Kruk S.A. — Capital/Financing Update 2016

Mar 24, 2016

Current Report No. 20/2016

Date of the report: March 24th 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. 19/2016 of March 10th 2016 on the ThirdPublic Bond Issue Programme (the "Programme"), the Management Board ofKRUK S.A. (the "Company") announces that on March 24th 2016 it passed aresolution (the "Resolution") declaring the success of the issue ofSeries AB1 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 650,000 Bonds, each with a nominal value equalto the issue price of PLN 100 and with a total value of PLN 65,000,000,were allotted.

The period of subscription for the 650,000 Bonds was March 15th 2016(inclusive) − March 23rd 2016 (inclusive). The Bonds were allotted onMarch 24th 2016. The issue was not divided into tranches.

In the subscription period, 979 Investors placed subscription orders for3,362,205 Bonds. As a result, the Company allotted Investors 650,000Bonds, with the reduction rate of 80.67%.

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