Resolution on conditional payment of the advance dividend for the accounting year 2018

RESOLUTION OF THE MANAGEMENT BOARD

on conditional payment of the advance dividend for the accounting year 2018 dated 8 November 2018

§ 1

The Management Board of Echo Investment S.A. with its registered seat in Kielce (the Company), acting on the basis of Art. 349 § 1 of the Commercial Companies Code and § 20 item 3 of the Company Statutes, taking into account that the authorised and approved financial statements of the Company for 2017 year show a net profit of PLN 632,496,013.86; hereby resolves to pay conditionally to the shareholders the advance dividend for the accounting year 2018 (the Advance Dividend) subject to the following terms and conditions:

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

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

3. The Advance Dividend shall be paid on 19 December 2018 (the Advance Dividend Date).

4. The shareholders possessing the Company’s shares as at 12 December 2018 i.e. seven days prior to the Advance 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 before the Advance Dividend Date;

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

§ 3

The Resolution shall come into force as from its adoption.

Legal basis: Art. 17 section 1 MAR – confidential information.