Kruk S.A. — Major Shareholding Notification 2016

Jul 15, 2016

Current Report No. 77/2016

Date of the report: July 15th 2016

Subject: Information on transactions in KRUK S.A. shares

Legal basis: Art. 70.1 of the Public Offering Act − acquisition ordisposal of a major holding of shares

Text of the report:

Acting in accordance with Art. 70.1 of the Act on public offering,conditions governing the introduction of financial instruments toorganised trading, and public companies of July 29th 2005,the ManagementBoard of KRUK S.A. (the Company) announces that on July 15th 2016 itreceived from Piotr Krupa, President of the Management Board, anotification of disposal of Company shares, reading as follows:

"Acting in accordance with Art. 69.2.1.a of the Act on public offering,conditions governing the introduction of financial instruments toorganised trading, and public companies of July 29th 2005, as Presidentof the Management Board of KRUK S.A. (the Company) I report that on July13th 2016 I disposed of, in a transaction executed during a tradingsession on the Warsaw Stock Exchange, a total of 32,000 Company sharesfor PLN 209.00 per share. As a result, following the settlement of thetransaction, my holding of Company shares changed by at least 2% oftotal voting rights at the Company.

In accordance with the previous notification given under Art. 69 of theAct on public offering, conditions governing the introduction offinancial instruments to organised trading, and public companies of July29th 2005, that is notification of May 28th 2013, I held 2,213,928Company shares, which represented 13.10% of its share capital and2,213,928 voting rights at its General Meeting (13.10% of total votingrights at the Company).

As disclosed in the most recent periodic report, that is the report forQ1 2016 of May 8th 2016, I held 1,969,427 Company shares, representing11.24% of the Company's share capital and conferring the right to1,969,427 votes at the General Meeting (11.24% of total voting rights atthe Company).

After the transaction referred to above is settled, I will hold1,937,427 Company shares, representing 10.92% of the Company's sharecapital and conferring the right to1,937,427 votes at the GeneralMeeting (10.92% of total voting rights at the Company).

I also report that I have no subsidiaries holding KRUK S.A. shares. Ihave not entered into any agreement with a third party providing for thetransfer of voting rights conferred by the KRUK S.A. shares I hold. I donot hold any financial instruments referred to in Art. 69.4.7−69.4.9 ofthe Act on public offering, conditions governing the introduction offinancial instruments to organised trading, and public companies of July29th 2005."

Further, acting under Art. 19(3) of the MAR Regulation, the Companyannounces that on July 15th 2016 it received notifications oftransactions referred to in Art. 19(1) of the MAR Regulation frompersons discharging managerial responsibilities at the Company; thetexts of those notifications are attached to this current report.