Kernel Holding SA (“Kernel” or the “Company) announces the results of the offering (the “Offering”) of ordinary shares of the Company announced 31 March, 2011. 5,400,000 ordinary shares were placed at a price of PLN 74 per share. The Offering raised gross proceeds of PLN 399.6m. Allottees in the Offering will receive shares on Wednesday 6 April, 2011. In order to effect this, Namsen Limited, a company controlled by Andrey Verevskyy and Kernel’s major shareholder, has agreed to lend shares in Kernel for the purposes of settlement. Subsequently there will be an Extraordinary General Meeting (“EGM”) held for the purposes of issuing an equivalent amount of new shares to Namsen Limited. The date for the EGM will be announced in due course. The issuance of the new shares to Namsen is subject to approval by EGM. ING Bank NV, London branch and ING Securities S.A. acted as sole bookrunners in the Offering. 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. It is not directed to, or intended for distribution to or use by, any person or entity located in any jurisdiction where such distribution, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. In particular, this announcement is not for release, directly or indirectly, in or into the United States of America, Australia, Canada or Japan. In Poland, the offering of securities described in this announcement is addressed solely to qualified investors, within the meaning of article 8 of the Polish Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies dated July 29th 2005, and within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC), and to other investors each of whom acquires securities of a value (calculated on the basis of the offer price) of at least the zloty equivalent of EUR 50,000 (calculated at the mid exchange rate for the euro quoted by the National Bank of Poland for the day on which that price is determined). 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.