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

May 27, 2026

Report Content TheManagement Board of Echo Investment S.A. (the "Company")hereby informs that on 27 May 2026, R4R Poland spółka z ograniczonąodpowiedzialnością with its registered seat in Warsaw ("R4RPoland"), in which the Company holds a stake of 30% shares hasentered into a final sale agreement ("Final Agreement")with Vantage Development spółka akcyjna with its registered seat inWrocław ("Vantage Development"), in performance of thepreliminary shares sale agreement dated 16 August 2025 (as amended on 1December 2025) ("Preliminary Sale Agreement"), regardingsale by R4R Poland of 100% of the shares in 18 limited liabilitycompanies being subsidiaries of R4R Poland ("Transaction"):(i) R4R Wrocław Rychtalska sp. z o.o., (ii) R4R RE Wave 4 sp. z o.o.,(iii) R4R Wrocław Jaworska II sp. z o.o., (iv) Hotel WrocławGrabiszyńska sp. z o.o., (v) R4R Wrocław Park Zachodni sp. z o.o., (vi)R4R Poznań Szczepanowskiego 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 Woroniczasp. z o.o., (xii) M2 Hotel sp. z o.o., (xiii) M2 Biuro sp. z o.o., (xiv)R4R Warszawa Wilanowska sp. z o.o., (xv) Pimech Invest sp. z o.o., (xvi)R4R Gdańsk Kołobrzeska sp. z o.o., (xvii) R4R RE Wave 3 sp. z o.o. and(xviii) R4R Kraków 3 Maja sp. z o.o., (collectively, "Subsidiaries").The Subsidiaries hold title to the properties developed with buildingsused for residential or accommodation purposes.Theparties have established an aggregate purchase price for the shares ofthe Subsidiaries ("Price") as PLN 2,437,065,215.11,adjusted, among other things, by the cash balance, net working capitaland intra-group and external debt of Subsidiaries. The estimated Price,as well as amounts required to repay the external debt of theSubsidiaries, and settle the internal debt of the Subsidiaries (to beassumed by TAG Beteiligungs-und Immobilienverwaltungs GmbH, an entityrelated to Vantage Development), will be paid after execution of theFinal Agreement through an escrow account mechanism. The final Pricewill be determined, following execution of the Final Agreement, based,among others, on the cash balance and net working capital at the date ofexecution of the Final Agreement.TheFinal Agreement reflects the provisions of the Preliminary SaleAgreement, which contains standard provisions for this type oftransaction, including representations and warranties of R4R Poland, aswell as rules regarding the liability of the parties and risk securities.Inconnection with the Transaction, to secure R4R Poland's liability forbreach of representations and warranties, Vantage Development obtainedan insurance policy covering the R4R Poland liability forrepresentations and warranties.TheCompany reported the conclusion of the Preliminary Agreement, theexecution of the annex to the Preliminary Sale Agreement, and theextension of the long stop date in the current reports dated 16 August2025, No. 18/2025, dated1 December 2025, No. 27/2025 and dated 29 April2026, No. 7/2026, respectively. The Company also reported the issuanceof the approval of the President of the Polish Office of Competition andConsumer Protection for the Transaction in the current report dated 12May 2026, No. 9/2026.