneurs kept by the District Court in Kielce, 10th Commercial Department of the National Court Register, under the number KRS 0000613851, REGON no. 291016834 (hereinafter "Borrower 3", "Company 3")
4) Galeria Olimpia – “Projekt Echo – 98” Spółka z ograniczoną odpowiedzialnością – spółka komandytowa, with its registered office in Kielce at 36 Solidarności Avenue, 25-323 Kielce, entered in the Register of Entrepreneurs kept by the District Court in Kielce, 10th Commercial Department of the National Court Register, under the number KRS 0000615666, REGON no. 260133403 (hereinafter "Borrower 4", "Company 4")
5) Outlet Park – Projekt Echo – 126 Spółka z ograniczoną odpowiedzialnością spółka komandytowa, with its registered office in Kielce at 36 Solidarności Avenue, 25-323 Kielce, entered in the Register of Entrepreneurs kept by the District Court in Kielce, 10th Commercial Department of the National Court Register, under the number KRS 0000618233, REGON no. 260653545 (hereinafter "Borrower 5", "Company 5")
6) "Centrum Przemyśl – Projekt Echo – 118 Spółka z ograniczoną odpowiedzialnością" spółka komandytowa, with its registered office in Kielce at 36 Solidarności Avenue, 25-323 Kielce, entered in the Register of Entrepreneurs kept by the District Court in Kielce, 10th Commercial Department of the National Court Register, under the number KRS 0000614786, REGON no. 291013362 (hereinafter "Borrower 6", "Company 6")
7) "Vousoka Polska" Spółka z ograniczoną odpowiedzialnością – spółka komandytowa, with its registered office in Kielce at 36 Solidarności Avenue, 25-323 Kielce, entered in the Register of Entrepreneurs kept by the District Court in Kielce, 10th Commercial Department of the National Court Register, under the number KRS 0000617417, REGON no. 260462710 (hereinafter "Borrower 7", "Company 7")
(jointly referred to as "Borrowers", "Companies") and
Landesbank Hessen-Thüringen Girozentrale with its registered office in Frankfurt am Main, Neue Mainzer Straße 52-58, 60311 Frankfurt am Main, entered in the register of entrepreneurs operated by the District Court (Amtsgericht) for Frankfurt am Main under the number HRA 29821 (hereinafter referred to as the "Lender", the "Bank") The funds acquired on the basis of the Agreement amounting to EUR 185 mln (say: one hundred eighty five million euro) will mostly be used by the Borrowers to:
1) repay the entire debt resulting from the Loan Agreement concluded by Borrower 1 on December 13th, 2013 (see Issuer"s Current Report no. 51/2013 of December 20th, 2013);
2) repay the entire debt resulting from the Loan Agreement concluded by Borrower 2 on December 15th, 2011 (see Issuer"s Current Report no. 60/2011 of December 16th, 2011);
3) repay the entire debt resulting from the Loan Agreement concluded by Borrower 3 on July 27th, 2012 (see Issuer"s Current Report no. 21/2012 of July 27th, 2012);
4) repay the entire debt resulting from the Loan Agreement concluded by Borrower 4 on December 29th, 2011 (see Issuer"s Current Report no. 64/2011 of December 29, 2011);
5) repay the entire debt resulting from the Loan Agreement concluded by Borrower 5 on December 23rd, 2013 (see Issuer"s Current Report no. 53/2013 of December 30th, 2013);
6) repay Borrowers" financial debt within the group.
The Loan shall bear interest based on the variable EURIBOR interest rate plus the bank"s margin. 
The ultimate repayment date of the Loan is 7 years from the date of the Agreement signing. Collaterals provided by the Borrower in order to guarantee the repayment of the Loan and any amounts due to the Bank include:
1) The highest priority Mortgage established by the Borrowers on Properties constituting 150% of the involvement concerning the Investment Agreement, to the benefit of the Bank;
2) Statements of Execution;
3)  Power of Attorney to Borrowers" Bank Accounts;
4) The highest priority Registered and Financial Pledge Agreements on the rights of Borrowers" partners, shares in companies being Borrowers" general partners and their bank accounts, to the benefit of the Bank;
5) A Transfer Agreement in order to secure receivables and rights of the Lenders resulting from: all the Lease Agreements, Insurance Agreements, Construction Work Agreements, Management Agreement, performance bonds concerning Lease Agreements and Construction Work Agreements;
6) An agreement of subordination of receivables of Borrower"s creditors (other than the Bank) to receivables resulting from the Agreement;
7) A performance bond concluded by the Bank and the entity which manages the facilities belonging to the Borrowers;
8) Any other document signed by the Debtor, which establishes or is aimed at establishing a Collateral on all or part of its assets with reference to Debtors" liabilities resulting from Financing Documents;
9) Any other document described as a Collateral Document by the Bank and a given Borrower. The agreement provides for an obligation to meet the standard in this type of transaction conditions precedent to the payment of the above loans and to meet the consecutive conditions after the release of the abovementioned loans, which are also standard for such transactions. The Agreement has been considered significant on the basis of the Issuer"s equity criteria. Legal basis: §5 (1.3) and §9 of the Regulation of the Minister of Finance (Journal of Laws no. 33 item 259) of February 19th, 2009 concerning current and periodical information published by issuers of securities and terms of recognizing as equivalent information required by laws of a non-Member State.