Kruk S.A. — Capital/Financing Update 2020

Jul 15, 2020

Current Report No. 18/2020

Date of the report: July 15th 2020

Subject: Cost summary of the Sixth Public Bond Issue Programme

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

Text of the report:

In connection with the closing of the Sixth Public Bond Issue Programme(the "Programme") on July 5th 2020, and further to Current Report No.42/2019 of September 2nd 2019, the Management Board of KRUK S.A. (the"Issuer") discloses information on the costs incurred under the publicbond issue programme for retail investors. The total costs of theProgramme, under which one issue of 250,000 AJ1 Series bonds wasconducted, amounted to PLN 600,702. This amount includes: - costsrelated to the preparation of the issue prospectus, includingconsultancy costs - PLN 82.000, - costs of preparing and conducting abond offer - PLN 480.000 - costs of promotion of bond offers - PLN38.702. The average cost of conducting offers per bond offered, with anominal value of PLN 100 amounted to PLN 2,40 The Issuing Party did notbear the costs of sub-issuers' remuneration, because it did not concludesub-issue agreements in connection with the bond offers. The Programmecosts related to the preparation of the prospectus, final terms andconditions of issue and brokerage commissions in the amount of PLN457.500 have been recognized as prepaid expenses. These costs arecharged to the financial result from the issue date to the redemptiondate. Other costs, including those related to the promotion of bondoffers, are charged to the current costs of the Company's operations.

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