Korporacja Gosporadcza Effekt S.A.

Quarterly Report • Feb 15, 2022

Correction ofinterim reports for the first half of 2021 and the third quarter of 2021.TheManagement Board of Korporacja Gospodarcza _quot;Efekt_quot; S.A. based in Krakow(hereinafter: the Company, the Issuer) publishes the corrections of thefinancial reports for the first half of 2021, published on August 31,2021, corrected on November 2, 2021 and the third quarter of 2021,published on November 2, 2021 and corrected on November 9, 2021.Correction of the above-mentioned the reports are attached to thefinancial reports for the first half of 2021 and the third quarter of2021. For the first half of 2021, the change concerns note 6 (June 30,2021) from page 18 and note 5 (September 30, 2021) from page 21 andinformation on investment properties in the Issuer's entity: For theCapital Group, corrected note No. 6 for the first half of 2021. and noteNo. 5 for the 3rd quarter of 2021. In the part relating to the Issuer'sunit, the following has been corrected: information on investment realestate for the first half of 2021 from page 37 and the third quarter of2021. from page 44. We provide the above corrections in the fileattached to this report, and we also publish the corrected reportsattached. At the same time, the Management Board of the EconomicCorporation _quot;Efekt_quot; S.A. informs that the correction does not affect theother items of the condensed interim consolidated financial statementsof the Capital Group _quot;Effect_quot; S.A. for the first half of 2021 and thethird quarter of 2021. The correction does not affect the financial datacontained in the condensed interim separate financial statements of theEconomic Corporation _quot;Effect_quot; S.A. for the first half of 2021 and forthe third quarter of 2021. The financial data contained in the periodicreport have been presented correctly and have not changed. This meansthat the figures presented in the indicated reports have not changed. Inaccordance with International Financial Reporting Standard No. 13 _quot;FairValue Measurement_quot;, fair value is the price that would be received tosell an asset or paid to transfer a liability in an orderly transactionbetween market participants at the measurement date. The fair valuemeasurement is based on the assumption that the transaction for thedisposal of the asset or the transfer of the liability takes place: inthe principal market for the asset or liability, or, in the absence of aprincipal market in the most advantageous market for the asset orliability (IFRS 13 para. 16). The entity measures the fair value of theasset or liability based on the assumptions that market participantswould use when pricing the asset or liability assuming that marketparticipants are acting in their best economic interest (IFRS 13 para22). In making such assumptions, an entity need not identify specificmarket participants, but should rather refine the characteristics thatgenerally distinguish market participants by taking into account factorsspecific to (IFRS 13 para 23): - the asset or liability, - the main (ormost advantageous) market for the asset or liability, assets orliabilities; and - market participants with whom the entity would liketo deal in that market. When measuring fair value, one or more of theabove-mentioned methods may be used, and the application of fair valuemeasurement techniques is consistent (IFRS No. 13 § 63.65). This meansthat: _#183; the basis for determining the fair value is the net sellingprice in an active market (economic category); in its absence, the fairvalue is the market value estimated on the basis of market transactionsfrom the inactive market, with the use of estimation methods generallyrecognized as correct. _#183; In the case of real estate (a market that canrarely be treated as an active one), the following rule can be adopted:if the market value of the real estate can be determined on the basis oftransaction prices (comparative approach), this value is equal to thefair value of the real estate.