Conclusion of significant agreement

The Management Board of Echo Investment S.A. (the "Company") hereby reports that a Put Option and Profit Sharing Agreement was concluded on the 22nd of June 2015 by the Company as the seller, FTF Columbus S.A. with its seat in Warsaw ("Columbus"), a subsidiary of Michał Sołowow, as the buyer and Michał Sołowow as the guarantor (the "Option Agreement"). The basic aim of the Option Agreement is the reduction of the investment risk of the Company in connection with the construction and commercialization of the Q22 office building on a plot at the junction of Jana Pawła II Avenue and Grzybowska Street in Warsaw (the "Property"). Pursuant to the Option Agreement the Company obtained  the entitlement to sell shares in Projekt Echo – 70 sp. z o.o., which is a subsidiary of the Company and the owner of the Property ("Echo-70") (the "Option Right"), on the basis of conditions provided for herein. The Company is entitled to use the Option Right within 6 months from obtaining an occupancy permit for the Property. The sales price of the shares in the case of using the Option Right will equal the equity capital contributed to Echo-70, plus the interest agreed upon in the Option Agreement, minus some of the costs related to the investment in the Property. In the case of opting out of the Option Right by the Company, Columbus will acquire an entitlement, at its election, (i) to obtain a share in the Company"s hypothetical profit from its investment in Echo-70, which will be calculated on the basis of the Property"s value declared by Echo (the "Property Value"), (the "Profit"), amounting to 75% of such Profit; or (ii) to purchase shares in Echo-70 at the price calculated on the basis of the Property Value, deceased by its share in the Profit.
in the case when the Company is not able to incur some of the financing from third parties because of reasons out of its control (the "Lacking Financing") Columbus undertook in the Option Agreement to cause that the Company would be granted a loan of 60% of the Lacking Financing (the "Loan"). The Loan could be subordinated to the financing granted by third parties at the request of these parties. In addition, in the case of purchasing shares in Echo-70, Columbus undertook to pay (i) the loans granted to Echo-70 by the Company and its subsidiaries plus the interest; and (ii) all the financing granted by third parties in relation to the Property plus the interest (the "External Financing"), unless before the transfer of shares in Echo-70 Columbus receives a written consent from entities providing the External Financing to purchase these shares and the Company and its subsidiaries will be fully and unconditionally released from any obligations in connection with the External Financing. In the Option Agreement the Parties also provided for the appointment of a specialized entity ("TIC Monitor") on the basis of a separate agreement (the "Agreement with TIC Monitor"), which will deliver monthly reports to the Company and Columbus, being the basis for establishing payments under the Option Agreement. The Option Agreement also includes the obligation to pay contractual penalties in the case of failure or inappropriate execution of the basic obligations of the Company and Columbus, which will be secured by guarantees issued by financial institutions (banks or insurers). Columbus will be obliged to pay the Company (i) a contractual penalty of PLN 220,000,000 if Columbus or a company indicated by Columbus, in spite of efficient use of the Option Right by the Company, does not purchase shares in Echo-70 through the fault of Columbus; or (ii) a contractual penalty of PLN 180,000,000 in the case of deliberate effecting TIC Monitor"s failure to deliver the appropriate calculations in due time by Columbus or Michał Sołowow. The payment of contractual penalties excludes the entitlement to claims for indemnities which exceed the amount of these penalties.  In addition, in accordance with the Option Agreement, Michał Sołowow granted the Company a guarantee for all the obligations of Columbus or an entity indicated by Columbus, which result from the Option Agreement. The guarantee was granted for up to PLN 670,000,000 and it is valid until the 31st of December 2022.
The Company will be obliged Columbus (i) a contractual penalty of PLN 180,000,000 in the case of failure to execute the Option Right or failure to present Columbus with the sales offer of shares in Echo-70 on the dates provided for in the Option Agreement; or (ii) a contractual penalty of PLN 180,000,000 if TIC Monitor does not receive the data necessary for making calculations in accordance with the Agreement with TIC Monitor in due time.
The Option Agreement was considered significant based on the fact that its value exceeds 10% of the Company"s equity. Legal basis: §5 (1.3) and §9 of the Regulation of the Minister of Finance of the 19th  of February 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(Journal of Laws of 2014 item 133).