Kruk S.A. — Capital/Financing Update 2019

Sep 13, 2019

Current Report No. 45/2019

Date of the report: September 13th 2019

Subject: Closing of the public offering of Series AJ1

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

Text of the report:

Further to Current Report No. 41/2019 of August 1st 2019 on the SixthPublic Bond Issue Programme (the "Programme"), the Management Board ofKRUK S.A. (the "Company") announces that the offering of Series AJ1unsecured ordinary bearer coupon bonds (the "Bonds"), carried out aspart of the Programme covered by the Base Prospectus approved by thePolish Financial Supervision Authority on July 5th 2019 (the"Prospectus") has been closed. The period of subscription for the250,000 Bonds was August 12th 2019 (inclusive) - August 29th 2019(inclusive). The Bonds were allotted on September 2nd 2019. The issuewas not divided into tranches. During the subscription period 898Investors placed 1,061 subscription orders for 557,213 Bonds. As aresult of proportional reduction of 55.13%, the Company allotted 250,000Bonds in response to subscription orders from 880 Investors. The Bondswere acquired at the issue price of PLN 100 per bond. No underwriteracquired the Bonds. The Company did not conclude any underwritingagreement in connection with the Bond offering. The issue value,understood as the product of the number of the Bonds covered by theoffering and the issue price, was PLN 25,000,000. The cost of preparingand carrying out the bond offerings, as well as promoting the offeringsand preparing documentation, including the issue prospectus, taking intoconsideration the cost of advisory services, will only be known afterall issues under the Programme have been carried out. As no informationis available on the total cost of the Programme and the final number ofbonds issued under the Programme, the Company will announce the totaland unit cost of the offerings in a separate current report, which willbe published once the final bond issue under the Programme has beencompleted. The costs incurred by the Company in connection with theoffering of Bonds under the Programme are charged to the Company'soperating expenses.

Detailed legal basis: Par. 16.1 of the Regulation of the Minister ofFinance of March 29th 2018 on current and periodic information [...]