Share capital reduction of Issuer’s subsidiary

The Management Board of Echo Investment S.A. (hereinafter referred to as the Issuer) hereby reports that today the Issuer received a decision of the appropriate Court of Registration concerning a reduction of the share capital of Issuer"s subsidiary – Projekt Naramowice – "Grupa Echo" Spółka z ograniczoną odpowiedzialnością SKA with its seat in Kielce (hereinafter referred to as the Company) as of the 21st of July 2014. The share capital of the Issuer"s subsidiary was reduced from PLN 156,979,000.00 to PLN 54,942,650.00. The Issuer holds 50,000 shares of the Company directly and 156,929,000 shares indirectly via the "Forum XXXIV Fundusz Inwestycyjny Zamknięty" closed investment fund with its registered office in Kraków. The payment of the funds to shareholders on account of the reduction of the share capital will take place in accordance with the valid regulations, 6 months from the announcement of the entry of the share capital reduction to the register at the earliest. The amount of the reduced capital in the Issuer"s subsidiary exceeds 10% of Echo Investment S.A."s equity capital. Legal basis: article 56 (1.2) of the act on public offering and conditions governing the introduction of financial instruments to organised trading and public companies of the 29th of July 2005 (Journal of Laws No. 185 item 1439, as amended).