Kruk S.A. — Capital/Financing Update 2016

May 19, 2016

Current Report No. 44/2016

Date of the report: May 19th 2016

Subject: Allotment of bonds issued under the Third Public Bond IssueProgramme

Legal basis: Art. 56.5 of the Act on Public Offering - Information update

Text of the report:

Further to Current Report No. 37/2016 of May 9th 2016 on the ThirdPublic Bond Issue Programme (the "Programme"), the Management Board ofKRUK S.A. (the "Company") announces that on May 19th 2016 it passed aresolution (the "Resolution") declaring the success of the issue ofSeries AB2 unsecured ordinary bearer coupon bonds (the "Bonds"), carriedout as part of the Third Programme covered by the Base Prospectusapproved by the Polish Financial Supervision Authority on February 4th2016 (the "Prospectus").

In the Resolution of the Company's Management Board, the Bond issue wasdeclared successful and 1,350,000 Bonds, each with a nominal value equalto the issue price of PLN 100 and with a total value of PLN 135,000,000,were allotted.

The period of subscription for the 1,350,000 Bonds was May 12th 2016(inclusive) − May 18th 2016 (inclusive). The Bonds were allotted on May19th 2016. The issue was not divided into tranches.

In the subscription period, 1067 Investors placed effective insubscription orders for 2 313 722 Bonds. As a result, the Companyallotted Investors 1,350,000 Bonds, with the reduction rate of 42%.

A detailed summary of the issue will be presented in a separate currentreport.