Kernel Holding SA (“Kernel” or the “Company”) today announces the results of the offering (the “Offering”) of 5 400 000 ordinary shares of the Company. 5 400 000 ordinary shares were placed at a price of PLN 36 per share (the “Offer Price”). The Offering raised gross proceeds of US$ 84 million (PLN 194 million). The proceeds (after deducting fees and expenses) will provide required capital for the Company’s planned additional farming development in the Ukraine. As previously announced, the shares that will be delivered to investors are already listed and therefore will be tradable on the Warsaw Stock Exchange immediately after settlement of the transaction, which is scheduled for Wednesday 12 March. Namsen Limited, a company controlled by Andrey Verevskyy, which as of the date hereof holds 40,574,250 shares of the Company, representing 64.06% of the issued share capital, will lend shares in Kernel for the purpose of settlement and to ensure that investors in the Offering can receive and trade their allocations immediately after settlement. The Extraordinary General Meeting (“EGM”) held for the purpose of issuing an equivalent amount of new shares is planned for 7 April 2008. In connection with the Offering, Kernel and Namsen Limited have agreed to a lock-up commitment for a period ending six months after the date of the proposed EGM with respect to the issuance or sale of further equity of the Company. The Offering represents approximately 8.5% of the issued share capital before the Offering. The Offer Price is equal to a 6.3 % discount to the prevailing closing market price on the date of the Offering. ING acted as Sole Bookrunner for the Offering. Speaking on the Offering, Chairman of Board of Directors, Andrey Verevskyy, said “We are pleased to announce the successful offering of our shares. The funds raised will enable us to work on the further development of our farming division. On behalf of the Company, we thank our existing shareholders for their continued support and take this opportunity to welcome our new investors.” Contacts: Patrick Conrad, Kernel Holding S.A. +380 44 461 8807 Andrzej Olszewski, ING +48 22 820 4087 Anna Krajewska, NBS Public Relations +48 22 826 7418 * * * This announcement (and the information contained herein) shall not constitute or form any part of any offer or invitation to subscribe for, underwrite or otherwise acquire, or any solicitation of any offer to purchase or subscribe for securities in any jurisdiction where such activity is unlawful. In particular, this announcement is not for release, directly or indirectly, in or into the United States of America, Australia, Canada or Japan. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. persons unless they are registered under the Securities Act or pursuant to an available exemption therefrom. This announcement (and the information contained herein) does not contain or constitute an offer of securities for sale in the United States or to US persons and no public offering of securities is being made in the United States or to US persons. This announcement may not be distributed or published, directly or indirectly, in or into the United States. Any action contrary to these restrictions may constitute a violation of US securities law. This communication is being distributed only to and is directed only at (a) persons outside the United Kingdom, (b) persons who have professional experience in matters relating to investments, i.e., investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (c) high net worth companies, unincorporated associations and other bodies to whom it may otherwise lawfully be communicated in accordance with Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.