Company overview August 2014

Company overview August 2014

Contents Introduction Financial data Real estate portfolio Pipeline: office projects shopping centers residential projects summary Our business drivers 2

Introduction 18 years of experience Focus on Poland Company overview 3 180 NAV PLN m With EUR 1.5 billion in assets the Company is one of the largest real estate developers in the CEE region 37 cities PL Warsaw Kielce UA Kiev Echo covers the entire property development process, i.e. land acquisitions, development, commercialisation and asset management 4 countries HU Budapest RO The Company is focused on three business segments, i.e. office, retail and residential Bucharest Echo is active on CEE markets 109 completed projects 1 020 000 sqm. built Headquarters Echo offices Structure of investment plans [GLA / URS*] Fig. 1. Management and employment c.a. 80 projects in the pipeline 1 000 000 sqm. in the pipeline Shopping centers 17% 1,0 milion GLA/URS 24% Residential projects The Company is managed by three experienced and motivated professionals, who have built its success over the years: Mr Piotr Gromniak The President of the Management Board, 16 years with the Company Mr Artur Langner Vice-President of the Management Board, 15 years with the Company, Mr Waldemar Lesiak Vice-President of the Management Board, 17 years with the Company, www.echo.com.pl 59% Office projects Company employes ca. 370 people Find Echo Investment Catalogue on the App Store * URS Usable Residential Space 3

Introduction Residential projects Shopping centers Hotels Office projects 254 000 sqm. URS 3 940 units 40 completed projects 427 000 sqm. GLA 6 900 lease agreements 33 completed projects 89 000 sqm. 2 400 rooms 16 completed projects 250 000 sqm. GLA 800 lease agreements 20 completed projects 249 000 sqm. URS in the pipeline 172 000 sqm. GLA in the pipeline 601 000 sqm. GLA in the pipeline 4

Introduction Structure of completed projects [% of sqm] Fig. 1. 100% 80% 60% 40% 20% 0% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 E 2015 E Hotels Residential projects Office projects Shopping centers Echo on Stock Exchange [PLN per share] Fig. 2. Shareholders Fig. 3. 12,0 Michał Sołowow 10,0 ING OFE Aviva OFE Aviva BZ WBK 8,0 29,45% PZU Złota Jesień OFE 31,20% 6,0 4,0 2,0 5,33% Aug. 27th 2014 10,00% 9,33% 45,88% Others No dilution since IPO 6,65% 12,37% Dec. 31st 2006 8,74% 41,04% 0,0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Buyback in 2012 of 7.309 k shares (1,74%) (redemption in 2013) NAV per share 5

Introduction Organizational chart Fig. 1. Echo Investment has unique competencies in the market in the form of teams of experienced professionals: Echo s Management Board Architects create guidelines for the project and supervising architectural Technical Advisors (construction, HVAC, plumbing, BMS, etc.) Development Dept. Property Management Dept. Back Office Leasing Managers (office, retail, residential) In-house Lawyers Offices Financial Engineers in all disciplines responsible for valuation and procurement Shopping Centers Legal Project Managers managing investment process Site Managers managing construction process Residential IT Property Managers of Real Estate portfolio (asset & property management, marketing, debt collection) Technical Consultancy Marketing currently Company employes ca. 370 people, 30 experienced managers over 10 years in organization Site Supervision PR Procurement & Construction Cost Valuation HR 6

Financial data

Financial data Selected items from P&L statement [PLN m] Table 1. Revenue by segments Fig. 1. 2009 2010 2011 2012 2013 1 EUR/PLN exchange rate (end of a period) 4,11 3,96 4,42 4,09 4,15 4,16 2 Revenue 431 426 407 583 528 223 3 Profit on commercial property sales 0 53 137 0 22 0 4 Sales and General Administration -55-62 -79-83 -83-44 2014 Q2* Residential projects [PLN m] 200 150 100 50 0 159 32 175 98 157 113 167 83 232 263 29 177 389 105 207 2007 2008 2009 2010 2011 2012 2013 2014Q2* residential revenue No. of sold residential units [pc] 21 400 300 200 100 0 5 Fair value change -23-92 213-61 252 432 6 EBIT (excluding fair value change) 219 261 326 250 245 95 7 Interests -97-103 -133-142 -136-65 8 FX hedging 13 46-19 18 3 1 9 Foreign currency loans valuation [MtM] 21 41-175 123-26 -6 10 Net profit 104 148 208 374 331 425 Office and hotel projects [PLN m] 160 120 80 40 0 72 54 33 50 13 24 71 65 70 2007 2008 2009 2010 2011 2012 2013 2014Q2* rents general constructor provision 13 91 40 Shopping centers [PLN m] Fair value change Q2 2014 [PLN m / %] Fig. 2. 400 300 200 217 216 256 248 289 301 302 158 65,9 15% 103,0 24% 18,0 4% PLN m 432 57,7 13% 138,2 32% 49,3 12% valuation of vacancy space valuation of stands yield EUR exchange rate under construction other 100 0 2007 2008 2009 2010 2011 2012 2013 2014Q2* Revenue structure [%] 100% 8% 7% 9% 26% 19% 19% 30% 20% 18% 75% 33% 40% 12% 17% 20% 16% 50% 8% 71% 71% 25% 57% 59% 49% 58% 52% 57% 0% 2007 2008 2009 2010 2011 2012 2013 2014Q2* * cumulatively shopping centers offices & hotels appartments other 8

Financial data Loans by currency [PLN m] Fig. 1. Assets structure [PLN m] Fig. 2. 7 000 60% 7 000 5 600 4 200 2 800 1 400 0 35% 1 714 1 856 588 646 1 126 270 eur 41% 41% 42% 1 210 294 eur 2 084 770 1 314 332 eur 2 564 917 1 038 840 1 647 373 eur 46% 2 722 2 630 2 802 1 684 412 eur 38% 38% 1 790 432 eur 859 1 943 467 eur 2008 2009 2010 2011 2012 2013 2014 Q2 48% 36% 24% 12% 0% 5 600 4 200 2 800 1 400 0 559 422 559 376 561 499 463 1 002 501 322 169 379 421 475 1 177 1 355 487 1 048 706 689 712 3 936 2 481 2 781 2 808 2 894 3 133 3 164 2008 2009 2010 2011 2012 2013 2014 Q2 EUR PLN net interest debt / total assets - cash investment property investment property under construction inventory cash other Loans by maturity 09.2014 2019 and cash/free limits [PLN m] Fig. 3. NAV [PLN m] Fig. 4. 850 680 510 340 170 588 228 359 GE Kielce 20 115 Pasaż Grunwaldzki, Olimpia 67 75 145 328 200 Galaxy, Veneda, Amber, A4, Malta 80 483 171 660 3 600 3 000 2 400 1 800 1 200 600 4,47 3,91 4,13 1 641 1 734 1 876 4,99 2 096 5,89 2 431 6,70 2 765 7,70 3 177 7,80 6,50 5,20 3,90 2,60 1,30 0 47 113 08.2014 from 09.2014 2015 2016 2017 2018 2019 87 0 2008 2009 2010 2011 2012 2013 2014 Q2 0,00 project finance bonds public bonds cash free overdraft limits overdraft nav nav per share 9

Real estate portfolio

Real estate portfolio Transactions on Polish Real Estate Market [EUR m] Fig. 1. Selected 2013/Q1 2014 transactions on Polish Real Estate Market Table 1. 6 000 5 389 number of transactions: 42 63 5 000 4 000 2 765 3 279 3 093 2 796 3 000 2 552 2 000 1 400 1 956 1 821 1 144 2 000 1 172 461 1 433 2 041 1 023 1 180 1 015 1 090 369 1 000 1 256 580 1 053 1 201 201 641 752 583 219 283 292 562 699 617 0 179 313 2006 2007 2008 2009 2010 2011 2012 2013 2013 H1* 2014 H1* industrial & other office retail * source: JLL Local market attractivness - European investors survey 2014 Fig. 2. How do you rate the country s overall attractiveness as a location for real estate investment in 2014? Poland 67% 33% Germany 67% 32% UK 4% 60% 36% Sweden 5% 65% 30% Austria 6% 60% 34% Russia 12% 58% 30% Spain 16% 35% 49% Luxembourg 18% 47% 35% Turkey 20% 35% 45% Switzerland 20% 45% 35% Belgium 20% 55% 25% Netherlands 33% 54% 13% Ukraine 34% 57% 9% Italy 39% 44% 17% France 40% 45% 15% Unattractive Attractive Very attractive source: European real estate assets investment trend indicator 2014 by Valid Research & EY www.ey.com/gl/en/services/transactions/european-real-estate-assets-investment-trend-indicator-2014 Office projects Warsaw CBD Prime Shopping center Prime GLA MV EUR m EUR/GLA Yield Buyer Seller 1 Kraków G. Kazimierz (50%) 36 200 180,0 5 000 6,00% IREEF GTC 2 Katowice Silesia 85 600 412,0 4 800 6,00% Allianz, ECE Immofinanz 3 Wrocław G.Dominikańska 32 900 151,7 4 600 6,15% Atrium ECE 4 Poznan City Center 61 000 230,0 3 800 7,80% Resolution / ECE Best BPO cities in Poland GLA MV EUR m EUR/GLA World rank 2010 2012 2013 2014 Kraków 11 11 10 9 Warszawa 38 38 36 32 Wrocław 84 78 75 65 Yield Buyer Seller 1 Atrium 1, Jana Pawła 18 000 94,0 5 200 5,85% Deka Skanska 2 Senator, Bielańska 25 000 120,0 4 800 6,75% Union Ghelamco 3 Rondo 1 58 767 280,0 4 765 6,80% RREEF Blackrock Warsaw CBD Fringe 1 Feniks, Żelazna 10 000 39,0 3 900 6,15% IVG Europlan/Griffin 2 Green Corner, Chłodna 27 000 94,6 3 500 6,50% RREEF Skanska Warsaw SW 1 Lipowy Office Park 39 373 108,0 2 750 6,75% W.P. Carey CA Immo Warsaw Mokotów 1 Platinium V, Domaniewska 11 850 34,0 2 900 6,70% Allianz GTC 2 New Citi, Marynarska 44 000 125,0 2 800 7,60% Hines ECI 3 Mokotów Nova, Wołoska 43 750 121,0 2 800 7,65% Tristan Ghelamco Regional cities 1 Wrocław Aquarius I 15 700 41,9 2 700 7,30% Azora Echo 2 Wrocław Aquarius II 9 445 23,9 2 550 7,30% Azora ECHO 3 Wrocław Green Day 15 900 43,4 2 750 7,00% GLL Skanska 4 Kraków CB Lubicz I/II 21 300 55,0 2 600 9,00% Griffin Real Estate Polonia AIB PKP/Trigranit/ Europa Capital source: Tholons 11

Real estate portfolio completed in 2014 Park Rozwoju I Office project in Warsaw A4 Biznes Park I Office project in Katowice Galeria Amber Shopping center in Kalisz 17 400 sqm. GLA 3 100 k EUR NOI Feb. 2014 date of completion 9 300 sqm. GLA 1 500 k EUR NOI Feb. 2014 date of completion 33 600 sqm. GLA 5 100 k EUR NOI Mar. 2014 date of completion 12

Real estate portfolio GALERIA ECHO KIELCE OUTLET PARK Projects under management GLA [sqm] Target NOI [EUR m] Kielce Galeria Echo 70 400 13,6 Wrocław Pasaż Grunwaldzki 48 500 14,0 Szczecin Galaxy 41 200 12,2 Kalisz Amber 33 600 5,1 Bełchatów Olimpia 21 300 3,2 Szczecin Outlet Park 16 400 3,2 Łomża Veneda 15 000 2,3 Jelenia Góra Galeria Echo (extension) 12 800 1,2 Przemyśl Galeria Echo 5 700 0,5 Shopping centers 264 900 55,2 Poznań Malta Office Park 29 000 5,2 Warszawa Park Rozwoju I 17 400 3,1 Szczecin Oxygen 13 900 2,8 Kielce Astra Park * 11 200 1,6 Warsaw Postępu 3 (50%) 10 200 1,9 Katowice - A4 I 9 300 1,5 Warsaw Babka Tower 6 200 1,1 Office projects 97 200 17,2 Total 362 100 72,4 Book value of portfolio vs Knight Frank valuations [EUR m] Fig. 1. MALTA OFFICE PARK 1 200 900 600 300 948 954 1 023 Shopping centers Office projects 0 BV - Q1 2014 BV - Q2 2014 Knight Frank valuation raports * GLA & NOI excluding area of Echo headquarters Sold projects (2013 & Jan 2014) GLA [sqm] Target NOI [EUR m] Piotrków Galeria Echo 17 400 1,7 Radom Galeria Echo 19 500 2,0 Tarnów Galeria Echo 20 200 2,0 Wrocław Aquarius I 15 700 3,0 Wrocław Aquarius II (Jan 2014) 9 400 1,7 FCF [EUR m] Total 82 200 10,4 95 13

Office projects pipeline

Office projects Office market Q2 2014 [thous. GLA] Fig. 1. Prime headline rents in Warsaw [EUR/sqm/month] Fig. 2. Stock Gross take-up Vacancy Rate 2013 Q2 2014 2013 H1 2014 2012 2013 Q2 2014 Warszawa 4 113 4 302 633,0 258,9 8,8% 11,7% 13,4% Kraków 578 586 102,5 58,8 4,9% 5,0% 4,5% Wrocław 535 556 71,7 26,5 8,8% 10,8% 10,0% Trójmiasto 448 484 50,4 21,8 10,8% 12,5% 14,2% Katowice 309 337 60,7 35,3 10,0% 9,0% 7,5% Poznań 314 314 37,8 12,3 13,6% 14,6% 11,5% Łódź 267 270 20,9 17,6 13,7% 13,5% 9,2% Regions 2 451 2 547 344,0 172,3 Source: JLL Q2 2014 Source: JLL, Q2 2014 Office completion, Future Supply and Vacancy Rate in Warsaw Fig. 3. Prime headline rents [EUR/sqm/month] Fig. 4. Wrocław Poznań Kraków Katowice Trójmiasto Szczecin Łódź 10 11 12 13 14 15 16 Euro/sqm/month Source: JLL, Q2 2014 Source: JLL, Q2 2014 15

Office projects Warsaw Park Rozwoju Warsaw Q 22 Warsaw Beethovena 33 000 sqm GLA 5 900 k EUR NOI I H 2015 date of completion 52 500 sqm GLA 14 900 k EUR NOI II H 2016 date of completion 54 800 sqm. GLA 10 300 k EUR NOI I H 2015 date of start 16

Office projects Wrocław West Gate Investment plans [k GLA ] Fig. 1. Project GLA NOI Construction [sqm] [EUR m] Start Finish Poland Completed 250 k GLA 30% In the pipeline after 2014 410 k GLA Warsaw, Q22 52 500 14,9 II H 2013 II H 2016 Warsaw, Park Rozwoju II 15 600 2,8 II H 2013 I H 2015 Warsaw, Browary I - IV 90 000 21,4 I H 2016 I H 2021 852 k GLA 48% Warsaw, Beethovena I 18 100 3,5 I H 2015 II H 2016 Warsaw, Beethovena II III 36 700 6,8 II H 2016 II H 2019 Wrocław Plac Grunwaldzki Under construction 137 k GLA 16% 6% Planned to launch in 2014 54 k GLA In the pipeline [k GLA] Fig. 2. Warsaw, Taśmowa I 15 000 2,7 II H 2014 I H 2016 Warsaw, Taśmowa II IV 44 400 8,1 II H 2015 I H 2020 Kraków, Opolska I 19 200 3,5 I H 2014 II H 2015 Kraków, Opolska II III 38 400 6,9 II H 2015 II H 2018 Wrocław, West Gate 16 200 2,9 I H 2013 II H 2014 Wrocław, Plac Grunwaldzki 16 900 3,0 II H 2014 II H 2015 Wrocław, Sucha I II 28 200 5,0 I H 2015 I H 2017 Gdańsk, Tryton 24 600 4,1 II H 2013 I H 2015 Katowice, A4 Business Park II 9 300 1,6 II H 2013 II H 2014 Katowice, A4 Business Park III 12 400 2,1 II H 2014 I H 2016 Poznań, Hetmańska I 8 100 1,4 I H 2015 I H 2016 Poznań, Hetmańska II III 28 800 4,9 I H 2016 II H 2020 Wrocław Sucha Kiev 108 Łódź, Aurus I 9 600 1,6 II H 2014 II H 2015 Łódź, Aurus II 9 600 1,6 II H 2015 II H 2016 Łódź Poznań Katowice Gdańsk 19 37 22 25 61 601 k GLA 58 272 Warsaw Total 493 600 98,8 Abroad Kiev, Dehtiarivska I * 17 900 3,8 Kiev, Dehtiarivska II-VI * 89 700 19,3 Wrocław Kraków Total 107 600 23,1 TOTAL 601 200 121,9 GREEN projects under construction * start of construction depends on stabilization of the political situation in Ukraine Plot purchased in 2014 17

Shopping centers pipeline

Serbia Greece Ukraine Bulgaria Turkey Russia Belgium Romania Germany Czech Rep. Hungary Slovakia Poland Italy Spain Croatia UE-27 average France United Kingdom Portugal Latvia Lithuania Denmark Austria Finland Netherlands Slovenia Ireland Estonia Sweden Shopping centers Investment plans [k GLA] Fig. 1. Projects GLA NOI Construction [sqm] [EUR m] Start Finish Completed 427 k GLA 71% 600 k GLA 26% 3% In the pipeline 154 k GLA Under construction 19 k GLA Poland Jelenia Góra, (extension) Szczecin, Galaxy (extension) (change) (target) (change) (target) Δ 18 600 (31 400) Δ 15 700 (56 900) Δ 3,0 (4,2) Δ 3,0 (15,2) II H 2013 I H 2015 I H 2015 II H 2016 Katowice, Kościuszki 30 500 5,3 I H 2015 II H 2016 Szczecin, Outlet Park II 4 900 0,8 I H 2015 II H 2015 Szczecin, Outlet Park III * 3 400 200 Retail sales dynamics * [%] Fig. 2. Poznań, Hetmańska * 33 300 6,2 Total 106 400 18,3 175 150 125 100 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 * source: Eurostat, 01.2003 = 100 except of motor vehicles, motorcycles and fuel 400 300 GLA per 1.000 citizens Fig. 3. Abroad Brasov (Romania), Korona * 29 800 5,3 Budapest (Hungary), Mundo * 36 300 8,6 Total 66 100 13,9 TOTAL 172 500 32,2 GREEN projects under construction * concept phase 200 100 0 19

Residential projects pipeline

Residential projects Investment plan [units] Fig. 1. Offered on the market [units] Fig. 2. In the pipeline [units] Fig. 3. Offered (completed) 140 2% 771 9% Offered (under construction) 112 1% Planned to launch in 2014 Łódź 104 11% Kielce 85 9% Warsaw 278 31% Łódź 812 25% Kielce 101 3% 833 26% Warsaw Sold 4 155 50% 8 286 units 3 108 38% In the pipeline after 2014 Wrocław 135 15% Kraków 75 8% 911 units 234 26% Poznań Wrocław 195 6% Kraków 618 19% 3 220 units 661 21% Poznań Units launched for sale and sold quarterly vs. the volume of the offer * Fig. 4. Statistics of residential construction in Poland * Fig. 5. Data for Warsaw, Kraków, Wrocław, Trójmiasto, Poznań and Łódź * source: REAS 21

Residential projects NOWY MOKOTÓW Project URS Units Revenue Construction [sqm] [pcs] [PLN m] Start Finish Warszawa Klimt House, Kazimierzowska 5 100 61 75,0 I H 2008 I H 2011 Nowy Mokotów, Konstruktorska I 11 600 206 94,0 II H 2012 II H 2014 Nowy Mokotów, Konstruktorska II 11 700 205 94,5 I H 2014 I H 2016 Nowy Mokotów, Konstruktorska III-IV 18 900 301 161,4 II H 2016 II H 2018 Princess, Puławska 4 700 56 71,8 I H 2015 II H 2016 Browary, Grzybowska 30 000 476 300,7 I H 2016 II H 2019 KASZTANOWA ALEJA Rezydencje Leśne, Młociny, plots 52 900 32 42,3 II H 2010 II H 2012 Total Warszawa Plots for sale Poznań 82 000 52 900 1 305 32 797,4 42,3 Kasztanowa Aleja II 8 600 141 57,8 II H 2012 II H 2014 Pod Klonami (terraced houses) I-III 4 700 35 22,2 I H 2012 I H 2016 Osiedle Jaśminowe I 6 000 114 32,2 I H 2013 I H 2015 Osiedle Jaśminowe II-IV 13 500 261 73,6 I H 2015 I H 2019 Sowińskiego I 7 100 124 47,3 I H 2014 II H 2015 Sowińskiego II 2 600 42 18,2 II H 2014 I H 2016 Sowińskiego III-IV 10 100 177 67,4 II H2015 I H 2019 Jackowskiego 8 000 154 52,4 I H 2015 II H 2016 HORTUS APARTMENTS Sołacz, plots 13 700 13 11,0 I H 2015 II H 2016 Total Poznań Plots for sale Kraków 60 600 13 700 1 048 13 371,1 11,0 Hortus Apartments 3 000 40 38,1 II H 2012 II H 2014 Bronowicka 3 000 63 22,0 II H 2013 II H 2015 Tyniecka / Czarodziejska 5 700 58 84,6 II H 2014 I H 2016 Spiska I 7 100 122 55,1 II H 2014 II H 2016 Spiska II-III 13 900 222 113,5 II H 2016 I H 2020 Kościuszki 5 200 76 55,8 I H 2015 II H 2016 Rydla 8 700 141 63,8 I H 2015 I H 2017 Plots purchased in 2014 Total Kraków 46 600 722 432,9 GREEN projects offered on the market 22

Residential projects PRZY SŁOWIAŃSKIM WZGÓRZU Wrocław Project URS Units Revenue Construction [sqm] [pcs] [PLN m] Start Finish Przy Słowiańskim Wzgórzu 14 200 215 85,3 I H 2010 I H 2012 Grota 111 I 5 900 101 32,5 II H 2013 II H 2015 Grota 111 II III 12 500 195 67,7 II H 2015 II H 2019 Total Wrocław 32 600 511 185,5 Łódź Osiedle Jarzębinowe I 6 900 121 33,6 II H 2011 I H 2013 Osiedle Jarzębinowe II 5 500 100 27,7 I H 2014 II H 2015 OSIEDLE JARZĘBINOWE Osiedle Jarzębinowe III V 34 400 592 174,1 II H 2015 II H 2021 Wodna I II 13 700 220 68,2 I H 2015 II H 2018 Total Łódź 60 500 1 033 303,6 Kielce Osiedle Południowe, Dyminy I plots 73 000 91 12,0 II H 2010 II H 2012 Osiedle Południowe, Dyminy II plots 43 300 49 8,4 II H 2011 II H 2012 Osiedle Południowe, Dyminy III plots 43 400 42 7,6 II H 2013 II H 2014 Zielone Tarasy 2 100 12 9,3 II H 2014 II H 2015 OSIEDLE POŁUDNIOWE Występa plots 134 500 89 16,2 I H 2016 I H 2017 Total Kielce Plots for sale 2 100 294 200 12 271 9,3 44,2 Apartments in total 284 400 4 631 2 099,8 Plots in total 360 800 316 97,5 Other real estates Poznań, Naramowice, plots * 350 000 Lublin, Poligonowa, plots * 1 060 000 Total other real estates 1 410 000 GREEN projects offered on the market * concept phase Plots purchased in 2014 23

Pipeline - summary

Pipeline - summary GLA/URS [%] Fig. 1. Capex structure 2014-2022 [%] Fig. 2. Market Value 2014-2022 [%] Fig. 3. Shopping centers 17% 24% Residential projects Shopping centers 19% 17% Residential projects Shopping centers 19% 18% Residential projects 1,0 milion GLA/URS 5,3 bilion PLN 11,0 bilion PLN 59% Office projects 64% Office projects Yield 7,5% EUR = 4,15 PLN 63% Office projects Completion of projects [GLA / URS] until 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total 2014-2022 Apartments * 237,3 7,8 (2) 23,3 (3) 31,4 (7) 56,4(10) 39,3 (6) 46,5 (5) 32,7 (5) 16,1 (1) 11,6 (1) 257,3 (38) Office projects 214,6 9,3 (1) 52,3 (4) 85,9 (5) 134,0 (7) 109,3 (7) 74,4 (4) 48,0 (3) 65,7 (4) 40,4 (2) 17,9 (1) 627,9 (37) Hotels 81,3 7,3 (1) Shopping centers 378,4 15,2 (1) 33,6 (1) 18,6 (1) 81,0 (4) 36,3 (1) 33,3 (1) 202,8 (8) Total 911,6 39,6 (5) 109,2 (8) 135,9 (13) 271,4 (21) 184,9 (14) 154,2 (10) 80,7 (8) 81,8 (5) 52,0 (3) 17,9 (1) 1 088,0 (83) * residential area only, excluding plots Planned capex [PLN m] 2013 E 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total 2014-2022 Apartments 70 120 200 180 160 140 80 20 20 920 Office projects 200 430 680 670 440 400 320 240 140 50 3 370 Shopping centers 130 90 180 450 200 70 990 Total 400 640 1 060 1 300 800 610 400 260 160 50 5 280 25

Our business drivers

Our business drivers Value drivers Economy and sector situation European economy out of the woods Economic recovery in Poland on track Growing volume on secondary market for commercial real estate in Poland Polish market on its way from emerging to developed one High risk premium expected to decrease with ongoing improvement on market Echo Investment The largest listed real estate company in Poland Solid balance sheet and strong liquidity Conservative book valuation Self sufficient, flexible organization and experienced, motivated team Strong pipeline 27

227.300 sqm. / 17 projects under construction Park Rozwoju II, Warsaw West Gate, Wrocław Tryton, Gdańsk A4 II, Katowice Opolska I, Kraków GLA 15 600 sqm. Completion I H 2015 GLA 16 200 sqm. Completion II H 2014 GLA 24 600 sqm. Completion I H 2015 GLA 9 300 sqm. Completion II H 2014 GLA 19 200 sqm. Completion II H 2015 Q22, Warsaw GLA 52 500 sqm. Completion II H 2016 Galeria Sudecka, Jelenia Góra GLA 31 400 sqm. Completion I H 2015 Osiedle Południowe (plots), Kielce Plot area 43 400 sqm. Completion II H 2014 Nowy Mokotów I, Warsaw URS 11 600 sqm. Completion II H 2014 Nowy Mokotów II, Warsaw URS 11 700 sqm. Completion I H 2016 Pod Klonami (terraced), Poznań URS 4 700 sqm. Completion I H 2016 Osiedle Jaśminowe I, Poznań Park Sowińskiego I, Poznań Hortus Apartments, Kraków Bronowicka 42, Kraków Grota 111 I, Wrocław Osiedle Jarzębinowe II, Łódź URS 6 000 sqm. Completion I H 2015 URS 7 100 sqm. Completion II H 2015 URS 3 000 sqm. Completion II H 2014 URS 3 000 sqm. Completion II H 2015 URS 5 900 sqm. Completion II H 2015 URS 5 500 sqm. Completion II H 2015 28

Thank you www.echo.com.pl