Indicationof the proposed issue price of FF series shares and information subjectto inquiries from Stakeholders addressed to the company.

TheManagement Board of Korporacja Gospodarcza 'Efekt' S.A. with itsregistered office in Krakow (the "Company"; "Issuer") with reference tocurrent report no. 17/2020 of April 24, 2020, hereby publishesinformation being the subject of inquiries addressed to the Company fromStakeholders.Thecompany intends to allocate funds obtained from the issue to ensurediversification and increase profitability of revenues and strengthenits involvement in the development of areas of activity, in particularfor a more complete use of real estate belonging to the group in Krakowat Opolska 12 through the following planned investments:-service and commercial office building with an area of​​35thousand GLA with underground parking-hotel and service building with a Recreation and Wellness part (thermalbaths) with an area of​​about12,000 sq m, plus parking lots: in accordance with the provisions of theMunicipal Development Plan and the initial visualization concept of theCompany.-investments and modernization of the Rybitwy shopping complex;-purchase of investment properties and planned acquisitions;

Thetime horizon for the implementation of the first stage is 2-5 years,while at the moment preparing a precise schedule of the next steps dueto the implementation by the Government of subsequent stages ofdefrosting the economy seems premature.

Theissue of shares in times of difficult situation also aims to support theaforementioned proposals, the full implementation of which will requireexternal financing and its success with a clear signal of readiness toachieve the objectives set. It should be noted that investment plansregarding the expansion of service and commercial facilities haveexisted in the Company for at least a dozen years. The project for theextension of the above-mentioned property prepared by the currentManagement Board is in the preparatory phase.TheManagement Board decided to propose to the General Meeting the issueprice of FF series shares equal to the issue price of EE series shares,i.e. PLN 1 (one), which, as it seems after a 96% reduction insubscriptions for shares of the previous issue, is the price fullyacceptable by the vast majority of the Company's shareholders.

Legal basis:Article 17para. 1 of Regulation (EU) No 596/2014 of the European Parliament and ofthe Council of 16 April 2014 on market abuse (Regulation on marketabuse) and repealing Directive 2003/6 / EC of the European Parliamentand of the Council and Commission Directive 2003 / 124 / EC, 2003/125 /EC and 2004/72 / EC (also called MAR).Disclaimer:Thiscurrent report is for information purposes only and the purpose of itspublication by the Company is solely to provide information ondetermining the issue price of shares that will be offered by theCompany to existing shareholders. This current report does not in anyway, directly or indirectly, promote the subscription of new issueshares and is not promotional material prepared or published by theCompany for the purpose of promoting new issue shares or theirsubscription or encouraging, directly or indirectly, to subscribe forthem.Thismaterial, and any of its part, is not intended for distribution, whetherdirectly or indirectly, within the territory of or in the United Statesof America or other jurisdictions where such distribution, publicationor use may be subject to restrictions or may be prohibited by law. Thesecurities referred to in this material have not been and will not beregistered under the U.S. Securities Act of 1933, as amended and mayonly be offered or sold within the United States under an exemptionfrom, or in a transaction not subject to, the registration requirementsof the Securities Act.Itis not subject to distribution, publication or distribution, directly orindirectly, in the territory or to the United States of America,Australia, Canada, Japan or any other jurisdiction in which it issubject to restrictions or is not allowed.