Conclusion of agreements on share and bond ownership transfer in Issuer’s subsidiaries within Issuer’s capital group

The Management Board of Echo Investment S.A. (hereinafter referred to as the "Issuer") hereby reports that on the 3rd of December 2014 the closed investment funds: Forum XXXIV Fundusz Inwestycyjny Zamknięty and Forum XXIX Fundusz Inwestycyjny Zamknięty with their registered offices in Kraków, entered in the register of investment funds kept by the District Court in Warsaw, the 7th Civil Registry Department, under the numbers: RFi 586 and RFi 536 (hereinafter referred to as the "Funds"), duly represented by FORUM Towarzystwo Funduszy Inwestycyjnych S.A. with its registered office in Kraków, and a subsidiary of the Issuer, BARCONSEL HOLDINGS LIMITED, established and operated in accordance with the Cypriot law, with its registered office at: 54, Digheni Akrita Av., Akritas Building, 3rd floor, Office 301, 1061 Nicosia, Cyprus, registered under the number HE227819, transferred the ownership of shares and bonds issued by Issuer"s subsidiaries to BARCONSEL HOLDINGS LIMITED in the Issuer"s Capital Group on the basis of datio in solutum agreements, in exchange for the receivables resulting from the redemption of investment certificates of a corresponding value: a)     49,998 (say: forty nine thousand nine hundred ninety eight) B-series registered shares of Projekt 14 - "Grupa Echo" Spółka z ograniczoną odpowiedzialnością S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000378348, the total value of which on the day of Agreement conclusion amounts to PLN 41,802.00 (say: forty one thousand eight hundred two zloty 00/100); b)    655,321,000 (say: six hundred fifty five million three hundred twenty one thousand) B-series registered shares of „PPR – Projekt Echo – 77 Spółka z ograniczoną odpowiedzialnością” S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000361525, the total value of which on the day of Agreement conclusion amounts to PLN 46,031,981.00 (say: forty six million thirty one thousand nine hundred eighty one zloty 00/100); c)    119,980,000 (say: a hundred nineteen million nine hundred eighty thousand) B-series shares of "Babka Tower - Projekt Echo 93 Spółka z ograniczoną odpowiedzialnością " S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000361520, the total value of which on the day of Agreement conclusion amounts to PLN 18,959,366.00 (say: eighteen million nine hundred fifty nine thousand three hundred sixty six zloty 00/100); d)    255,886,000 (say: two hundred fifty five million eight hundred eighty six thousand) B-series registered shares of Avatar - Projekt Echo- 93 Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000361516, the total value of which on the day of Agreement conclusion amounts to PLN 34,831,912.00 (say:  thirty four million eight hundred thirty one thousand nine hundred twelve zloty 00/100); e)    8,522,500 (say: eight million five hundred twenty two thousand five hundred) B-series registered shares of „Bełchatów-Grupa Echo Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000382836, the total value of which on the day of Agreement conclusion amounts to PLN 13,701,986.00 (say: thirteen million seven hundred one thousand nine hundred eighty six zloty 00/100); f)    76,655,350 (say: seventy six million six hundred fifty five thousand three hundred fifty) B-series registered shares of "Galeria Tarnów - Grupa Echo Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000385055, the total value of which on the day of Agreement conclusion amounts to PLN 25,521,066.00 (say: twenty five million five hundred twenty one thousand sixty six zloty 00/100); g)    53,282,750 (say: fifty three million two hundred eighty two thousand seven hundred fifty) B-series registered shares of "Park Postępu - Projekt Echo 93 Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000381482, the total value of which on the day of Agreement conclusion amounts to PLN 17,089,332.00 (say: seventeen million eighty nine thousand three hundred thirty two zloty 00/100); h)    2,518,400 (say: two million five hundred eighteen thousand four hundred) B-series registered shares of "PHS - Projekt CS Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Szczecin, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000385367, the total value of which on the day of Agreement conclusion amounts to PLN 26,020,140.00 (say: twenty six million twenty hundred thousand one hundred forty zloty 00/100); i)    6,845,500 (say: six million eight hundred forty five thousand five hundred) B-series registered shares of "Echo Galeria Kielce - Magellan West Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000414027, the total value of which on the day of Agreement conclusion amounts to PLN 25,798,815.00 (say: twenty five million seven hundred ninety eight thousand eight hundred fifteen zloty 00/100); j)    191.299.450 (say: one hundred ninety one million two hundred ninety nine thousand four hundred fifty) B-series registered shares of "Echo Galaxy" spółka z ograniczoną odpowiedzialnością S.K.A., with its registered office in Szczecin, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000385291, the total value of which on the day of Agreement conclusion amounts to PLN 269,210,970.00 (say: two hundred sixty nine million two hundred ten thousand nine hundred seventy zloty 00/100); k)    193,299,400 (say: one hundred ninety three million two hundred ninety nine thousand four hundred) B-series registered shares of "Projekt Echo 62 - Magellan West Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000440165, the total value of which on the day of Agreement conclusion amounts to PLN 135,661,915.00 (say: one hundred thirty five million six hundred sixty one thousand nine hundred fifteen zloty 00/100); l)    49,500 (say: forty nine thousand five hundred) B-series registered shares of "Grupa Echo" Spółka z ograniczoną odpowiedzialnością S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000423211, the total value of which on the day of Agreement conclusion amounts to PLN 2,179,538.00 (say: two million one hundred seventy nine thousand five hundred thirty eight zloty 00/100); m)    49,998 (say: forty nine thousand nine hundred ninety eight) B-series registered shares and 4,750,000 (say: four million seven hundred fifty thousand) C-series registered shares of Projekt 1 - "Grupa Echo" Spółka z ograniczoną odpowiedzialnością S.K.A.  with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000378348, the total value of which on the day of Agreement conclusion amounts to PLN 31,352,540.00 (say: thirty one million three hundred fifty two thousand five hundred forty zloty 00/100); n)    47,523,300 (say: forty seven million five hundred twenty three thousand three hundred) B-series registered shares and 51,463,950 (say: fifty one million four hundred sixty three thousand nine hundred fifty) C-series registered shares of "53 - Grupa Echo Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000404572, the total value of which on the day of Agreement conclusion amounts to PLN 21,715,617.00 (say: twenty one million seven hundred fifteen thousand six hundred seventeen zloty 00/100) o)    7,499,000 (say: seven million four hundred ninety nine thousand) B-series registered shares of "Malta Office Park - Projekt Echo - 96 Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000381495, the total value of which on the day of Agreement conclusion amounts to PLN 14,178,463.00 (say: fourteen million one hundred seventy eight thousand four hundred sixty three zloty 00/100); p)    6,845,500 (say: six million eight hundred forty five thousand five hundred) B-series registered shares of "Echo Galeria Kielce - Magellan West Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 000041402, the total value of which on the day of Agreement conclusion amounts to PLN 25,798,815.00 (say: twenty five million seven hundred ninety eight thousand eight hundred fifteen zloty 00/100); q)    191,250,600 (say: one hundred ninety one million two hundred fifty thousand six hundred) B-series registered shares of "Echo Galaxy" spółka z ograniczoną odpowiedzialnością S.K.A., with its registered office in Szczecin, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000385291, the total value of which on the day of Agreement conclusion amounts to PLN 269,142,224.00 (say: two hundred sixty nine million one hundred forty two thousand two hundred twenty four zloty 00/100); r)    193,250,600 (say: one hundred ninety three million two hundred fifty thousand six hundred) B-series registered shares of "Projekt Echo 62 - Magellan West Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000440165, the total value of which on the day of Agreement conclusion amounts to PLN 135,627,666,00 (say: one hundred thirty five million six hundred twenty seven thousand six hundred sixty six zloty 00/100); s)    100,499,900 (say: one hundred million four hundred ninety nine thousand nine hundred) B-series registered shares of METROPOLIS - "GRUPA ECHO" Spółka z ograniczoną odpowiedzialnością S.K.A. with its registered office in Kraków, entered in the register of entrepreneurs of the National Court Register under the KRS number 0000422994, the total value of which on the day of Agreement conclusion amounts to PLN 57,337,152.00 (say: fifty seven million three hundred thirty seven thousand one hundred fifty two zloty 00/100); t)    49,999,500 (say: forty nine million nine hundred ninety nine thousand five hundred) B-series registered shares of "47 – Grupa Echo Spółka z ograniczoną odpowiedzialnością” S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS 0000396362, the total value of which on the day of Agreement conclusion amounts to PLN 46.976.977,00 (say: forty six million nine hundred seventy six thousand nine hundred seventy seven zloty 00/100); u)    20,049,500 (say: twenty million forty nine thousand five hundred) ) B-series registered shares of Projekt Beethovena - "Grupa Echo" Spółka z ograniczoną odpowiedzialnością S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS 0000413869, the total value of which on the day of Agreement conclusion amounts to PLN 19,820,798.00 (say: nineteen million eight hundred twenty thousand seven hundred ninety eight zloty 00/100); v)    49,998 (say: forty nine thousand nine hundred ninety eight) B-series registered shares of "Projekt 5 - Grupa Echo Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS 0000392317, the total value of which on the day of Agreement conclusion amounts to PLN 505,615.00 (say: five hundred five thousand six hundred fifteen zloty 00/100); w)    49,998 (say: forty nine thousand nine hundred ninety eight) B-series registered shares of Projekt 11 - "Grupa Echo" Spółka z ograniczoną odpowiedzialnością S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS 0000492650, the total value of which on the day of Agreement conclusion amounts to PLN 43,058.00 (say: forty three thousand fifty eight zloty 00/100); x)    49,998 (say: forty nine thousand nine hundred ninety eight) B-series registered shares of Projekt 12 - "Grupa Echo" Spółka z ograniczoną odpowiedzialnością S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS 0000486645, the total value of which on the day of Agreement conclusion amounts to PLN 42,134.00 (say: forty two thousand one hundred thirty four zloty 00/100); y)    49,998 (say: forty nine thousand nine hundred ninety eight) B-series registered shares of Projekt 13 - "Grupa Echo" Spółka z ograniczoną odpowiedzialnością S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS 0000481702, the total value of which on the day of Agreement conclusion amounts to PLN 41,827.00 (say: forty one thousand eight hundred twenty seven zloty 00/100); z)     156,929,000 (say: one hundred fifty six million nine hundred twenty nine thousand) B-series registered shares of Projekt Naramowice - "Grupa Echo" Spółka z ograniczoną odpowiedzialnością - S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS 0000436022, the total value of which on the day of Agreement conclusion amounts to PLN 64,708,717.00 (say: sixty four million seven hundred eight thousand seven hundred seventeen zloty 00/100); aa)    18,990,000 (say: eighteen million nine hundred ninety thousand) B-series registered shares of "Zakład Ogrodniczy Naramowice - Pamiątkowo Spółka z ograniczoną odpowiedzialnością" S.K.A. with its registered office in Kielce, entered in the register of entrepreneurs of the National Court Register under the KRS 0000408988, the total value of which on the day of Agreement conclusion amounts to PLN 22,809,744 (say: twenty two million eight hundred nine thousand seven hundred forty four zloty 00/100); The total value of agreements transferring the ownership of shares amounted to PLN 1,325,187 thousand (say: one billion three hundred twenty five million one hundred eighty seven thousand zloty), of which the value of the shares settled on the on the basis of the datio in solutum agreements in exchange for the receivables resulting from the redemption of investment certificates amounted to PLN 1,325,150 thousand and the remaining amount of redemption to be paid by the Funds to the benefit of BARCONSEL HOLDINGS LIMITED equalled app. PLN 36,000 in cash. The total value of the ownership of bonds issued by entities from the Issuer"s Capital Group and transferred to BARCONSEL HOLDINGS LIMITED in exchange for the receivables resulting from the redemption of the Fund"s investment certificates amounted to PLN 1,601,326 thousand (say: one billion six hundred one million three hundred twenty six thousand zloty), of which the value of the bonds settled on the basis of the datio in solutum agreements in exchange for the receivables resulting from the redemption of investment certificates amounted to PLN 1,601,308 thousand  and the remaining amount of redemption to be paid by the Funds to the benefit of BARCONSEL HOLDINGS LIMITED equalled app. PLN 18,000 in cash. The total value of agreements transferring the ownership of shares and bonds amounted to PLN 2,926,512 thousand (say: two billion nine hundred twenty six million five hundred twelve thousand), of which the value of the shares  and bonds settled on the on the basis of the datio in solutum agreements in exchange for the receivables resulting from the redemption of investment certificates amounted to PLN 2,926,458 thousand and the remaining amount of redemption to be paid by the Funds to the benefit of BARCONSEL HOLDINGS LIMITED equalled app. PLN 54,000 in cash. The Issuer is a direct and indirect owner of all the investment certificates issued by the abovementioned Funds. Furthermore, on the 3rd of December 2014 BARCONSEL HOLDINGS LIMITED subscribed for investment certificates issued by the Forum 60 Fundusz Inwestycyjny Zamknięty closed investment fund with its registered office in Kraków (30-701), 25/20 Zabłocie Street, entered in the register of investment funds kept by the District Court in Warsaw, the 7th Civil Registry Department under the number RFi 1048 (hereinafter referred to as the "Fund"). As part of the subscriptions BARCONSEL HOLDINGS LIMITED acquired 3,499,053 B-series investment certificates of the Fund. Under an obligation to pay for the acquired certificates BARCONSEL HOLDINGS LIMITED transferred all the aforementioned shares and bonds at a total value of PLN 2,926,458 thousand (say: two billion nine hundred twenty six million four hundred fifty eight thousand zloty) to the Fund. The above-mentioned transfer of bonds within the Issuer"s Capital Group has a neutral influence on the economic situation of the Issuer and the entire Capital Group of the Issuer. The transfer of assets from the closed investment funds: Forum XXXIV Fundusz Inwestycyjny Zamknięty and Forum XXIX Fundusz Inwestycyjny Zamknięty to the Issuer"s subsidiary, BARCONSEL HOLDINGS LIMITED, and the subsequent transfer of the same bonds by the same subsidiary of the Issuer to the Forum 60 Fundusz Inwestycyjny Zamknięty closed investment fund is aimed at organization and segmentation of assets held by the Issuer"s Capital Group, whereby the three closed investment funds will hold assets which are focused on three areas of Issuer"s operations: -    finished shopping centre projects;
-    finished office projects;
-    financial assets and properties under preparation or under construction which will be transferred to the shopping centre fund or the office fund when the project construction phase finishes. In addition the fund including financial assets will finance the preparation and implementation of the next development projects to be carried out by the Issuer"s Capital Group. Legal basis: §5 (1.3) and §9 of the Regulation of the Minister of Finance (Journal of Laws no. 33 item 259) 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.