Execution by R4R Poland sp. z o.o. of thepreliminary sale agreement concerning sale of the 100% of the shares inthe share capital of certain subsidiaries of R4R Poland sp. z o.o.

The Management Board of Echo Investment S.A. (the "Company")hereby informs that on 16 August 2025, 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 preliminary shares sale agreement ("PreliminarySale Agreement") with Vantage Development spółka akcyjna with itsregistered seat in Wrocław ("Vantage Development"),regarding sale by R4R Poland of 100% of the shares in 18 limitedliability companies 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.

The parties have established an aggregate purchaseprice for the shares of the Subsidiaries ("Price") as PLN2,405,000,000.00 adjusted, among other things, by the cash balance, networking capital and intra-group and external debt of Subsidiaries. Onthe date of the conclusion of the Final Agreement (as defined below) theestimated Price will be paid (a portion of it may be withheld in theevent of the occurrence of certain events specified in the transactiondocumentation until the appropriate actions are carried out), theexternal debt of the Subsidiaries will be repaid and the internal debtshall be assumed by Vantage Development or an entity related to it.After the execution of the Final Agreement (as defined below), the finalPrice will be determined, among other things, based on the cash balanceand net working capital at the date of execution of the Final Agreement(as defined below).

It is expected that the execution of the final saleagreement regarding shares of the Subsidiaries will occur by 15 December2025 ("Final Agreement"). The Preliminary Sale Agreementprovides for the following conditions precedent: (i) obtaining theapproval of the President of the Office of Competition and ConsumerProtection for the concentration within the Transaction, and (ii)obtaining pay-off letters from the banks providing financing to theSubsidiaries.

The Preliminary Sale Agreement contains standardprovisions for this type of transaction, including representations andwarranties of R4R Poland, as well as rules regarding the liability ofthe parties and risk securities. The Preliminary Sale Agreement alsoenvisages the conclusion of supporting transaction documents in order toeffectuate the Transaction and allow Vantage Development to take overthe Subsidiaries and their respective businesses. In connection with theTransaction, to secure R4R Poland's liability for breach ofrepresentations and warranties, Vantage Development obtained aninsurance policy covering the R4R Poland liability for representationsand warranties.

Legal basis: article 17(1) MAR - confidentialinformation.