Kruk S.A.

KRUK’s Management Board and the selling shareholder have set the price for offer shares at PLN 39.7 per each share of the new issue/ each sale share. The final number of offer shares has been set at 9.3 million, including 1.1 million series D shares of the new issue and 8.2 million series AA shares sold by Polish Enterprise Fund IV L.P., a private equity fund managed by Enterprise Investors.

Also the number and type of shares offered in individual tranches have been set. In the retail investors tranche 930,000 sale shares (series AA shares) will be offered. In the institutional investors tranche the final number of shares offered is 8,370,000, including 7,270,000 sale shares and 1,100,000 shares of the new issue (series D shares).

”Following closing of subscriptions under the retail investors tranche and after closing of the book-building process for institutional investors we have decided to set the issue price at the maximum level. The offer met with very big interest of investors and we can expect reduction of subscriptions in the retail tranche. Also the declarations submitted by domestic and foreign financial investors exceed the number of shares offered in the institutional investors tranche,” said Piotr Krupa, President of the Board of KRUK S.A.

”First of all we want to congratulate KRUK’s Management Board. We are very glad about the big interest KRUK is enjoying among investors. During the period of our investment we witnessed not only a multiplication of KRUK’s worth but also the building of a very strong team managed by the company’s founder Piotr Krupa who will perfectly manage to grow the company in the future. We believe that both the growth potential of the Polish and other Middle European debt collection markets and the growth potential of KRUK are very promising for investors," said Dariusz Prończuk, Managing Partner at Enterprise Investors and Chairman of the Supervisory Board of KRUK S.A.

Subscriptions for shares under the institutional investors tranche will be accepted from 19 to 21 April 2011.

The estimated value of the entire offering is PLN 369.2m while the value of new series D shares is PLN 43.7m. The funds raised by KRUK will be used for debt portfolio purchases (mainly banking receivables).

In the update communiqué No 3 of 29 April 2011 the Company informs that, in accordance with  its  expectations, the first day of quotations of the Existing Shares and of allotment certificates (PDAs) on the regulated market of the WSE will be 10 May 2011 or a date around that date.