Echo Investment S.A.

M&A Activity • Apr 18, 2023

Disclosureof delayed inside information concerning the commencement ofnegotiations aimed at concluding a preliminary understanding regardingthe transaction involving the contribution by Echo Investment S.A. toArchicom S.A. of an in-kind contribution of the "Residential BusinessDivision of Echo Investment S.A." that constitutes an organised part ofan enterprise of Echo Investment S.A.

Currentreport No. 14/2023 of 18 April 2023

Legalbasis:Article17(1)of the MAR in conjunction with Article 17(4) of the MAR

Subjectof the report:

Actingpursuant to Article17(1)in conjunction with Article 17(4) of theRegulation(EU) No. 596/2014 of the European Parliament and of the Council of 16April 2014 on market abuse (market abuse regulation) and repealingDirective 2003/6/EC of the European Parliament and of the Council andCommission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (the "MAR"),the management Board of Echo Investment_#160;S.A. ("Echo",the "Company", the "Issuer") herebydiscloses to the public the inside information the disclosure of whichwas delayed on 3 February 2023 pursuant to Article 17(4) of the MAR.

Thedelayed inside information:

Themanagement board of Echo informs that, on3February 2023, the Company and Archicom S.A. ("Archicom")commenced work, including negotiations, aimed at concluding apreliminary understanding regarding a transaction concerning Echo'sin-kind contribution to Archicom of a set of tangible and intangibleassets comprising the residential business of Echo, organisationallyseparated as the "Residential Business Division ofEchoInvestment S.A." that constitutes an organised part of the enterprise ofthe Company and its business involves the execution and sale ofresidential development projects, i.e. the sale of residential andcommercial units developed within the scope of residential projects (the"Transaction").The purpose of the work and the negotiations was to determine theprincipal terms of the Transaction, including specifically the legalprocedures and processes appropriate for the actions required tocomplete the Transaction.

Justificationfor the delay of public disclosure of the inside information:

Inview of the protection of legally justified interests of the Company,the public disclosure of the above-mentioned inside information wasdelayed as of the date of commencement of the negotiations of theunderstanding until the date of the completion of the negotiations andthe signing of the understanding by the Company and Archicom.

Prematurepublic disclosure of the inside information could have adverselyaffected the negotiations and the outcome thereof and could have alsocaused specific market circumstances or conduct of third parties thatcould have threatened the negotiations and the conclusion of theunderstanding, and the completion of the Transaction.

Inthe opinion of Echo, there were no grounds to assume that the delay ofthe public disclosure of the inside information could have misled thepublic.

TheIssuer has also secured the proper protection of the information thepublic disclosure of which was delayed, specifically in accordance withthe applicable laws and internal regulations.

Pursuantto the third paragraph of Article 17(4) of the MAR, immediatelyfollowing the publication of this report the Company will inform thePolish Financial Supervision Authority about the delay of the disclosureof the said inside information by providing a written explanationconcerning the conditions referred to in Article 17(4)(a)-17(4)(c) ofthe MAR.