Ann: Intention to Make Takeover Bid, page-2

A$.33


Under the terms of the Offer, subject to satisfaction or waiver of certain conditions, each Echo Shareholder will receive a cash offer of A$0.33 for every Echo Share held (the “Offer Consideration”), which represents a significant premium to Echo’s recent share trading, specifically:▪ 39.4% to Echo’s Volume Weighted Average Price (“VWAP”) of A$0.237 on 19 August 2019 (Echo’s lasttrading day on ASX before Echo was placed in trading halt);▪ 42.1% to Echo’s 10-day VWAP of A$0.232 up to and including 19 August 2019;▪ 49.7% to Echo’s 20-day VWAP of A$0.220 up to and including 19 August 2019; and▪ 80.3% to Echo’s 60-day VWAP of A$0.183 up to and including 19 August 2019.