Kruk S.A. — Share Issue/Capital Change 2020

Mar 13, 2020

Current Report No. 5/2020

Date of the report: March 13th 2020

Subject: Registration of a change in the share capital of KRUK S.A.

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. (the "Company") announces thatreceived a decision to register by the District Court forWrocław-Fabryczna in Wrocław, 6th Commercial Division of the NationalCourt Register, on March 5th 2020, of a PLN 41,156 increase in the sharecapital of KRUK S.A. through the issue of Series F shares. The entry ofthe share capital increase in the National Court Register is ofdeclaratory nature. Pursuant to Resolution No. 26/2014 of the AnnualGeneral Meeting of KRUK S.A. (Resolution) dated May 28th 2014, the sharecapital was increased as part of the conditional share capital increasethrough the issue of 41,156 Series F shares with a par value of PLN 1.00per share. The issue of Series F shares was related to the exercise ofrights attached to Series A, B and C subscription warrants by eligiblepersons. Series A, B and C warrants were issued as part of the incentivescheme addressed to key management staff of KRUK S.A. and the Groupcompanies.

KRUK S.A.'s share capital currently comprises:

- 2,692,220 Series A bearer shares with a par value of PLN 1 per share,

- 11,366,600 Series AA bearer shares with a par value of PLN 1 per share,

- 1,250,000 Series B bearer shares with a par value of PLN 1 per share,

- 491,520 Series C bearer shares with a par value of PLN 1 per share,

- 1,100,000 Series D bearer shares with a par value of PLN 1 per share

- 843,876 Series E bearer shares with a par value of PLN 1 per share

- 227,595 Series F bearer shares with a par value of PLN 1 per share and

- 1,000,000 Series G bearer shares with a par value of PLN 1 per share.

Currently, the share capital of KRUK S.A. amounts to PLN 18.971.811andis divided into 18.971.811shares, conferring 18.971.811 voting rights atthe Company's General Meeting.

At the same time, in accordance with the above, Par. 4.1 of theCompany's Articles of Association was amended to give it the followingwording:

"Par. 4 Share Capital

1. The share capital of the Company amounts to 18.971.811 (in words:eighteen million nine hundred seventy-one thousand eight hundred eleven)zlotys and is divided into 18.971.811 (in words: eighteen million ninehundred seventy-one thousand eight hundred eleven) shares with the parvalue of 1 (one) zloty each, of which:

(a) 2 692 220 (in words: two million six hundred ninety two thousand twohundred twenty) ordinary bearer shares of A series,

(b) 11 366 600 (in words: eleven million three hundred sixty sixthousand six hundred) ordinary bearer shares of AA series,

(c) 1 250 000 (in words: one million two hundred fifty thousand)ordinary bearer shares of B series,

(d) 491 520 (in words: four hundred ninety one thousand five hundredtwenty) ordinary bearer shares of C series,

(e) 1 100 000 (in words: one million one hundred thousand) ordinarybearer shares of D series,

(f) 843 876 (in words: eight hundred forty three thousand eight hundredseventy six) ordinary bearer shares of E series,

(g) 227 595 (in words: two hundred and twenty-seven thousand fivehundred and ninety five) ordinary bearer shares of F series,

(h) 1 000 000 (in words: one million) ordinary bearer shares of Gseries."

The issuer shall attached consolidated text of the Statute of theCompany taking into account the above change.

Detailed legal basis: Par. 5.1 of the Regulation of the Minister ofFinance of April 20th 2018 on current and periodic information [...]