Letter of intent for Forest Hill

Forest Hill Ltd., a special purpose vehicle owned by the TUP S.A. investment company, signed a letter of intent with Budbaum S.A. and Pro-Development Builder Ltd. regarding terms on which TUP S.A. would participate in the realization of part of the Forest Hill project planned on Bażantów Street.

The letter of intent concerns a 2,8 ha parcel of the total 5,1 ha plot which is owned by Forest Hill Ltd. The parties decided to open negotiations for the purpose of conclusion of a contract. The companies will define tasks sharing, liability of partners for the investment realization and financial aspects of the cooperation.

However, TUP S.A. considers other solutions, for example to sell the plot and the project of Forest Hill.

Forest Hill Ltd. was appointed to execute the Forest Hill housing estate’s investment and is a subsidiary company of TUP Property S.A. The TUP S.A. investment company controls 100% of votes at the General Meeting of Stockholders of TUP Property S.A.

Budbaum S.A. is building company based in Białystok, Poland and operates on the market since 1993. It is known for realization of housing estates, school buildings, sport halls, public and industrial buildings.

Pro-Development Builder Ltd., based in Warsaw, is a management and consulting company. The core activity of the firm is supporting developers in carrying out residential and residential/commercial projects.