Resolution of the Management Board concerning public bond issue programme

The Management Board of Echo Investment S.A. ("the Company") hereby reports the Company"s intention to establish a public bond issue programme and passing a resolution on February 27th, 2017 regarding the establishment of a public bond issue programme of up to PLN 300,000,000 or its equivalent in euro The bonds will be offered in a public offer after the approval of the basic prospectus by the Financial Supervision Authority. Detailed conditions of the bond issue will be established before the issue of a given bond series. The prospectus of the bonds and the application for its approval were submitted at the Financial Supervision Authority on February 27th, 2017. The company is planning to introduce the bonds issued on the basis of the prospectus on the Catalyst regulated market operated by Warsaw Stock Exchange. Legal basis: Art 17 section 1 MAR – confidential information.