Kruk S.A. — M&A Activity 2016

May 31, 2016

Current Report No. 49/2016

Date of the report: May 31st 2016

Subject: InvestCapital Malta Ltd. acquires shares in the increased sharecapital of SECAPITAL S.à r.l.

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

Text of the report:

The Management Board of KRUK S.A. ("Company") announces that on May 31st2016, the share capital of SECAPITAL S.à r.l. of Luxembourg (SECAPITAL),KRUK's subsidiary, was increased from PLN 1,017,759,000 to PLN1,111,395,000, through an issue of 93,636 new Category A shares, with apar value of PLN 1,000 per share and total par value of PLN 93,636,000.

All of the new shares were subscribed for by InvestCapital Malta Ltd.(InvestCapital), the Company's subsidiary. The new shares represent 8%of SECAPITAL's share capital. The carrying amount of the shares in theCompany's accounting books is PLN 1.1 thousand per share.

Following the share capital increase, InvestCapital holds 400,253 shareswith a par value of PLN 1,000 per share and total par value of PLN400,253,000, while KRUK S.A. holds directly 711,142 shares with a parvalue of PLN 1,000 per share and total par value of PLN 711,142,000. Thetotal number of shares held by KRUK S.A., directly and indirectly, is1,111,395, and their total par value is PLN 1,111,395,000. The shareswere acquired at par value and paid for in cash. The cash contributionwas financed with proceeds from InvestCapital's share capital increaseby the Company. The shares will be treated as a long-term investment.The cash raised by SECAPITAL will be used to finance the purchase ofshares in Presco Investments S.à r.l.

Shares held directly by the Company represent 64% of the share capitaland confer 64% of the voting rights at the general meeting of SECAPITAL.The total number of shares held by the Company, both directly andindirectly, represents 100% of the share capital and confers 100% of thevoting rights at the general meeting of SECAPITAL.

At present, no personal links exist between the Company and SECAPITAL.

The criterion based on which the acquired shares are consideredsignificant assets is that the value of the shares exceeds 10% of theCompany Group's revenue for the last four financial quarters.

Detailed legal basis: Par. 5.1.1 of the Regulation of the Minister ofFinance of February 19th 2009 on current and periodic information [...]