KERNEL HOLDING S.A. - FITCH AFFIRMS KERNEL RATING AT ‘B’, REVISES OUTLOOK TO NEGATIVE ON SOVEREIGN ACTION

POLISH FINANCIAL SUPERVISION AUTHORITY

UNI - EN REPORT No 20 / 2013

Date of issue: 2013-07-04

Short name of the issuer

KERNEL HOLDING S.A.

Subject

FITCH AFFIRMS KERNEL RATING AT ‘B’, REVISES OUTLOOK TO NEGATIVE ON SOVEREIGN ACTION

Official market - legal basis

Art. 56 ust. 1 pkt 1 Ustawy o ofercie - informacje poufne

Unofficial market - legal basis

Contents of the report:

In a press-release dated July 3, 2013, Fitch Ratings affirmed Kernel Holding S.A. long-term foreign and local currencies IDR at ‘B’ and ‘B+’ respectively. The Outlooks for both ratings were revised to Negative from Stable following the agency`s revision of Ukraine`s sovereign rating Outlook to Negative from Stable on June 28, 2013. The long-term foreign currency rating of Kernel Holding S.A. remains constrained by Ukraine's country ceiling of 'B'. National long-term rating was affirmed at 'AA+(ukr)'; Outlook Stable.

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-1331 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

2013-07-04 A.Usachova, Y.Kovalchuk Directors