Loan agreement of the Issuer's subsidiary

The Management Board of Echo Investment S.A. (hereinafter referred to as "Issuer"), reports that on 3 July 2019, a subsidiary of the Issuer, Projekt 20 - "Grupa Echo" Spółka z ograniczoną odpowiedzialnością SKA with its registered office in Kielce, (KRS 0000482805) (hereinafter: " Borrower "," Company ") signed with Bank Bank Polska Kasa Opieki SA with its registered office in Warsaw (KRS 0000014843) (hereinafter: "Lender" "Bank") a loan agreement to finance the construction of two office buildings composing the Face2Face Business Campus complex located in Katowice in the area of Chorzowska / Żelazna / Grundmana streets (hereinafter referred to as "Loan Agreement").

The funds obtained under the Loan Agreement are:

Construction loan amounting to EUR 64,997,000

Investment loan amounting to EUR 64,997,000

VAT loan amounting to PLN 18,000,000.

Loan period:

Financing period: Construction and VAT loans - until December 31, 2021

Financing period: Investment loan - until December 31, 2023.

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