Echo Investment S.A.

M&A Activity • Feb 18, 2020

Statement of the Management Board of EchoInvestment S.A. regarding the tender offer to subscribe for the sale ofthe shares in the Company published on 3 February 2020 by WING IHC Zrt

The Management Board of Echo Investment S.A. with itsregistered seat in Kielce (the "Company"), acting pursuantto Article 80, sections 1 - 2 of the Act of 29 July 2005 on PublicOffering, the Conditions Governing the Introduction of FinancialInstruments to Organised Trading, and Public Companies (the "Act"),hereby presents the position of the Company's Management Board regardingthe tender offer to subscribe for the sale of the shares in the Companyannounced on 3 February 2020 pursuant to Article 73, section 2, point 1of the Act by WING IHC Zrt (the "Statement") (the "TenderOffer") together with the opinion of KPMG Advisory Spółka zograniczoną odpowiedzialnością sp.k. regarding the price offered for theshares in the Company in the Tender Offer (the "Fairness Opinion").

The Statement and the Fairness Opinion are attachedto this current report.This report wasissued pursuant to Article 80 of the Act.