Resolution on conditional advance payment towards future dividend for financial year 2016

The Management Board of Echo Investment S.A. hereby publishes the contents of a resolution concerning a conditional advance payment towards future dividend for financial year 2016, which was passed today. RESOLUTION
of the Management of Echo Investment S.A. on the conditional advance payment towards future dividend for financial year 2016 § 1 Pursuant to art. 349 § 1 of the Code of Commercial Companies and § 16 of the Company"s Statute, having taken into consideration that the approved separate financial report of the Company for the financial year 2015 included a net profit of PLN 2,958,589,735.86, the Management Board of Echo Investment S.A. seated in Kielce (hereinafter referred to as the Company) decides to conditionally pay an advance towards future dividend for financial year 2016 (hereinafter referred to as the Dividend Advance Payment) to Company"s shareholders subject to the following conditions: 1. The total amount earmarked for the Dividend Advance Payment will amount to PLN 350,786, 994.70 (three hundred fifty million seven hundred eighty six thousand nine hundred ninety four zloty 70/100) i.e. PLN 0.85 per share (hereinafter referred to as the "Amount of Dividend Advance Payment"). The Amount of Dividend Advance Payment does not exceed half of the Company"s profit generated until the end of the previous financial year, which was published in the financial report dated June 30th, 2016 and referring to the period from January 1st, 2015 to June 30th, 2016, which was assessed by an auditor representing Ernst&Young Audyt Polska Sp. z o.o. Sp.k. seated in Warsaw, increased by a reserve capital created in order to pay an overdue dividend or make an advance payment towards the dividend and deducted by uncovered losses and own shares. 2. The number of shares covered by the Dividend Advance Payment amounts to 412,690,582 as at the date of the Resolution. 3. The Dividend Advance Payment will be paid until December 31st, 2017 in a few instalments to be determined by separate resolutions of the Management Board. 4. The first instalment of the Dividend Advance Payment will be paid on December 28th, 2016 (the Payment Date of the First Instalment of Dividend Advance Payment). 5. Shareholders who hold Company"s shares on December 21st, 2016  i.e. 7 days before the Payment Date of the First Instalment of Dividend Advance Payment will be entitled to the Dividend Advance Payment.
§ 2 The Dividend Advance Payment will be made subject to the following conditions: (a) approval of the Supervisory Board; (b) completion of an assessment of the Company"s financial report for the period from January 1st, 2016 until June 30th, 2016 by an auditor representing Ernst&Young Audyt Polska Sp. z o.o. Sp.k., which will involve a confirmation of Company"s planned net profit generated from the end of the previous financial year; (c) creation of a reserve capital by the Company"s General Meeting in order to pay an overdue dividend or make an advance payment towards the dividend;
before the Payment Date of the First Instalment of Dividend Advance Payment.
 § 3 The resolution enters into force upon adoption.
Legal basis: Art 17 section 1 MAR – confidential information