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07.11.2014
Current report no. 52/2014
Current report no. 52/2014

Bond issues by Issuer’s subsidiaries

The Management Board of Echo Investment S.A. ("the Issuer") hereby reports that on the 6th of November 2014 Issuer"s subsidiaries issued 10-year bonds with a total nominal value of PLN 589 mln, including: 1/ "Echo - SPV 7" Sp. z o.o. with its registered office in Kielce issued bonds with a total nominal value of PLN 431 mln; 2/ Dellia Investments S.A. with its registered office in Warsaw issued bonds with a total nominal value of PLN 98 mln; 3/ Projekt Babka Tower – "Grupa Echo" Sp. z o.o. SKA with its registered office in Kielce issued bonds with a total nominal value of PLN 60 mln. The interest rate on the bonds was determined on the basis of variable WIBOR 6M rate plus profit margin. Interest earnings will be disbursed in 6-month intervals. On the redemption date the bonds will be redeemed at the nominal value of the bonds. The issued bonds are not secured within the meaning of the Bonds Act. All the bonds issued by the aforementioned subsidiaries of the Issuer were acquired by the closed investment funds:  "Forum XXIX Fundusz Inwestycyjny Zamknięty" and "Forum XXXIV Fundusz Inwestycyjny Zamknięty" with their registered offices in Kraków. The Issuer is the direct and indirect owner of all the investment certificates issued by the aforementioned funds. The bonds issued constitute 80% of Echo Investment S.A."s equity capital as at the 30th of June 2014. The bonds were partly acquired for monetary resources and partly for nonmonetary contributions on account of a share capital reduction in Issuer"s subsidiaries (please refer to current reports: No. 14/2014 of the 21st of May 2014; No. 19/2014 of the 5th of June 2014; No. 32/2014 of the 10th of July 2014 and No. 38/2014 of the 25th of July 2014), including: 1/ Echo – SPV 7 Sp. z o.o. receive a cash payment of PLN 4.79 mln and receivables on account of a share capital reduction in limited joint-stock partnerships from the Issuer"s Capital Group at a total value of PLN 426.21 mln; 2/ Dellia Investments S.A. received a cash payment of PLN 347,000 and receivables on account of a share capital reduction in a limited joint-stock partnership from the Issuer"s Capital Group at a value of PLN 97.653 mln; 3/ Projekt Babka Tower – "Grupa Echo" Sp. z o.o. SKA received a cash payment of PLN 7.66 mln and receivables on account of a share capital reduction in a limited joint-stock partnership from the Issuer"s Capital Group at a value of PLN 52.34 mln. The above bond issues have a neutral influence on the economic situation of the Issuer"s Capital Group and they are related to the management process concerning the monetary resources of Echo Investment Capital Group, whereby the aforementioned funds serve as entities financing investment projects carried out by individual SPV companies of Echo Investment Capital Group. Legal basis: article 56 section 1 item 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).

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