Conclusion of significant agreement

The Management Board of Echo Investment S.A. (the Company) hereby reports that an order agreement was concluded on the 24th of June 2015 concerning the issue of an insurance guarantee of proper execution of an agreement concluded by the Company and Powszechny Zakład Ubezpieczeń S.A. with its seat in Warsaw (PZU) (the Agreement). Under the Agreement PZU undertook to provide a guarantee, which was ordered by the Company, to FTF Columbus with its seat in Warsaw (Columbus) up to the amount of PLN 180,000,000, which will secure the payment of contractual penalties or a share in the Company"s hypothetical profit from its investment in the company under the name of Projekt Echo -70 sp. z o.o., which were provided for in the put option and profit sharing agreement reported by the Company in the current report no. 20/2015 of the 22nd of June 2015 (the Guarantee). The Guarantee will be valid for the period of 12 months from the date of issue. The validity period of the Guarantee can be extended, however, until the 31st of December 2018 at the latest. In the case the Guarantee is issued, the Company will be required to pay a monthly fee calculated on the basis of the guarantee amount of the Guarantee issued and it will cause that a top priority mortgage will be written on the properties which belong to Company"s subsidiaries in order to secure PZU"s receivables resulting from the Agreement. The Company also undertook to release PZU from any and all liability that may arise in connection with the conclusion of the Agreement. In particular, in the case of a payment from the Guarantee, the Company undertook to refund all amounts to PZU which will be paid to Columbus by PZU under the Guarantee.
The 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).