Kruk S.A. — Capital/Financing Update 2020

Sep 3, 2020

Current Report No. 29/2020

Date: September 3rd 2020

Subject: Resolution of the Management Board on issue of bonds under theSeventh Public Bond Issue Programme

Legal basis: Art. 17.1 of MAR - Inside information

Text of the report:

Further to Current Report No. 10/2020 of April 21st 2020 on the launchSeventh Public Bond Issue Programme (the "Programme"), the ManagementBoard of KRUK S.A. (the "Issuer" or "Company") announces that onSeptember 3rd 2020 it passed a resolution on the issue of Series AK1bonds ("Bonds") and determination of their final terms and conditions.The Bonds are covered by the base Prospectus approved by the PolishFinancial Supervision Authority on August 24th 2020, available from theCompany's website: www.kruksa.pl.

The issue will comprise up to 250.000 unsecured bearer Bonds inbook-entry form, which will be offered in a public offering. The Issuerwill seek to introduce the Bonds to trading on the regulated Catalystmarket operated by the Warsaw Stock Exchange.

In compliance with Art. 54.3 of the Public Offering Act, the Companyannounces that the Bonds will be offered at the issue price equal totheir nominal value of PLN 100 per bond, and that their total nominalvalue will not exceed PLN 25m. The interest rate on the Bonds is fixedat 4.8 percentage points per annum.

The Company will redeem the Bonds on 25thSeptember 2025, with theprovision that the Issuer will have the right to early redeem all or apart of the Bonds at its own option. The Company also reports thatpursuant to Art. 24.1 of the Public Offering Act information on thedetailed terms and conditions of the Bonds will be published on theIssuer's website www.kruksa.pl.