Resolution of the Issuer’s Management Board concerning conditional advance payment on account of future dividend

The Management Board of Echo Investment S.A. hereby publishes the text of a resolution on a conditional payment of a dividend, which was adopted on the 23rd of December 2015. RESOLUTION of the Management Board of Echo Investment S.A.
on conditional advance payment towards future dividend for financial year 2015 § 1
Acting pursuant to art. 349 § 1 of the Code of Commercial Partnerships and Companies and § 16 of the Company"s Statute and having taken into consideration the fact that the Company"s approved separate financial statements for financial year 2014 include a net profit of PLN 26,153,000, the Management Board of Echo Investment S.A. decides to make a conditional advance payment towards a future dividend for the financial year 2015 (hereinafter referred to as the "Dividend Advance Payment") subject to the following conditions:
1. The total amount earmarked for the Dividend Advance Payment will amount to PLN 590,147,532.26 (hereinafter referred to as the "Total Amount of Dividend Advance Payment"). The Total Amount of Dividend Advance Payment does not exceed half of the Company"s profit generated until the end of the previous financial year published in the financial report dated the 30th of September 2015 and referring to the period from 01.01.2015 to 30.09.2015, 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 pursuant to resolution no. 4 of the Extraordinary General Meeting of the Company as of the 21st of December 2015 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 in two instalments:
(a) the first instalment amounting of PLN 0.72 per 1 share at a total amount of PLN 297,137,219.04 – on the 10th of February 2016 (1st Instalment of the Dividend Advance Payment);
(b) the second instalment amounting to PLN 0.71 per 1 share at a total amount of PLN 293,010,313.22 – until the 30th of December 2016 (2nd Instalment of the Dividend Advance Payment). Provided that the dividend for 2015 is higher compared to the Total Amount of Dividend Advance Payment, the 2nd instalment of the Dividend Advance Payment will be paid on the payment day of the amount constituting the difference between the amount of the dividend for 2015 and the Total Amount of the Dividend Advance Payment. 4. Shareholders who hold Company"s shares on the 3rd of February 2016 i.e. 7 days before the payment date of the 1st Instalment of the Dividend Advance Payment will be entitled to the Dividend Advance Payment. § 2 The Dividend Advance Payment will be paid subject to the approval of the Supervisory Board.  § 3 The resolution enters into force upon adoption. Legal basis: article 56 (1.1) of the act on public offering and conditions governing the introduction of financial instruments to organised trading and public companies of the 29th  of July 2005.