Issue of bonds under the issuance program considered

Legal basis:

Article 17 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.

With reference to current report no. 16/2020 of 21 April 2020, the Management Board of Echo Investment S.A. (the "Issuer") hereby announces that, subject to the occurrence of appropriate conditions on the debt securities market, it is considering issuing another series of bonds in the fourth quarter of this year under the Issuer's bond issuance program established up to the total amount (nominal value) of issued and outstanding bonds of PLN 1,000,000,000.

The considered issue referred to above concerns unsecured ordinary bearer bonds bearing interest at a variable interest rate with the maturity period not exceeding 4 years ("Bonds"). In such case, the Bonds will be offered for purchase in accordance with Article 33(1) or (2) of the Bond Act of 15 January 2015 (in a manner that does not require the Issuer to prepare a prospectus or information memorandum) and, on the issue date, will be (i) registered in the depository operated by the National Depository for Securities S.A. ("NDS") or (ii) recorded in the register kept by the issue agent pursuant to Article 7a of the Act on Trading in Financial Instruments of 29 July 2005 ("Act on Trading") and subsequently registered with the NDS in accordance with the provisions of the Act on Trading. The Bonds may be introduced into trading in the alternative trading system operated by the Warsaw Stock Exchange.

The final parameters of the Bonds will be determined through discussions with investors and the book building process, and the decision on the issue will be subject to approval by the Issuer's Management Board.