Resolution on conditional payment of the advancedividend for the accounting year 2018

The Management Board of Echo Investment S.A. presentsbelow the contents of the resolution adopted today with regard toconditional payment of the advance dividend for the accounting year 2018

RESOLUTION OF THE MANAGEMENT BOARD

on conditional payment of the advance dividend forthe accounting year 2018

dated 8 November 2018

§ 1

The Management Board of Echo Investment S.A. with itsregistered seat in Kielce (the Company), acting on the basis ofArt. 349 § 1 of the Commercial Companies Code and § 20 item 3 of theCompany Statutes, taking into account that the authorised andapproved financial statements of the Company for 2017 year show a netprofit ofPLN 632,496,013.86; hereby resolves to payconditionally to the shareholders the advance dividend for theaccounting year 2018 (the Advance Dividend) subject to thefollowing terms and conditions:

1.      The total amount of the AdvanceDividend shall amount toPLN 206,345,291.00(two hundred and sixmillion three hundred and forty five thousand two hundred and ninety onePLN, 00/100) i.e.PLN 0.50 per share(the Advance DividendAmount).The Advance Dividend Amount shall not exceed half of thenet profits of the Company earned from the end of the previousaccounting year, shown in the financial statements of the Companyprepared as of 30 June, 2018 for the period from 1 January 2018 to 30June 2018 audited by the auditor Ernst&Young Audyt Polska Spółka zograniczoną odpowiedzialnością Sp.k. with its registered seat in Warsaw,increased by the reserve capital created for payment of the dividend forprevious years and the advance dividends (the Dividend Fund) and reducedby the uncovered losses and own shares.

2.      Number of shares entitled to receivethe Advance Dividend as the day of this Resolution: 412 690 582.

3.      The Advance Dividend shall be paid on19 December 2018 (the Advance Dividend Date).

4.      The shareholders possessing theCompany’s shares as at 12 December 2018 i.e. seven days prior to theAdvance Dividend Date will be eligible to receive the Advance Dividend.

§ 2

The Advance Dividend shall be paid provided that:

a) consent of the Supervisory Board is granted beforethe Advance Dividend Date;

b) the audit of the financial statements of theCompany prepared for the period from 1 January 2018 to 30 June 2018 bythe auditor Ernst&Young Audyt Polska spółka z ograniczonąodpowiedzialnością sp. k. which confirms the assumed net profits of theCompany earned from the end of the previous accounting year.

§ 3

The Resolution shall come into force as from itsadoption.