Echo Investment S.A.

Remuneration Information • Jul 21, 2021

Implementation of the Long-Term Bonus program

On 21 July 2021, Echo Investment S.A. with itsregistered office in Kielce (the "Company") entered intocontracts with Mr. Nicklas Lindberg (President of the Company'sManagement Board) and Mr. Maciej Drozd (Vice President of the ManagementBoard) concerning the terms of additional incentive compensation in theform of a long-term bonus (hereinafter the "LTI Contracts").The awarding of the additional compensation on the terms defined in theLTI Contracts conforms with the Remuneration Policy adopted inResolution No. 27 of the Company's Annual General Meeting of 13 August2020.

Under the LTI Contracts, Mr. Nicklas Lindberg and Mr.Maciej Drozd obtained the right to additional incentive compensation inthe form of a long-term bonus (hereinafter the "Long-Term Bonus"),the amount of which will depend on the growth in the Company's goodwillmeasured by the aggregate amount of dividend disbursed by the Companyand the growth in the price of the Company's shares on the Warsaw StockExchange in annual evaluation periods defined in the LTI Contracts.

The LTI Contracts define the rules of determining theamount of the Long-Term bonus based on the growth in the averagesix-month price of the Company's shares calculated for one-year periods,increased by the dividend disbursed by the Company above the initialvalue of a Company share determined at PLN 4.34 per share. The right tothe Long-Term Bonus will be acquired in annual periods over the term ofthe program, i.e., from 1 January 2020 to 31 December 2024, unless amaterial change in the shareholding structure of the Company occursearlier. The amount of the Long-Term Bonus depends on the growth in thevalue of the Company's shares, provided that the amount of the Long-TermBonus (the "Base Value") does not exceed EUR 10 million forMr. Nicklas Lindberg and EUR 5 million for Mr. Maciej Drozd if at theend of the five-year period the growth in the average six-month price ofthe Company's shares increased by the dividend disbursed during the termof the program exceeds the amount of the initial quotation of theCompany's shares by PLN 5.80, i.e., if the aggregate amount of thedisbursed dividend increased by the average six-month price of theCompany's shares reaches the amount of PLN 10.14 per share. In case of amaterial change in the shareholding structure of the Company, in lieu ofthe average six-month price of the Company's shares, the basis for thecalculation of the Long-Term Bonus will be the price received for theCompany's shares calculated on the basis of the price indicated in thetransaction resulting in such material change in the shareholdingstructure.

In accordance with the LTI Contracts, the duration ofthe program may be extended by a further two years (to a seven-yeartotal), i.e., until 31 December 2026; in such case the maximum amount ofthe Long-Term Bonus will be 125% of the Base Value if the averagesix-month price of the Company's shares increased by the dividenddisbursed during the seven-year evaluation period exceeds the base valueby PLN 7.25, i.e., the aggregate amount of the disbursed dividendincreased by the average six-month price of the Company's shares reachesthe value of PLN 11.59 per share.

The Long-Term Bonus is to be disbursed in the form ofthe Company's shares (whether existing or of a new issue) annually, atthe end of the evaluation period, and should that be impracticable, itwill be disbursed as a lump sump in cash at the end of the five-yearterm (or the seven-year term, should the former be extended) of theprogram. In case of a material change in the shareholding structure ofthe Company, the Long-Term Bonus shall be disbursed as a lump sum uponoccurrence of such event.

The LTI Contracts with both Management Board membersalso define the detailed terms of the disbursement of the Long-TermBonus, as well as addressing a situation where a Management Board memberforfeits the right to receive the Long-Term Bonus or a part thereof, inparticular in the event of causing damage to the Company or of takingactions that breach the relevant provisions of the law or the Company'sin-house regulations.