Loan agreement of the Issuer's subsidiary

The Management Board of Echo Investment S.A. (hereinafter referred to as "Issuer"), reports that on April 25, 2019, a subsidiary of the Issuer, Delia Investments - Projekt Echo - 115 Spółka z ograniczoną odpowiedzialnością spółka komandytowa with its registered office in Kielce, (KRS 0000522914) (hereinafter referred to as: "Borrower", "Company") signed with Bank Bank Polska Kasa Opieki SA with its registered office in Warsaw (KRS 0000014843) (hereinafter referred to as "Lender", "Bank") a loan agreement to finance the construction of two office and service buildings being part of the Warsaw Brewery complex located in Warsaw at ul. Grzybowska (hereinafter referred to as: "Loan Agreement").

The funds obtained under the Loan Agreement are:

Amount of investment loan tranche 1: max. EUR 54 810 237

Amount of investment loan tranche 2: max. EUR 32 576 093

VAT loan tranche 1: PLN 10 000 000

VAT loan tranche 2: PLN 7 000 000

Construction Loan tranche 1: EUR 54 810 237 

Construction Loan tranche 2: EUR 32 576 093

Loan period:

- Construction Loan tranche 1: 24 months from the date of commissioning, no longer than until December 31, 2022.

- Construction Loan tranche 2: 24 months from the date of commissioning, no longer than until December 31, 2022.

- Investment Loan tranche 1: 5 years from the start but not longer than until December 31, 2027.

- Investment Loan tranche 2: 5 years from the start but no longer than until December 31, 2027.

- VAT loan 1: 24 months from the date of commissioning, no longer than until December 31, 2022.

- VAT loan 2: 24 months from the date of commissioning, no longer than until December 31, 2022.

The amounts of the Investment and Construction Loans bear interest at a variable EURIBOR rate, increased by the Bank's margin. The VAT loan amount bears interest at a variable WIBOR interest rate plus the Bank's margin.

The agreement provides for the obligation to meet the standard terms in such transactions suspending the payment of the aforementioned loans, including the establishment of collateral and the obligation to comply, after starting the abovementioned loans, follow-up conditions, which are also standard for transactions of this type.

Legal basis: art. 17, par. 1 MAR - confidential information.