Appointment of President of Management Board

The Management Board of Echo Investment S.A. with its registered office in Kielce (the Company) hereby reports that pursuant to § 14 section 1 of the Company"s Statute, on the 18th of April 2016, the Company"s Supervisory Board appointed Mr Nicklas Lindberg as the President of the Company"s Board (CEO) for the Management Board"s joint term of office. Mr Nicklas Lindberg has been involved with Skanska Sweden AB since 2001. In the years 2005-2008 he was the Chief Financial Officer (CFO) and subsequently the Chief Executive Officer (CEO) in Skanska Russia. In 2008 he started working in Skanska Property Poland as the Managing Director (2008-2011) and from 2011 he was the Business Unit President in Skanska Commercial Development Europe. Mr Nicklas Lindberg is a graduate of the Faculty of Economics at Kristianstad University, he also holds an MBA diploma of Lund University. According to Mr Niclas Lindberg"s representation, he does not perform any competitive activities outside the Company; he does not participate in a competitive company as a partner in a civil law company or a partnership, or as a member of a body in a joint stock company or any other competitive corporation. He has not been entered in the register of insolvent debtors, which is kept in accordance with the Act on National Court Register of the 20th of August 1997. In connection with the appointment of Mr Nicklas Lindberg as the President of the Board, the Supervisory Board entrusted Mr Piotr Gromniak, the previous President of the Board, with the position of the Vice President of the Board (COO). Legal basis: §5 (1.22) and §28 of the Regulation of the Minister of Finance  of the 19th  of February 2009 concerning current and periodical information published by issuers of securities and terms of recognizing as equivalent information required by laws of a non-Member State (Journal of Laws of 2014 item 113).