Cnova N.V. appointed Silvio J. Genesini as a replacement Board member to the company's Board of Directors, effective December 8, 2014. Mr. Genesini was also appointed to serve on the Audit Committee and the Nomination and Remuneration Committee of the Board. The Board has determined that Mr. Genesini is an independent director.

Silvio J. Genesini has been appointed to serve as a replacement director effective December 8, 2014. He currently serves as a member of the board of directors of Algar information technology and agribusiness operations, and as president of LIDE Tecnologia. Mr. Genesini previously served as Chief Executive Officer of Grupo Estado from 2009 to 2012, as the managing director of Brazilian operations for Oracle Corporation from 2004 to 2009, and as a partner at Accenture and Andersen Consulting.

Concurrent with Mr. Genesini's appointment, Mr. Yves Desjacques resigned from the Board effective December 8, 2014.