Echo Investment S.A.

Nicklas Lindberg

Nicklas Lindberg is responsible for the strategy and development of Echo Investment. For 15 years he had been with Skanska where he worked as the President for Skanska Commercial Development Europe (CDE), Skanska’s business unit that develops properties in CEE, and the head of Skanska Property Poland, a unit within Skanska Commercial Development Europe. In the 2008- 2015 period he worked for Skanska Russia, as both CFO and CEO. Appointed CEO of Echo Investment on 18 April 2016.

• As a pure developer, Echo Investment holds no standing assets. • Once office or retail buildings are completed and fully leased, we sell them when they constitute an optimal investment product in order to invest the money generated in subsequent projects. Now, it is properties under construction that constitute the main part of the company’s assets. • Galeria Młociny, Warsaw – the largest project Echo Investment has developed so far. Galeria Młociny gives Warsaw residents access to more than 200 stores with a mix of quality brands. Primark also confirmed in July its presence in Galeria Młociny, its first location in Poland. The building is 30% owned by Echo Investment and remaining 70% is owned by EPP. • Galeria Libero, Katowice – on the area of 45,000 sqm, over 150 stores and service outlets are located. The complex includes both premium clothing brands, as well as well-know chain stores. Libero also invites its clients to one of the most modern cinemas in Poland, Helios.

As a pure developer, Echo Investment currently own only one completed retail scheme plus 30% of shares in Galeria Młociny.

130,000 sqm

• Galeria Olimpia, Bełchatów – its total floor area encompasses about 21,000 sqm GLA.
• Galeria Echo, Kielce – extension works were carried out in 2009 on the shopping-centre with an area ca. 65,000 square metres of leasable area.
• Veneda, Łomża – the shopping centre with approximately 15,000 square metres of floor space
• Szczecin Outlet Park – the scheme delivered in 4 phases in 2012, 2015 and 2017. Total area of the project comprise to 28,000 sqm GLA.
• Galaxy, Szczecin – project delivered in 2003 comprising 42,000 sqm and expand in 2017, by 15,000 sqm of GLA
• Galeria Sudecka, Jelenia Góra - 18,600 sqm. - the largest shopping and entertainment facility in the region of Jelenia Góra.
• Galeria Młociny, Warsaw –the project features nearly 85,000 sqm of modern, well-designed space featuring more than 6,000 sqm of restaurant and entertainment options.

c.a EUR 1.1 bl

Approx. 290,000 sqm GLA

• Galeria Echo w Kielcach,
• Galeria Olimpia w Bełchatowie,
• Outlet Park w Szczecinie,
• Pasaż Grunwaldzki we Wrocławiu,
• Centrum Handlowe Echo w Przemyślu,
• Galeria Sudecka w Jeleniej Górze,
• Galeria Veneda w Łomży,
• Centrum Handlowe Echo w Bełchatowie,
• Galeria Amber w Kaliszu,
• Galaxy w Szczecinie.

c.a. EUR 700 million

Approx. 327,000 sqm GLA

In the spring, the first cut of the spade took place on the site of the former Karol Scheibler factory at ul. Tymienieckiego in Łódź, and thus construction of Fuzja was started - another city-forming project carried out by Echo Investment. The retail department is working on the concept of commercialisation of service and restaurant spaces of this project. The first lease agreements have also been signed by future tenants of service spaces in the Warsaw Brewery project.

c.a. EUR 500 million (estimation)

-

• Towarowa 22, Warsaw: (part of the whole scheme) • Kabaty, Warsaw (part if the whole project)

c.a. 350,000 sqm, out of which half has already been completed

Every retail project delivered by Echo Investment is developed according to the highest international ecological standards. While designing shopping centers of the highest architectural and functional standards, Echo Investment takes advantage of the company’s expertise built over a period of more than 20 years. Today, the developer creates multi-functional complexes, with streets, arcades, squares and open spaces that generate a positive life balance aside from free-time and work. Echo Investment’s projects evolve with the market. That’s why in Galeria Młociny gastronomy takes center stage. The center’s food hall is unique within Poland’s capital city, with several different zones to appeal to a broad range of different customers. There are cosy cafes, street food trucks as well as outdoor dining. In addition to a family zone with both indoor and outdoor play options for the children, there are dedicated spaces for coworking adjacent to the food hall.

Net profit amounted to PLN 305 351 000 in 2018.

2009 –we signed the first loan agreement worth EUR 100M in real estate in Poland after start of the crisis - used to extend Galeria Echo 2011 –Galeria Echo wins MAPIC Award as 'Best Enlarged Retail Development of the Year in Europe' 2012 –opening of the 100th project–Aquarius Business House in Wrocław 2013 – start of construction of Q22, the biggest Echo project in its history 2014 –start of Public Programme of Bond Issuance for Individual Investors. So far the company successfully issued bonds worth PLN 635M 2015 –APIMCO and Oaktree with Polish-based Griffin Real Estate took over the majority stake of Echo’s shares 2016 –launch of Strategy of Profitable Growth 2016 –start of the first multifunctional project Warsaw Brewery 2017 –Echo enters the list of top 10 residential developers in Poland 2018 -opening of Libero in Katowice which was the company’s 150th project 2019 –opening of Galeria Młociny, the first retail project of Echo in Warsaw 2019 - Wing to buy a majority stake of Echo

Years of experience in three key real-estate sectors gave us the edge when implementing large, multi-functional, city-forming developments. The company looks for bold projects, consults them with top-class experts, takes into account the latest world urbanism trends and thanks to local experience and knowledge it is able to optimize them to suit prevailing conditions. As a result, places arise that are in-tune with the specific needs of communities and towns. Thus Echo Investment is focused on developing multifunctional, ‘destination’ complex projects, new parts of cities attracting people to live in, work and spend their free time. This part of the business today amounts up to ca.42% of the total sqm of projects under construction and projects in the pipeline. Today, the ongoing ‘destination’ projects are Warsaw Brewery and Fuzja in Łódź. These projects are possible only by putting together all the competences within the company and experience to create unique urban destinations.