Closing of the transaction relating to creation of a joint venture relating to the development of student housing facilities

With reference to the information published in current report No. 11/2024, the Management Board of Echo Investment S.A. (the “Issuer”) hereby informs that on 15 April 2024 the transaction contemplated under the conditional agreements concerning the development of student housing projects in Poland (the "Project"), which were concluded on 6 March 2024 by the Issuer, Signal Alpha 3 R1 S.à r.l. ("Signal") and a company controlled by the Issuer and Signal through which the Issuer and Signal intend to carry out the Project - Signal Alpha 3 C2 S.à r.l. (the “JVCo” and the “Transaction”), was completed. Closing of the Transaction took place after the President of the Office of Competition and Consumer Protection (Prezes Urzędu Ochrony Konkurencji i Konsumentów) granted its consent for the concentration, upon which the closing of the Transaction was conditional, through, inter alia, concluding the share purchase agreement for the sale of shares in JVCo corresponding to 30% of the share capital of JVCo by Signal to the Issuer. After closing of the Transaction, the Issuer is entitled to a 30% profit share in the JVCo.

As a result of the satisfaction of the above condition and the closing of the Transaction, the following agreements entered into force:

1. 1. 1. the shareholders’ agreement between the Issuer, Signal and JVCo regulating the corporate governance principles of the JVCo;
      2. the framework agreement between the Issuer, Signal and JVCo regulating the implementation of the Project.

Main terms and conditions of the Transaction were disclosed by the Issuer's Management Board in current report No. 11/2024 of 6 March 2024.