Kruk S.A. — Capital/Financing Update 2020

Mar 9, 2020

Current Report No. 4/2020

Date: March 9th 2020

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

Legal basis: Art. 17.1 of MAR - Inside information

Text of the report:

Further to Current Report No. 8/2019 of March 11th 2019 on the launchsixth Public Bond Issue Programme (the "Programme"), the ManagementBoard of KRUK S.A. (the "Issuer" or "Company") announces that on March9th 2020 it passed a resolution on the issue of Series AJ2 bonds("Bonds") and determination of their final terms and conditions. TheBonds are covered by the base Prospectus approved by the PolishFinancial Supervision Authority on July 5th 2019, available from theCompany's website: www.kruksa.pl.

The issue will comprise up to 300.000 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 30m. The Bonds will bear interest at avariable rate equal to 3M WIBOR (the rate charged for three-monthborrowings denominated in PLN on the Polish interbank market) plus afixed margin of 3.5 percentage points.

The Company will redeem the Bonds on April 3rd 2025, with the provisionthat the Issuer will have the right to early redeem all or a part of theBonds at its own option. The Company also reports that pursuant to Art.24.1 of the Public Offering Act information on the detailed terms andconditions of the Bonds will be published on the Issuer's websitewww.kruksa.pl.