KERNEL HOLDING S.A. - FITCH DOWNGRADES KERNEL RATING TO ‘B-’ ON SOVEREIGN ACTION

POLISH FINANCIAL SUPERVISION AUTHORITY

UNI - EN REPORT No 37 / 2013

Date of issue: 2013-11-12

Short name of the issuer

KERNEL HOLDING S.A.

Subject

FITCH DOWNGRADES KERNEL RATING TO ‘B-’ 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 November 12, 2013, Fitch Ratings downgraded the ratings of eleven Ukrainian corporates, including Kernel Holding S.A., following the agency’s recent downgrade of Ukraine’s sovereign rating. Kernel Holding S.A.’s Foreign Currency IDR was aligned with Ukraine’s sovereign and Country’s Ceiling of 'B-' (from 'B') and its Local Currency IDR was downgraded to 'B' from 'B+' with a Negative Outlook. The National Rating has been affirmed at 'AA+(ukr)'. For a full text of the press release related to the rating update, please refer to the following link: Fitch Downgrades Ukrainian Corporates on Sovereign Action (http://www.fitchratings.com/creditdesk/press_releases/detail.cfm?pr_id=807730). The definition of capitalized terms and applicable research criteria can be accessed at Fitch’s Corporate Rating Methodology (http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460).

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

2013-11-12 A.Usachova, Y.Kovalchuk Directors