diff --git a/RELEASE_NOTES.md b/RELEASE_NOTES.md
index d5391f6061..5931553b13 100644
--- a/RELEASE_NOTES.md
+++ b/RELEASE_NOTES.md
@@ -1,3 +1,6 @@
+#### 0.21.1 - 02.01.2015
+* Don't catch NullReferenceExceptions for now - https://github.com/fsprojects/Paket/issues/505
+
 #### 0.21.0 - 02.01.2015
 * New `--log-file` parameter allows to trace into logfile - https://github.com/fsprojects/Paket/pull/502
 * Trace stacktrace on all NullReferenceExceptions - https://github.com/fsprojects/Paket/issues/500
diff --git a/src/Paket/Program.fs b/src/Paket/Program.fs
index 31ad0d4072..2470b81507 100644
--- a/src/Paket/Program.fs
+++ b/src/Paket/Program.fs
@@ -205,9 +205,9 @@ try
             tracefn "%s - ready." elapsedTime
     | None -> ()
 with
-| exn -> 
+| exn when not (exn :? System.NullReferenceException) -> 
     Environment.ExitCode <- 1
     traceErrorfn "Paket failed with:%s   %s" Environment.NewLine exn.Message
 
-    if verbose || (exn :? System.NullReferenceException) then
+    if verbose then
         traceErrorfn "StackTrace:%s  %s" Environment.NewLine exn.StackTrace
\ No newline at end of file