Approval of the President of the Polish Office of Competition and Consumer Protection for the acquisition of 100% of the shares in the share capital of certain subsidiaries of R4R Poland sp. z o.o.,  by Vantage Development S.A.

The Management Board of Echo Investment S.A. (the "Company") hereby informs, in relation to the preliminary shares sale agreement dated 16 August 2025 (as amended) between R4R Poland spółka z ograniczoną odpowiedzialnością with its registered seat in Warsaw, as seller ("R4R Poland"), in which the Company holds a stake of 30% shares, and Vantage Development spółka akcyjna with its registered seat in Wrocław, as buyer ("Vantage Development") (the "Preliminary Agreement") regarding sale by R4R Poland of 100% of the shares in 18 limited liability companies being subsidiaries of R4R Poland i.e. (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 Wrocław Grabiszyńska 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 Woronicza sp. 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. (jointly the "Subsidiaries"), that on 12 May 2026 the President of the Polish Office of Competition and Consumer Protection issued its decision on the unconditional clearance for the acquisition by Vantage Development of all the Subsidiaries (which was a condition precedent envisaged by the Preliminary Agreement).

As a result of the approval from the President of the Polish Office of Competition and Consumer Protection, the closing of the transaction is expected to take place within approximately the next two weeks. The drafts of the pay-off letters from the banks providing financing to the Subsidiaries (which are the remaining condition precedent under the Preliminary Agreement) have already been agreed with the relevant banks and will be obtained prior to closing.

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