Kruk S.A. — Capital/Financing Update 2016

Jun 22, 2016

Current Report No. 61/2016

Date: June 22nd 2016

Subject: Execution of loan agreement by the Issuer's subsidiariesItaCapital s.r.l. and InvestCapital Malta Ltd.

Legal basis: Art. 56.1.2 of the Public Offering Act - Current andperiodic information

Text of the report:

The Management Board of KRUK S.A. (the Issuer) announces that on June22nd 2016 InvestCapital Malta Ltd. (InvestCapital, the Lender), asubsidiary of the Issuer, entered into a loan agreement with ItaCapitals.r.l. (ItaCapital, the Borrower), another subsidiary of the Issuer (theAgreement).

Under the Agreement, InvestCapital granted a loan of EUR 50.9m (PLN223.5m, translated at the mid-exchange rate quoted by the National Bankof Poland for June 22nd 2016) to ItaCapital as bridge financing for asecuritisation transaction executed by the Borrower. Ultimately, thesecuritisation transaction will be financed with proceeds raised by theBorrower from an issue of notes to the Lender.

Both companies are subsidiaries of the Issuer and members of the KRUKGroup. The Issuer holds a direct equity interest of 100% in ItaCapitaland an indirect equity interest of 100% in InvestCapital.

The loan was granted for the period from June 22nd 2016 to its finalrepayment date, which is to be immediately after the issue of notes butnot later than June 21st 2017.

The loan bears interest at a variable rate set on arms' length basis.

The Agreement contains no conditions precedent or subsequent, andenvisages no contractual penalties.

The value of the loan advanced under the Agreement exceeds 10% of theGroup's revenue for the last four financial quarters, which is thecriterion for considering the Agreement as material.

Other terms and conditions of the Agreement do not differ from thosecommonly used in agreements of such type.

Detailed legal basis: Par. 5.1.3 of the Regulation of the Minister ofFinance of February 19th 2009 on current and periodic information [...]