Current Report No.: 38/2013 Notification by the President of the Management Board of KRUK S.A. of a change in his holding

Current Report No.: 38/2013

Date of the report: May 28th 2013

Abbreviated name of the Company: KRUK S.A.

Subject: Notification by the President of the Management Board of KRUK S.A. of a change in his holding of Company shares

Legal basis: Art. 70.1 of the Act on Public Offering – acquisition or sale of a significant holding of shares

Text of the report:

Acting pursuant to Art. 70.1 of the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies, dated July 29th 2005, and Art. 160.4 of the Act on Trading in Financial Instruments, dated July 29th 2005, the Management Board of KRUK S.A. (the Company) reports that on May 28th 2013 it received a notification from Mr Piotr Krupa, President of the Company's Management Board, concerning a disposal of Company shares, reading as follows:

“Acting under Art. 69.1.2 of the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies, dated July 29th 2005, in conjunction with the requirement stipulated in Art. 160.1 of the Act on Trading in Financial Instruments dated July 29th 2005, being the President of the Management Board of KRUK S.A. (the Company), I hereby notify that on May 24th 2013, in ordinary transactions executed during trading sessions on the Warsaw Stock Exchange, I sold a total of 400,000 Company shares at a price of PLN 66.03 per share. After the transactions are settled, my equity interest in the Company will fall below 15% of the total vote at the Company's General Meeting.

Prior to the transactions, I held 2,613,928 Company shares representing 15.47% of the Company share capital and conferring the right to 2,613,928 votes at the General Meeting, that is 15.47% of the total vote.

Following the transactions, I hold 2,213,928 Company shares representing 13.10% of the Company share capital and conferring the right to 2,213,928 votes at the General Meeting, that is 13.10% of the total vote.

I further inform that there are no entities controlled by me who/which would hold shares in KRUK S.A., and there are no third parties with whom/which I would have a valid agreement providing for the transfer of voting rights from my shares in KRUK S.A.”