IN THE CASE OF ISSUE OF SECURITIES DURING THE REPORTING PERIOD – DESCRIPTION OF USE OF THE PROCEEDS FROM THE ISSUE BY

Issue of bonds

Under the Bond Issuance Program signed with BRE Bank S.A., based in Warsaw (CR no. 7/2011 of 1 February 2011), the Company issued coupon bonds for a total amount of PLN 100 million on 19 February 2014.

The nominal value and issue price of a single bond is PLN 10 thousand. The bonds were issued for a period ending on 19 February 2019. The bond interest rate was established based on variable 6M WIBOR plus investors’ profit margin. Interest will be paid on a semi-annual basis. The bonds will be redeemed at their maturity at the nominal value. The bonds issued are not secured.

Liabilities incurred by the Issuer as at the last day of the quarter preceding the offer to purchase, i.e. 30 September 2013, amounts to PLN 928 million.

In the opinion of the Management Board of Echo Investment S.A., during the period of validity of the issued bonds, general liabilities of Echo Investment S.A. will be maintained at a safe level and the indicators of the debt servicing capability are at levels which ensure the ability of handling the liabilities arising from the issued bonds.

As at 30 September 2013, the issued bonds account for 16.33% of the equity of Echo Investment S.A. The bonds do not carry a right to a benefit in kind on the part of the Issuer.

Proceeds from the current issue will be used to rollover bonds maturing in June 2014.

Under the Bond Issuance Programme signed with BRE Bank S.A., based in Warsaw (CR No. 7/2011 of 1 February 2011), the Company issued coupon bonds for a total amount of PLN 70.5 million on 15 May 2014. The nominal value and issue price of a single bond is PLN 10 thousand. The bonds were issued for a period ending on 15 May 2019. The bond interest rate was established based on variable 6M WIBOR plus investors’ profit margin. Interest will be paid on a semi-annual basis. The bonds will be redeemed at their maturity at the nominal value. The bonds issued are not secured.

The Issuer's Management Board also decided to redeem 105 bonds with a total nominal value of PLN 10.5 million from the issue maturing on 30 June 2014.

The Issuer's liabilities as at the last day of the quarter preceding the offer to purchase, i.e. 31 March 2012, amount to PLN 1,009 million.

In the opinion of the Management Board of Echo Investment S.A., during the period of validity of the issued bonds, general liabilities of Echo Investment S.A. will be maintained at a safe level and the indicators of the debt servicing capability are at levels which ensure the ability of handling the liabilities arising from the issued bonds.

Proceeds from the current issue will be used to rollover bonds maturing in June 2014.

Issue of the Issuer's public bonds

A series bonds (the "Bonds") were issued under the public bond issue programme (the "Programme") under the base prospectus approved by the Polish Financial Supervision Authority on 24 June 2014.

Subscriptions for 500,000 Bonds under the offer were carried out between 26 June 2014 (inclusive) and 30 June 2014 (inclusive). The offer was not divided into tranches. The Bonds were allotted on 1 July 2014.

In the subscription period 324 Investors subscribed for 738,329 Bonds. The Company allotted 500,000 Bonds to 324 Investors. Pursuant to the prospectus, the Company reduced the subscriptions made between 27 June 2014 (inclusive) and 30 June 2014 (inclusive). The average reduction rate was 66%.

The Bonds were subscribed at the issue price ranging between PLN 100.00 and PLN 100.06 depending on the date the subscription was made.

The Company did not enter into underwriting agreements in connection with the offering of the Bonds.

The value of the issue determined as the product of the number of Bonds under the offer and the issue price was PLN 50,003,132.07.

The Company's costs associated with the offering of the Bonds are charged to the Company's operating costs. ---

B series bonds (the "Bonds") were issued under the public bond issue programme (the "Programme") under the base prospectus approved by the Polish Financial Supervision Authority on 24 June 2014.

Subscriptions for 250,000 Bonds under the offer were carried out between 2 July 2014 (inclusive) and 4 July 2014 (inclusive). The offer was not divided into tranches. The Bonds were allotted on 7 July 2014.

In the subscription period 200 Investors subscribed for 298,489 Bonds. The Company allotted 250,000 Bonds to 197 Investors. Pursuant to the prospectus, the Company reduced the subscriptions made between 3 July 2014 (inclusive) and 4 July 2014 (inclusive). The average reduction rate was 92.6%.

The Bonds were subscribed at the issue price ranging between PLN 100.00 and PLN 100.03 depending on the date the subscription was made.

The Company did not enter into underwriting agreements in connection with the offering of the Bonds.

The value of the issue determined as the product of the number of Bonds under the offer and the issue price was PLN 25,000,084.12.

The Company's costs associated with the offering of the Bonds are charged to the Company's operating costs.

C series bonds (the "Bonds") were issued under the public bond issue programme (the "Programme") under the base prospectus approved by the Polish Financial Supervision Authority on 24 June 2014.

Subscriptions for 750,000 Bonds under the offer were carried out between 4 September 2014 (inclusive) and 11 September 2014 (inclusive). The offer was not divided into tranches. The Bonds were allotted on 12 September 2014.

In the subscription period 509 Investors subscribed for 758,644 Bonds. The Company allotted 750,000 Bonds to 508 Investors. Pursuant to the prospectus, the Company reduced the subscriptions made between 10 September 2014 (inclusive) and 11 September 2014 (inclusive). The average reduction rate was 68%.

The Bonds were subscribed at the issue price ranging between PLN 100.00 and PLN 100.11 depending on the date the subscription was made.

The Company did not enter into underwriting agreements in connection with the offering of the Bonds.

The value of the issue determined as the product of the number of Bonds under the offer and the issue price was PLN 75,006,383.04.

The Company's costs associated with the offering of the Bonds are charged to the Company's operating costs. ---

prospectus approved by the Polish Financial Supervision Authority on 24 June 2014.

Subscriptions for 500,000 Bonds under the offer were carried out between 20 October 2014 (inclusive) and 21 October 2014 (inclusive). The offer was not divided into tranches. The Bonds were allotted on 22 October 2014.

In the subscription period 420 Investors subscribed for 715,596 Bonds. The Company allotted 500,000 Bonds to 420 Investors. Pursuant to the prospectus, the Company reduced the subscriptions made between 20 October 2014 (inclusive) and 21 October 2014 (inclusive). The average reduction rate was 30%.

The Bonds were subscribed at the issue price ranging between PLN 100.00 and PLN 100.01 depending on the date the subscription was made.

The Company did not enter into underwriting agreements in connection with the offering of the Bonds.

The value of the issue determined as the product of the number of Bonds under the offer and the issue price was PLN 50,000,677.42.

The Company's costs associated with the offering of the Bonds are charged to the Company's operating costs.

Proceeds from the issue of Bonds of all series will be used to finance current operations and further development of the Company.

13. EXPLANATION OF DIFFERENCES BETWEEN FINANCIAL RESULTS PRESENTED IN THE ANNUAL REPORT AND