Condensed Consolidated Interim Financial Statements

1 H1 FY2022. Condensed Consolidated Interim Financial Statements for the six months ended 31 December 2021. Condensed Consolidated Interim Financial Statements for the three and the six months ended 31 December 2021. Table of Contents 2 Key Highlights 3 Segment Results and Discussion 5 Financial Highlights 7 Principal Risks and Uncertainties 8 Significant Events 9 Alternative Performance Measures 14 Review report of independent auditor 16 Selected Financial Data 17 Condensed Consolidated Interim Statement of Financial Position 18 Condensed Consolidated Interim Statement of Profit or Loss Condensed Consolidated Interim Statement of Profit or Loss and Other 19.

2 Comprehensive Income 20 Condensed Consolidated Interim Statement of Changes in Equity 21 Condensed Consolidated Interim Statement of Cash Flows 22 Notes to the Condensed Consolidated Interim Financial Statements Key Highlights for the three and the six months ended 31 December 2021. Financial highlights ( RMI ) accumulated as of the end of the reporting period, adjusted Consolidated revenue of Kernel Holding group of companies net debt reduced 49% y-o-y, to US$ 189 million, reflecting the actual (hereinafter Kernel , the Company , or the Group ) in Q2 FY2022 deleveraging of the Group. increased by 42% y-o-y, to US$ 1,882 million, primarily driven by Credit metrics confirm a strong leverage profile of the Company: growing grain export sales from Ukraine, attributable to both higher Net-debt-to-EBITDA at the end of the reporting period stood at , exported volumes and higher prices.

3 Adjusted-net-debt-to-EBITDA, reduced to , and EBITDA-to- EBITDA of the Group in the same period added 9% y-o-y, reaching interest ratio improved to US$ 293 million, with growth being driven by Farming and Oilseed Processing segments: Сorporate highlights Supported by the significant margin recovery at the beginning of On 10 December 2021, the annual General Meeting of Shareholders new season, Oilseed Processing EBITDA soared y-o-y to approved a dividend of US$ per share for the Financial year US$ 59 million; ended June 30, 2021, which was paid on February 15, 2022. The Due to normalization of Avere contribution, Infrastructure and dividend for the total payout amount of US$ 34 million implies a Trading segment EBITDA declined 21% y-o-y to US$ 128 payout ratio.

4 Million. Of that, grain export value chain in Ukraine delivered a As a result of tender announced on 19 January 2022, the Company record quarterly EBITDA of US$ 86 million driven by highest ever purchased 3,375,000 shares for a total amount of PLN 189,000,000. exported volumes and strong infrastructure margins; (PLN 56 price per one share) through its direct and wholly owned Farming segment EBITDA settled at US$ 153 million in Q2 subsidiary. The purchased shares will have no dividend and voting FY2022, up 43% y-o-y, driven by stronger sales volume and rights. Following this transaction, Company's direct and wholly higher prices for crops produced in-house.

5 Owned subsidiary accumulated 6,602,000 Company's shares, Unallocated corporate expenses in Q2 FY2022 doubled y-o-y, representing of total number of shares issued. to US$ 47 million, with such growth being fully attributable to the On 25 January 2022, the Company received a notification from one-off recognition of costs related to the put option agreements Kopernik Global Investors, LLC about crossing the 5% threshold in granted to the management as a part of the management the share capital of the Company. incentive scheme approved by the extraordinary general meeting On 9 March 2022, the Company announced that it acquired 40%. of shareholders held on 30 August 2021.

6 Stake in Avere Commodities SA. Minority shareholders of Avere Net profit attributable to shareholders in Q2 FY2022 increased exercised their respective rights in accordance with Avere 49% y-o-y, to US$ 190 million. Shareholder Agreement to sell their stakes in Avere to the Company. Net debt as of 31 December 2021 increased 24% y-o-y, to US$ On 12 March 2022, the Company received from Mr. Sergei Shibaev 1,551 million, mirroring the seasonal working capital accumulation, a written notice of his resignation from the Board of Directors of the which was intensified by growing export volumes and higher grain Company. The resignation will become effective within 90 days and oilseed prices.

7 Deducting the readily marketable inventories following the receipt of the resignation notice. Q2 Q1 Q2 H1 H1. y-o-y q-o-q y-o-y US$ million except ratios and EPS FY2021 FY2022 FY2022 FY2021 FY2022. Income statement highlights Revenue 1,327 1,343 1,882 42% 40% 2,267 3,225 42%. EBITDA 1 269 315 293 9% (7%) 559 608 9%. Net profit attributable to equity holders of the Company 128 211 190 49% (10%) 332 401 21%. EBITDA margin ( ) ( ) ( ). Net margin ( ) ( ). Earnings per share 2, US$ (7%) 23%. Cash flow highlights Operating profit before working capital changes 217 192 276 27% 44% 405 468 15%. Change in working capital (223) (158) (710) 348% (382) (868) Finance costs paid, net (43) (21) (42) (2%) (65) (63) (4%).

8 Income tax paid (5) (5) (5) (12%) 1% (13) (9) (25%). Net cash used in operating activities (55) 8 (481) n/a (55) (473) Net cash used in investing activities (158) (102) (50) (68%) (51%) (194) (152) (22%). 31 Dec 30 Sep 31 Dec y-o-y q-o-q 2020 2021 2021. Liquidity and credit metrics Net debt 1,247 1,014 1,551 24% 53%. Readily marketable inventories 3 877 580 1,362 55% Adjusted net debt 4 371 433 189 (49%) (56%). Shareholders' equity 1,713 2,137 2,194 28% 3%. Net debt / EBITDA 5 + Adjusted net debt / EBITDA 5 EBITDA / Interest 6 + + Note: Financial year ends 30 June, Q1 ends 30 September, and Q2 ends 31 December 1 Hereinafter, EBITDA is calculated as the sum of the profit from operating activities plus amortization and depreciation.

9 2 EPS is measured in US Dollars per share based on million shares for Q2 FY2021 and H1 FY2021; million shares for Q1 FY2022; million for Q2 FY2022; and H1 FY2022. 3 Readily marketable inventories are inventories at cost such as corn, wheat, sunflower oil and other products that could easily be converted into cash due to their commodity characteristics, widely available markets and the international pricing mechanism. 4 Adjusted net debt is net debt less readily marketable inventories. 5 Calculated based on 12-month trailing EBITDA. 6 Calculated based on 12-month trailing EBITDA and net finance costs. Hereinafter differences between totals and sums of the parts are possible due to rounding.

10 Information for the Q1 FY2022 is disclosed in the Condensed Consolidated Interim Financial Statements for 3 months ended 30 September 2021. Kernel Holding and Subsidiaries Condensed Consolidated Interim Financial Statements for the 6 months ended 31 December 2021 2. Segment Results and Discussion for the three and the six months ended 31 December 2021.. Segment results summary Revenue, US$ million EBITDA, US$ million Volume, thousand tons 1 EBITDA margin, US$/t 2. Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2. y-o-y y-o-y y-o-y y-o-y FY2021 FY2022 FY2021 FY2022 FY2021 FY2022 FY2021 FY2022. Oilseed Processing 486 667 37% 24 59 425 417 (2%) 56 142 Infrastructure and Trading 1,107 1,648 49% 161 128 (21%) 2,395 3,483 45% 67 37 (45%).