Kernel Holding S.A. is pleased to inform that the annual general meeting of shareholders which was held on 30 November 2012 adopted a resolution to elect Mr. Sergei Shibaev as a new independent Director of the Company.

Sergei Shibaev, 53, is a senior executive with broad international experience in finance and strategy.  During his career that has spanned over 30 years, Mr. Shibaev occupied different managerial roles with international consultancy and financial services firms including PWC, ING Barings, Deloitte & Touche and Roland Berger, among others. Sergei has a vast board membership experience serving as a non-executive director chairing audit committees for the several leading corporates in Russia, Ukraine and Kazakhstan. Mr. Shibaev is Chartered Certified Accountant (FCCA), UK and has a MS and PhD from the University of International Relations, MGIMO, Russia and an MBA from Henley Management College, UK. Following the election, the Board of Directors of Kernel Holding S.A. consists of eight Directors, three of whom are independent Directors.