Echo Investment S.A.

Major Shareholding Notification • Jan 20, 2022

The Management Board of Echo Investment S.A. (Issuer)informs you that on 20.01.2022, a subsidiary of the Issuer, i.e. Projekt17 - _quot;Grupa Echo_quot; spółka z ograniczoną odpowiedzialnością - spółkakomandytowo akcyjna with its registered office in Kielce, as the seller (Seller)and Barcarrota spółka z ograniczoną odpowiedzialnością with itsregistered office in Warsaw, as the buyer (Buyer, with the Buyerand the Seller jointly referred to as theParties), concluded anagreement for the sale of a real property located in Wrocław which isowned by the Seller (Agreement).

On the basis of the concluded Agreement, the Buyerpurchased the Seller's real property and other assets, including inparticular:(a)_#160;_#160;_#160;_#160;_#160;_#160;_#160;_#160;theownership right to the plot of land bearing registration number33/1located in Wrocław at ul._#160;Na ostatnim groszu 3, precinct 0027, for whichthe District Court for Wrocław - Krzyki_#160;in_#160;Wrocław,4thLand and Mortgage Register Division, maintains land andmortgage register no._#160;WR1K/00135531/6developedwiththe office-servicesbuildingknown as _quot;West4BusinessHUB Building A" consisting ofoneunderground storey and 5 overground storeys (Building),and any and all structures, small architecture objects, installationsand other objects serving the building (Real Property);

(b)_#160;_#160;_#160;_#160;_#160;_#160;theownership of the specified movable property.

As part of the transaction, the Parties have alsoconcluded a building quality guarantee agreement (Quality GuaranteeAgreement), a rental guarantee agreement (Rental GuaranteeAgreement), a fit-out agreement (Fit-Out Agreement) and agood neighbourhood agreement (Good Neighbourhood Agreement). Thebasic provisions of the Quality Guarantee Agreement provide for grantingthe Buyer a quality guarantee for the Building and structures located onthe Property. The basic provisions of the Rental Guarantee Agreementprovide for a guarantee to the Buyer that the Seller will cover rentpayments and service charges for individual parts of the Building thathave not been rented to third parties as at the date of signing theAgreement and those that have been rented, but for which no additionalconditions are fulfilled (such as, for example, delivery to tenants,payment of the first rent).The basic provisions of the Fit-Out Agreementprovide for appointing the Seller as a contractor for certain fit-outworks in the premises of the Building._#160;Thebasic provisions of the Good Neighbourhood Agreement provide for theregulation of certain rights and obligations of the Parties inconnection with the future operation of the Property and other plotsowned by the Seller.

The value of the transaction (TransactionValue) at the conclusion of the Agreement (Closing) wasca.EUR39,025,000.00plus VAT. The Transaction Value was reduced bythe value of the rent-free periods, rent reductions and other costs, andamounts to EUR 38,158,000.00 plus VAT.

The amount to be paid at the Closing was additionallyreduced by the value of arrangement works and the value of the defects'removal works. As a result, the price payable at Closing was ca. EUR35,380,000.00 plus VAT.

In addition, after the Closing, as part of the amountof the Transaction Value, the Seller will receive a separate fee relatedto the completion of arrangement works on the tenants' premises and therepair of defects in the total amount of EUR 2,778,000.00 plus VAT.

The provisions of the Agreement do not differ fromthe provisions used in these types of transactions. The Agreementcontains standard provisions for this type of transaction regardingrepresentations and warranties of the seller and the buyer and regardingthe Parties' liability.