Korporacja Gosporadcza Effekt S.A.

Share Issue/Capital Change • Mar 25, 2020

Terminationof subscription and allocation of EE series shares

The Management Board ofKorporacja Gospodarcza 'Efekt' S.A. with its registered office in Krakow(the "Company"; "Issuer") with reference to current report No. 10/2020of March 18, 2020, hereby informs that today, i.e. on March 24, 2020,the Management Board of the Company adopted a resolution on theallotment of 3,330,300 Series EE Shares that have been duly subscribedand paid up.

Series EE shares wereallocated to entities that submitted subscriptions under exercise ofpre-emptive rights and entities that submitted additional subscriptions.

In total, 3,330,300 SeriesEE Shares were subscribed and thus the Issue took place.

Exception:

This current report is forinformation purposes only. This current report does not in any way,directly or indirectly, promote the subscription of the Issuer's newissue shares and is not promotional material prepared or published bythe Company for the purposes of promoting the new issue of shares ortheir subscription or encouraging, directly or indirectly, to subscribefor them. The company has not yet published any materials aimed atpromoting new issue shares or their subscription. This document is not aprospectus or other offer document, the preparation of which is notexpected in connection with the issue of shares by the Company.

This material, as well asany part thereof, is not intended for distribution, directly orindirectly, in the territory or to the United States of America or inother countries where the public dissemination of information containedin this material may be restricted or prohibited by law. The securitiesreferred to in this material have not been and will not be registeredunder the US Securities Act of 1933 as amended and may not be offered orsold in the territory of the United States of America with the exceptionof transactions that are not subject to registration as required by theUS Securities Act or by virtue of an exception to such registration.

It is not subject todistribution, publication or distribution, directly or indirectly, inthe territory or to the United States of America, Australia, Canada,Japan or any other jurisdiction in which it is subject to restrictionsor is not allowed.