Current Report No. 3/2017

Date of the report: January 5th 2017

Subject: Preparation of consolidated text of KRUK S.A. Articles ofAssociation by Supervisory Board

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 that byResolution of January 5th 2017 the Company's Supervisory Board, actingpursuant to Section 4 of Resolution No. 5/2016 of the ExtraordinaryGeneral Meeting of November 29th 2016 (the "Resolution"), taking intoaccount the amendments made to the Company's Articles of Associationunder Section 1 of the Resolution, in connection with the statement madeby the Management Board on December 23rd 2016 under Art. 310.2 inconjunction with Art. 431.7 and Art. 441.2.7 of the Commercial CompaniesCode of September 15th 2000, has prepared the consolidated text of theArticles of Association of KRUK S.A.

The amendments will come into force on the date of their registration bythe registry court. The Management Board will announce the registrationin a separate current report after becoming aware of it.

The amendments to the Company's Articles of Association are as follows:

Previous wording of Art. 4 of the Company's Articles of Association:

"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."

New wording of Art. 4.1. of the Company's Articles of Association:

"The Company's share capital shall amount to PLN 18,744,216.00 (eighteenmillion, seven hundred and forty-four thousand, two hundred and sixteenzłoty) and shall be divided into 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)1,000,000 (one million) Series G ordinary bearer shares."

The consolidated text of the Articles of Association is attached hereto.

Detailed legal basis: Par. 38.1.2 of the Regulation of the Minister ofFinance of February 19th 2009 on current and periodic information [...]