KER KERNEL'S POSITION ON COMPLIANCE WITH CORPORATE GOVERNANCE BEST PRACTICES FOR WSE-LISTED COMPANIES

Kernel Holding S.A. (the “Company”) hereby informs that the Company obtained the report of the independent capital markets and corporate governance expert, Ph.D. in law, and licensed securities broker in Poland (the “Report”) with respect to the position of the Warsaw Stock Exchange’s Corporate Governance Consultation Committee (the "Committee") disclosed in the Company’s current report No 3/2024 and claiming about the violation of the Principle 4.13. of the "Best Practices for WSE Listed Companies 2021" by the Company when carrying the share issue in August-September 2023.
Specifically, the Report concluded that Principle 4.13 of the Best Practice for WSE Listed Companies 2021 does not apply to the Company’s offering, but even if applicable, the Company complied with all conditions of that principle. The Report also specifies that the Committee has no mandate in the generally applicable Polish capital markets regulations or even in the internal regulations of the Warsaw Stock Exchange. Finally, the Report demonstrates an apparent conflict of interest for at least five persons participating in the works of the Committee. The full text of the Report is disclosed in the attachment to this current report.