Committees

The Company established within the framework of its Board of Directors the following committees:

Subsequent to the changes that occurred in the Code, the Board of Directors reaffirmed the choice it made in previous reporting years that the establishment of a Nominating Committee was not appropriate in view of the jurisdictional authority attributed to this Committee by the Code and the current highly concentrated stock ownership structure.

The tasks and rules of operation of each committee are defined in a resolution approved by the Board of Directors and were amended and integrated over time, also by means of a resolution approved by the Board of Directors, usually after an initial review by the affected committee.

All committees adopt resolution with absolute majority of its members attended, with the exception of the Committee of Independent Directors adopts resolution by a majority of its components.

Each Committee can hold meetings also through audio/videoconference and relies on the support of the appropriate corporate department. A Secretary of the Committee must draw up minutes of each Committee meeting.

Even though the Board of Directors did not approve a specific budget, the Committee is provided on an ongoing basis with the financial resources it needs to perform the tasks assigned to it. Each Committee must provide regular reports to the Board of Directors on the work performed.