Kruk S.A. — Capital/Financing Update 2021

May 18, 2021

Current Report No. 16/2021

Date: May 18th 2021

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 on May18th 2021 it passed a resolution on the issue of Series AK3 bonds("Bonds") and determination of their final terms and conditions. TheBonds 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 700.000 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 70m. The interest rate on the Bonds is fixedat 4.0 percentage points per annum.

The Company will redeem the Bonds on the repayment date specified in thefinal terms of issue, with the provision that the Issuer will have theright to early redeem all or a part of the Bonds at its own option. TheCompany also reports that pursuant to Art. 24.1 of the Public OfferingAct information on the detailed terms and conditions of the Bonds willbe published on the Issuer's website www.kruksa.pl.