VARD Director Retires

The Board of Directors of Vard Holdings Limited announced that Fabrizio Palermo has retired as a Director of the Company with effect from 28 April 2015.

With effect from the same date, Vittorio Zane has been appointed as an Executive Director of the Company.

Vittorio Zane has also been appointed as a member of the Nominating Committee in place of Giuseppe Bono.

Giuseppe Bono has been appointed as a member of the Remuneration Committee following the retirement of Fabrizio Palermo.

The Nominating Committee and the Remuneration Committee comprise the following members with effect from 28 April 2015:

Nominating CommitteePier Francesco Ragni

• Sung Hyon Sok (Chairman; Independent Director);
• Keen Whye Lee (Lead Independent Director);
• Vittorio Zane (Executive Director).

Remuneration Committee

• Sung Hyon Sok (Chairman; Independent Director);
• Giuseppe Bono (Non-Executive Director);
• Keen Whye Lee (Lead Independent Director).

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