Resolution of Echo Investment’s Management Board on the adoption of dividend policy

The Management Board of Echo Investment S.A. ("the Company") hereby reports that it passed a resolution concerning the adoption of the Company"s dividend policy on 26 April 2017. The Company"s dividend policy envisages that: i. The Management intends to recommend the payment of dividends for the financial year 2016 in the amount equal to the initial dividend;ii. The Management intends to recommend a dividend payment of PLN 0.5 per share for the financial year 2017; iii. For 2018 and subsequent years the Management Board intends to recommend a dividend payment of up to 70% of the consolidated net profit of the Group, attributable to the shareholders of the parent company. On the recommendation of the dividend payment, the Management Board will take into account the current and predictable financial condition of the Company and the Capital Group and their development strategy. In its annual recommendations regarding the payment of dividends, the Management Board of the Company will particularly take into consideration:i. Safe and the most effective management of debt and liquidity in the Capital Group; ii. Implementation of investment plans on the property development market resulting from the development strategy, in particular regarding the purchase of land. Legal basis: Art. 17 section 1 MAR – confidential information