Kernel Holding S.A. (“Kernel” or the “Company”) announces its intention to issue approximately five million new ordinary shares of the Company through an offering (the “Offering”) to institutional investors. The Company intends to use the proceeds of the Offering principally to finance the Company’s growth strategy, including potential acquisitions. The Company will be holding a conference call today at 17:00 London time, Wednesday 30 March, 2011. The dial in details are below. The Offering will be conducted through an accelerated bookbuild. The bookbuild is now open and is expected to close on or around 18:00 London time, Thursday 31 March, 2011. It is anticipated that the issue price for the Offering and the allocations to institutional investors will be announced on or around Friday 1 April, 2011. Allottees in the Offering will receive shares on or around Wednesday 6 April, 2011. In order to effect this, Namsen Limited, a company controlled by Andrey Verevskyy, which as of the date hereof holds approximately 40% of the issued share capital of the Company, will lend shares in Kernel for the purposes of settlement to ensure that allottees in the Offering can receive and trade their allocations immediately after settlement. Subsequently there will be Extraordinary General Meeting (“EGM”) held for the purposes of issuing an equivalent amount of new shares of the Company to Namsen Limited. The EGM notice will be issued on completion of the bookbuild. The proposed transaction has the same structure as that successfully completed by Kernel in April 2010. Namsen Limited intends to grant an irrevocable to vote in favour of the resolution relating to the new issue at the EGM. The issuance of the new shares to Namsen is subject to approval by EGM. ING Bank NV, London Branch and ING Securities S.A. (“ING”) will act as Bookrunners in the Offering. ING will accept subscription orders only from those investors eligible to participate in the Offering. The Offering is to institutional investors only and as such may only be acquired by certain investors, that is: – 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), – 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). Namsen is subject to a contractual lock-up established in connection with a transaction completed in June 2010. In order to facilitate the settlement of this transaction via the envisaged stock lend by Namsen Limited, ING has agreed to temporarily suspend this lock-up. After the transaction the lock-up will continue on its original terms until December 2011. The Company will be subject to a six month lock-up. Contacts: Patrick Conrad, Kernel Holding S.A. +380 44 461 8807 The Company will be holding a conference call at 17:00 London time, Wednesday 30 March. The dial in details are below. Participants should quote access code “892184” and “Kernel Holding”. Austria Freephone: 0800 6779 75 Belgium Freephone: 0800 5063 5 Croatia Freephone: 0800 2230 42 Czech Republic Freephone: 800 7009 53 Czech Republic Freephone: 800 1428 32 Denmark Freephone: 808 8666 0 Estonia Freephone: 800 0044 176 Finland Freephone: 0800 1174 92 France Freephone: 0800 9402 20 Germany Freephone: 0800 1016 599 Greece Freephone: 00 800 1270 28 Hungary Freephone: 0680 0180 48 Ireland Freephone: 1800 9321 08 Italy Freephone: 800 9874 68 Latvia Freephone: 800 0222 1 Lithuania Freephone: 880 0302 82 Luxembourg Freephone: 800 2492 9 Netherlands Freephone: 0800 0201 229 Norway Freephone: 800 1063 2 Poland Freephone: 00 800 1212 097 Portugal Freephone: 800 7820 51 Romania Freephone: 0800 8944 98 Russia Freephone: 81 0800 2806 3011 Slovak Republic Freephone: 0800 0049 84 Spain Freephone 800: 800 0980 18 Sweden Freephone: 0200 8876 51 Switzerland Freephone: 0800 0009 96 UK: +44 (0)20 7162 0077 United Kingdom Freephone: 0500 5510 79 Austria: +43 (0)268 2205 6292 Belgium: +32 (0)2 290 14 07 Czech Republic: +420 (2)3900 0635 Denmark: +45 3271 4607 Finland: +358 (0)9 2313 9201 France: +33 (0)1 7099 3208 Germany: +49 (0)695 8999 0507 Hungary: +36 (0)618 8932 15 Ireland: +353 (0)1 4364 106 Italy: +39 023 0350 9003 Luxembourg: +352 270 0073 408 Netherlands: +31 (0)20 7965 008 Norway: +47 2156 312 0 Spain: +34 9178 8989 6 Sweden: +46 (0)8 5052 0110 Switzerland (Geneva): +41 (0)2 2592 7007 Switzerland (Zurich): +41(0)434 5692 61 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.