Current Report No. 52/2017

Date of the report: November 23rd 2017

Subject: Cost summary of the Fourth Public Bond Issue Programme

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

Text of the report:

In connection with the closing of the Fourth Public Bond Issue Programme(the "Programme") on November 23rd 2017, and further to Current ReportNo. 88/2017 of September 19th 2016, the Management Board of KRUK S.A.(the "Issuer") discloses information on the costs incurred under thepublic bond issue programme for retail investors. The total costs of theProgramme, as part of which four bond issues were run comprising 400,000Series AF1 bonds, amounted to PLN 797,000, and included: - cost ofpreparing the prospectus, including cost of advisory services - PLN92,000, - cost of preparing and carrying out the bond offerings - PLN655,000, - offering promotion costs - PLN 50,000. The average cost ofthe offerings per bond with a nominal value of PLN 100 was PLN 1.97. Nocosts were incurred on underwriting fees since the Issuer did notconclude any underwriting agreements in connection with the bondofferings. The costs related to preparation of the prospectus, finalterms and conditions of the bonds and brokerage commissions, totallingPLN 747,000, were recognised as prepayments. These costs are charged tothe Issuer's profit or loss from the issue date to the maturity date.Other costs, including the costs of bond offering promotion, are chargedto the Company's operating expenses.

Detailed legal basis: Par. 33.1 of the Regulation of the Minister ofFinance of February 19th 2009 on current and periodic information [...]