Kruk S.A. — Major Shareholding Notification 2017

Jun 24, 2017

Current Report No. 34/2017

Date: June 23th 2017

Subject: 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, theManagement Board of KRUK S.A. (the "Company") announces that on June23rd 2017 it received from Powszechne Towarzystwo Emerytalne S.A., withregistered office at ul. Postępu 15B, 02-676 Warsaw, Poland, thefollowing notification of sale of Company shares:

"With reference to the disclosure obligation under Art. 69 in connectionwith Art. 87.1.3.b of the Act on public offering, conditions governingthe introduction of financial instruments to organised trading, andpublic companies of July 29th 2005, (Dz. U. of 2016, item 1639) (the"Act"), Generali Powszechne Towarzystwo Emerytalne S.A., acting as themanager of Generali Otwarty Fundusz Emerytalny and Generali DobrowolnyFundusz Emerytalny (jointly the "Funds"), with their registered officesat ul. Postępu 15B in Warsaw, Poland, hereby gives notice of the Fundshaving reduced their joint holding of voting rights in KRUK S.A. (the"Company") below the threshold of 5% of the total number of votingrights in the Company.

1.The Funds' holding was reduced as a result of sale of Company shareseffected on June 20th 2017.

2.Before the change, the Funds held 939,238 (nine hundred thirty-ninethousand two hundred thirty-eight) shares, representing 5.01% of theshare capital of the Company and carrying 939,238 (nine hundredthirty-nine thousand two hundred thirty-eight) votes at the GeneralMeeting, i.e. 5.01% of the total number of voting rights.

3.After the change the Funds held 925,238 (nine hundred twenty-fivethousand two hundred thirty-eight) KRUK S.A. shares, representing 4.94%of the share capital of the Company and carrying 925,238 votes at theGeneral Meeting, i.e. 4.94% of the total number of voting rights.

4.There are no subsidiaries of the Funds which would hold Companyshares, and there are no persons referred to in Art. 87.1.3.c of the Act.

5.The number of voting rights from Company shares, calculated inaccordance with Art 69b.2 of the Act, which the Funds would have theright or obligation to acquire as holders of the financial instrumentsreferred to in Art. 69b.1.1 of the Act, and the financial instrumentsreferred to in Art. 69b.1.2 of the Act, which are not exercisableexclusively by way of cash settlement, is zero.

6.The number of voting rights from Company shares, calculated inaccordance with Art. 69b.3 of the Act, which are directly or indirectlyrelated to the financial instruments referred to in Art. 69b.1.2 of theAct, is zero.

7.The total number of voting rights calculated in accordance with Art.69.4.9 is 939,238 (nine hundred thirty-nine thousand two hundredthirty-eight), which constitutes 5.01% of the total number of votingrights."