Polski Holding Nieruchomości S.A.

Notice of Dividend Amount • May 10, 2016

Current report No. 11/2016 of May 10, 2016

Management Board's recommendation regarding dividend for 2015

Legal basis: Article 56.1.2 of the Act on Public Offering - currentand periodical information

The Management Board of Polski Holding Nieruchomości S.A. (the"Company") hereby informs that on May 10, 2016, it adopted a resolutionon filing an application with the General Meeting of Shareholders ondistributing the Company's profit for year ended on December 31, 2015.in the amount of PLN 48,481,893.58 by assigning:

1. the amount of PLN 19,623,553.74 of profit for a dividend forshareholders, i.e. PLN 0.42 per share,

2. the amount of PLN 28,858,339.84 of profit for supplementary capital.

The Management Board before making a decision concerning the dividendfor 2015, was guided by the intention, declared in PHN S.A. strategy, toshare the growth of the Company's value with its shareholders in theform of dividend, and took account of the Group's present financialstanding and planned cash flows, including the expected investment plansand the possibility of obtaining financing for their implementation.

The Company's Management Board proposed that August 17, 2016 be set asdividend record date and August 24, 2016 as dividend payment date.

Legal basis: Article 38.1.11 of the Regulation of Minister of Financeof February 19, 2009 on current and periodical information published byissuers of securities and the conditions of recognizing informationrequired by the regulations of non-member states as equivalent (Journalof Laws 2009 No. 33, item 259, as amended).