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Page 1 of 3
 Dear CPI PG: Please Explain How Vitek Isn’t Asset-Stripping the Company
November 30, 2023

On November 21st, we began the process of publishing our findings on the myriad issues
inherent in CPI Property Group that should call into question how a company operating in this
manner could maintain an investment grade rating. CPI PG has thus far failed to provide
alternative explanations for the evident self-dealing and asset stripping of its controlling
shareholder that appear to be hollowing out the value of the company.

If CPI PG’s failure to respond is due to it being unable to decide on where to start with its
response, we’re providing a list of questions related to Part 1 to help management focus their
attention. Given that CPI PG stated that our conclusions were wrong, we’d certainly like to give
CPI PG the opportunity to clear up our misunderstandings before we release additional findings.

Polygon BC and MQM Czech (Part 1)

1. In 2017, CPI PG acquired from an entity controlled by Vitek two holding companies
(MQM Czech a.s. and Polygon BC a.s.) for empty landbanks in the Prague area for €30.9
million more than the Company had received in consideration for selling the same
holding companies in 2014.1 What was the reason for the price increase?
2. In 2017, the acquisition of MQM Czech a.s. and Polygon BC a.s. was reported as a
common control transaction. The same disclosure wasn’t made at the time of sale in
2014.2 Why not?

CPI Hotels

1. Marc Gilbert International, the entity from which CPI PG acquired CPI Hotels a.s., was
not reported as a related party at the time of the acquisition, despite being controlled by a
longtime attorney of Vitek’s, Tomáš Rybár.3 What was the nature of the relationship
between Vitek and Marc Gilbert International?
2. The consideration for the acquisition of CPI Hotels purportedly was CPI PG forgiving
€44.9 million of liabilities. Which entity or entities accrued such liabilities, and of what
did these liabilities consist?
3. After CPI PG acquired CPI Hotels, it assigned a €16.3 million loan receivable from CPI
Hotels’ to Vitek. Why did CPI PG assign this receivable to Vitek? Are we correct that
Vitek then sold that receivable back to the group, and for how much?
4. In 2015, 2016, and 2017, what debts were owed between CPI Hotels a.s., CPI PG, CPI
FIM, Marc Gilbert International, and Radovan Vitek? Can CPI PG provide a full and
clear account of the movement of debt between these entities and persons?

1
Muddy Waters Report, “CPI Property Group SA (CPIPGR) Part 1: Brazen Looting of CPI PG”, Pg. 10.
2
Muddy Waters Report, “CPI Property Group SA (CPIPGR) Part 1: Brazen Looting of CPI PG”, Pg. 9.
3
CPI PG Consolidated Financials 2016, Pg. 40.

Page 2 of 3
WXZ1

1. What was the rationale for retroactively paying Patrick Vitek’s entity an additional €52.1
million for WXZ1? In particular, we are unclear on how the agreement with CEE
Immobilien GmbH in 2022 would affect the per-share price of Immofinanz shares CPI
PG purchased before the announcement of the intended takeover offer was made?

BT 2 Vessel Ltd.

1. Why didn’t Vitek purchase the new superyacht without involving CPI PG?
2. How did involving CPI PG in the acquisition of the superyacht benefit bondholders and
outside investors in CPI PG?
3. Why doesn’t the entity BT 2 Vessel Ltd. appear in the list of subsidiaries acquired as part
of the Polma 1 acquisition?4
4. Why isn’t Eurocraft Cantieri Navali S.r.l. disclosed as a shipbuilder, as opposed to a
building owner, in CPI PG’s filings?5
5. Why did Vitek’s entity, Aspermont S.à.r.l., owe CPI PG €8.8 million after the BT 2
transactions?

4
Muddy Waters Report, “CPI Property Group SA (CPIPGR) Part 1: Brazen Looting of CPI PG”, Pg. 47.
5
Muddy Waters Report, “CPI Property Group SA (CPIPGR) Part 1: Brazen Looting of CPI PG”, Pg. 47.

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