Kruk S.A. — Capital/Financing Update 2022

Feb 14, 2022

Current Report No. 11/2022

Date of the report: February 14th 2022

Subject: Closing of the public offering of Series AM2

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

Text of the report:

Further to Current Report No. 9/2022 of February 8th 2022 on allotmentof bonds issued under the Eighth Bond Issue Programme (the "Programme"),the Management Board of KRUK S.A. (the "Company") announces that theoffering of Series AM2 unsecured ordinary bearer bonds (the "Bonds"),carried out as part of the Programme covered by the base Prospectusapproved by the Polish Financial Supervision Authority on September 3rd2021 (the "Prospectus") has been closed.

The period of subscription for the 500,000 Bonds was January 24th 2022(inclusive) - February 4th 2022 (inclusive). The Bonds were allotted onFebruary 8th 2022. The issue was not divided into tranches.

During the subscription period 1 319 Investors effectively placed 1 483subscription orders for 2.491.797 Bonds. As a result of proportionalreduction of 79,93%, the Company allotted 500.000 Bonds in response tosubscription orders from 1 307 Investors.

The Bonds were acquired for cash at an issue price of PLN 100 per bond.No underwriter acquired the Bonds. The Company did not conclude anyunderwriting agreement in connection with the Bond offering. The issuevalue, understood as the product of the number of the Bonds covered bythe offering and the issue price, was PLN 50.000.000.

The cost of preparing and carrying out the bond offerings, as well aspromoting the offerings and preparing documentation, including the issueprospectus, taking into consideration the cost of advisory services,will only be known after all issues under the Programme have beencarried out. As no information is available on the total cost of theProgramme and the final number of bonds issued under the Programme, theCompany will announce the total and unit cost of the offerings in aseparate current report, which will be published once the final bondissue under the Programme has been completed.

The costs incurred by the Company in connection with the offering ofBonds under the Programme are charged to the Company's operatingexpenses.

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