Corporate Action

Kern River PLC
21 May 2001

ENTITLEMENT ISSUE
SECURITY TITLE
*Ord Shs
MNEMONIC CODE           *KRV
SEDOL CODE              *490-526
TERMS                   *1 New Ordinary Share for every 4 Existing Ordinary 
                         Shares held at 32p 
EX DATE                 *21-05-01
RECORD DATE             *09-05-01
SPLITTING APPLICATION FORMS *08-06-01 3:00pm
RECEIPT OF APPLICATION FORMS *12-06-01 3:00pm
DEALING COMMENCE NEW SHARES *19-06-01
NOTES *