KERNEL HOLDING S.A. - FITCH UPGRADES KERNEL’S ISSUER DEFAULT RATING ON SOVEREIGN ACTION

POLISH FINANCIAL SUPERVISION AUTHORITY

UNI - EN REPORT No 33 / 2016

Date of issue: 2016-11-21

Short name of the issuer

KERNEL HOLDING S.A.

Subject

FITCH UPGRADES KERNEL’S ISSUER DEFAULT RATING ON SOVEREIGN ACTION

Official market - legal basis

art. 56. 1. 2 of Act on Public Offering.

Unofficial market - legal basis

Contents of the report:

On 17 November 2016 Fitch Ratings upgraded Long-Term Local Currency IDR of Kernel Holding S.A. to ‘B’, one notch above the Sovereign, reflecting Kernel’s export-oriented business model and limited reliance on Ukrainian banking system. In addition, Kernel’s Long-Term Foreign Currency IDR remains constrained by Ukraine’s Country Ceiling of ‘B-’. Fitch also affirms Kernel’s National Long-Term Rating at ‘AA+ (ukr)’, with a ‘Stable’ National rating Outlook. For a full text of the press release related to the rating update, please refer to the following link: Fitch Upgrades Ukraine's Kernel on Sovereign Action. The definition of capitalized terms and applicable research criteria can be accessed at Fitch’s Corporate Rating Methodology. Source:https://www.fitchratings.com/site/pr/1014925

Annexes

File Description

KERNEL HOLDING S.A.

(fullname of the issuer)

KERNEL HOLDING S.A. Spożywczy (spo)

(short name of the issuer) (sector according to clasification of the WSE in Warsow)

L-1273 Luksemburg

(post code) (city)

rue de Bitbourg 19

(street) (number)

(phone number) (fax)

(e-mail) (web site)

(NIP) (REGON)

SIGNATURE OF PERSONS REPRESENTING THE COMPANY

Date Name Position / Function Signature

2016-11-21 Anastasiia Usachova, Yuriy Kovalchuk Directors