Kruk S.A. — Major Shareholding Notification 2023

Feb 6, 2023

Current Report No. 13/2023

Date: February 3rd 2023

Subject: Transactions in KRUK S.A. shares

Legal basis: Art. 70.1 of the Public Offering Act

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 February3rd 2023 it was notified by Generali Powszechne Towarzystwo EmerytalneS.A. , which manages pension funds Generali Otwarty Fundusz Emerytalny("Generali OFE") and Generali Dobrowolny Fundusz Emerytalny ("GeneraliDFE"), that after the takeover of the management of pension funds NNLifeOtwarty Fundusz Emerytalny ("NNLife OFE") and NNLife Dobrowolny FunduszEmerytalny ("NNLife DFE") on February 1st 2023, pursuant to Art. 66.1and 66.6 and Art. 68 of the Act on the Organisation and Operation ofPension Funds of August 28th 1997 (Dz.U. of 2022, item 2342, asamended), its percentage of the share capital and total voting rightsheld in KRUK S.A., as registered in the accounts of: Generali OFE,Generali DFE, NNLife OFE and NNLife DFE (referred to jointly as the"Funds") exceeded the 5% threshold.

"Acting in accordance with Art. 69 in conjunction with Art. 87.1.2b ofthe Act on Public Offering, Conditions Governing the Introduction ofFinancial Instruments to Organised Trading, and Public Companies of July29th 2005 (Dz.U. of 2022, item 2554) (the "Act"), Generali PowszechneTowarzystwo Emerytalne S.A. (the _quot;Management Company_quot;), which managespension funds Generali Otwarty Fundusz Emerytalny ("Generali OFE") andGenerali Dobrowolny Fundusz Emerytalny ("Generali DFE"), with itsregistered office at ul. Senatorska 18, Warsaw, Poland, notifies youthat after the Management Company took over the management of pensionfunds NNLife Otwarty Fundusz Emerytalny ("NNLife OFE") and NNLifeDobrowolny Fundusz Emerytalny ("NNLife DFE") on February 1st 2023,pursuant to Art. 66.1 and 66.6 and Art. 68 of the Act on theOrganisation and Operation of Pension Funds of August 28th 1997 (Dz.U.of 2022, item 2342, as amended), its percentage of the share capital andtotal voting rights held in KRUK S.A., as registered in the accounts of:Generali OFE, Generali DFE, NNLife OFE and NNLife DFE (referred tojointly as the "Funds") exceeded the 5% threshold.

Before taking over the management of the funds

Generali OFE and Generali DFE held a total of 768,575 (seven hundred andsixty-eight thousand, five hundred and seventy-five) shares, or 3.98% ofthe Company's share capital, and 768,575 (seven hundred and sixty-eightthousand, five hundred and seventy-five) voting rights, or 3.98% oftotal voting rights in the Company.

NNLife OFE and NNLife DFE held a total of 827,375 (eight hundred andtwenty-seven thousand, three hundred and seventy-five) shares, or 4.28%of the Company's share capital, and 827,375 (eight hundred andtwenty-seven thousand, three hundred and seventy-five) voting rights, or4.28% of total voting rights in the Company.

After taking over the management of the funds

Generali OFE, Generali DFE, NNLife OFE and NNLife DFE held a total of1,595,950 (one million, five hundred and ninety-five thousand, ninehundred and fifty) shares, or 8.26% of the Company's share capital, and1,595,950 (one million, five hundred and ninety-five thousand, ninehundred and fifty) voting rights, or 8.26% of total voting rights in theCompany.

There are no Funds' subsidiaries holding any shares in the Company andno persons referred to in Art. 87.1.3.c. of the Act.

As calculated in accordance with Art. 69b.2. of the Act, there are novoting rights attached to shares which the Funds would be entitled orobliged to purchase as holders of financial instruments referred to inArt. 69b.1.1. and Art. 69b.1.2. of the Act, which are not exercisedexclusively through cash settlement.

As calculated in accordance with Art. 69b.3. of the Act, there are novoting rights attached to shares which are directly or indirectlyrelated to financial instruments referred to in Art. 69b.1.2. of the Act.

As calculated in accordance with Art. 69.4.9., the total number ofvoting rights held by the Funds is 1,595,950 (one million, five hundredand ninety-five thousand, nine hundred and fifty); they represent 8.26%of total voting rights."