Echo Investment S.A. — M&A Activity 2026

May 12, 2026

Report Content The Management Board of Echo Investment S.A. (the "Company")hereby informs, in relation to the preliminaryshares sale agreement dated 16 August 2025 (as amended) between R4RPoland spółka z ograniczoną odpowiedzialnością with its registered seatin Warsaw, as seller ("R4R Poland"), in which the Companyholds a stake of 30% shares, and Vantage Development spółka akcyjna withits registered seat in Wrocław, as buyer ("VantageDevelopment") (the "Preliminary Agreement")regarding sale by R4R Poland of 100% of the shares in 18 limitedliability companies being subsidiaries of R4R Poland i.e. (i) R4RWrocław Rychtalska sp. z o.o., (ii) R4R RE Wave 4 sp. z o.o., (iii) R4RWrocław Jaworska II sp. z o.o., (iv) Hotel Wrocław Grabiszyńska sp. zo.o., (v) R4R Wrocław Park Zachodni sp. z o.o., (vi) R4R PoznańSzczepanowskiego sp. z o.o., (vii) R4R Poznań Nowe Miasto sp. z o.o.,(viii) R4R Łódź Wodna sp. z o.o., (ix) R4R Łódź Kilińskiego sp. z o.o.,(x) R4R Warszawa Taśmowa sp. z o.o., (xi) R4R Warszawa Woronicza sp. zo.o., (xii) M2 Hotel sp. z o.o., (xiii) M2 Biuro sp. z o.o., (xiv) R4RWarszawa Wilanowska sp. z o.o., (xv) Pimech Invest sp. z o.o., (xvi) R4RGdańsk Kołobrzeska sp. z o.o., (xvii) R4R RE Wave 3 sp. z o.o. and(xviii) R4R Kraków 3 Maja sp. z o.o. (jointly the "Subsidiaries"),that on 12 May 2026 the President of the Polish Office of Competitionand Consumer Protection issued its decision on the unconditionalclearance for the acquisition by Vantage Development of all theSubsidiaries (which was a condition precedent envisaged by thePreliminary Agreement).As a result of the approval from thePresident of the Polish Office of Competition and Consumer Protection,the closing of the transaction is expected to take place withinapproximately the next two weeks. The drafts of the pay-off letters fromthe banks providing financing to the Subsidiaries (which are theremaining condition precedent under the Preliminary Agreement) havealready been agreed with the relevant banks and will be obtained priorto closing.

The Company reported the conclusion ofthe Preliminary Agreement, the conclusion of the annex to thePreliminary Agreement and the extension of the long stop date in thecurrent report dated 16 August 2025, No. 18/2025, in the current reportdated 1 December 2025, No. 27/2025 and in the current report dated 29April 2026, No. 7/2026, respectively.