Kruk S.A. — Share Issue/Capital Change 2016

Oct 31, 2016

Current Report No. 103/2016

Date: October 31st 2016

Subject: Proposed amendments to the Articles of Association of KRUK S.A.

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

Text of the report:

Acting on the basis of Par. 38.1.2 of the Regulation of the Minister ofFinance of February 19th 2009 on current and periodic information [...],the Management Board of KRUK S.A. (the Company) announces the proposedamendment to the Company's Articles of Association, planned to beintroduced at the Extraordinary General Meeting of the Company to beheld on November 29th 2016.

The proposed amendment consists in the replacement of the existing Art.4.1 reading:

"The Company's share capital shall amount to PLN 17,744,216 (seventeenmillion, seven hundred and forty-four thousand, two hundred and sixteenzłoty), and shall be divided into 17,744,216 (seventeen million, sevenhundred and forty-four thousand, two hundred and sixteen) shares with apar value of PLN 1 (one złoty) per share, including:

(a) 2,692,220 (two million, six hundred and ninety two thousand, twohundred and twenty) Series A ordinary bearer shares,

b) 11,366,600 (eleven million, three hundred and sixty-six thousand, sixhundred) Series AA ordinary bearer shares,

c) 1,250,000 (one million, two hundred and fifty thousand) Series Bordinary bearer shares,

(d) 491,520 (four hundred and ninety-one thousand, five hundred andtwenty) Series C ordinary bearer shares,

(e) 1,100,000 (one million, one hundred thousand) Series D ordinarybearer shares,

(f) 843,876 (eight hundred and forty-three thousand, eight hundred andseventy-six) Series E ordinary bearer shares.

with:

The Company's share capital shall amount to no less than PLN17,744,217.00 (seventeen million, seven hundred and forty-four thousand,two hundred and seventeen złoty) and no more than PLN 18,744,216.00(eighteen million, seven hundred and forty-four thousand, two hundredand sixteen złoty), and shall be divided into no fewer than 17,744,217(seventeen million, seven hundred and forty-four thousand, two hundredand seventeen) and no more than 18,744,216 (eighteen million, sevenhundred and forty-four thousand, two hundred and sixteen) shares with apar value of PLN 1 (one złoty) per share, including:

(a) 2,692,220 (two million, six hundred and ninety two thousand, twohundred and twenty) Series A ordinary bearer shares,

b) 11,366,600 (eleven million, three hundred and sixty-six thousand, sixhundred) Series AA ordinary bearer shares,

c) 1,250,000 (one million, two hundred and fifty thousand) Series Bordinary bearer shares,

(d) 491,520 (four hundred and ninety-one thousand, five hundred andtwenty) Series C ordinary bearer shares,

(e) 1,100,000 (one million, one hundred thousand) Series D ordinarybearer shares,

(f) 843,876 (eight hundred and forty-three thousand, eight hundred andseventy-six) Series E ordinary bearer shares,

(g) no fewer than 1 (one) and no more than 1,000,000 (one million)Series G ordinary bearer shares."

Concurrently, the Company announces that the consolidated text of theArticles of Association including the proposed amendment will bedetermined by the Supervisory Board.