Establishment of new Corporate Governance rules 

Creation of the Group Board of Directors

Missions: The Board of Directors, headed by its President, is responsible for defining the overall strategy, monitoring and supervising all activities. It shall also appoint the CEO/COO (Chief Executive Officer/Chief Operating Officer), allocate resources needed for operations, authorise acquisitions, divestitures and investments, as per the Charter of Responsibilities approved on 19 September 2006.

Chairman: David R. Williams

Board members: Joseph Cohen, Michaël Madar, Kenneth Smialek, José Arozamena, Adolfo Valsecchi

Company Secretary: David Sankowicz

Implementation of the Audit Committee

Missions: The Audit Committee’s role is to examine the accounts, the accounting methods used, the reporting system, budget drafts and to prepare a report with recommendations upon submission of bi-annual and annual accounts to the Board of Directors.

Chairman: José Arozamena

Audit Committee members: Michaël Madar, David R. Williams

Secretary: David Sankowicz

Creation of the Remuneration Committee. Its role is to examine and prepare recommendations to the Board of Directors on the remuneration package of managers of the company and its subsidiaries, and to provide the broad guidelines of the HR Group policy.

Chairman: Joseph Cohen

Remuneration Committee Members: José Arozamena, David R Williams

Secretary: David Sankowicz