Summary of bond issue costs in public bond issue programme of ECHO INVESTMENT S.A.

The Management Board of Echo Investment S.A. ("the Company") hereby publishes the costs incurred in connection with the second Public Bond Issue Programme ("the Programme") which is included in the base prospectus approved by the Financial Supervision Authority on the 26th of May 2017. The total cost of the Programme which involved three bond issues including:

• 1,000,000 E-series bonds with a total nominal value of PLN 100 mln
• 1,250,000 F-series bonds with a total nominal value of PLN 125 mln
• 750,000 G-series bonds with a total nominal value of PLN 75 mln

amounted to PLN 3,422,600.09 The above amount includes: i. costs related to the preparation of the prospectus, including consultancy costs – PLN 1,278,945.46
ii. costs of preparation and implementation of bond offers – PLN 2,100,031.58
iii. costs of bond offer promotion – PLN 43,623.05 The average cost of the bond offering per one bond offered amounted to PLN 1.14. The Company did not incur any costs related to remuneration of underwriters because the Company did not conclude any underwriting contracts in connection with the bond offers. The costs of Echo Investment S.A. public bond issue programme constitute expenses in terms of accounting and tax and they were deducted on the dates of entering them in the books. Legal basis: §33 Section 1 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 No. 33 item 259, as amended).