Chairman

The Chairman is empowered by the Bylaws to legally represent the Company and to sign acts on its behalf, chairs the Shareholders' Meetings, convenes and chairs the Board of Directors, and makes sure that the Board's resolutions are implemented. Specifically, he coordinates the Board's activities and guides the proceedings of its meetings, ensuring that the Directors are provided in due time with the documentation and information required for the Board to make informed decisions on the matters that it must examine. In this context, he essentially acts as guarantor of the adequate application of corporate governance rules. According to a Board resolution dated May 2^nd, 2011 the Chairman is also entrusted with the duties of (i) Participating in the formulation of corporate strategies in agreement with the Chief Executive Officer, without prejudice to the powers granted to the latter by the Board of Directors, as well as (ii) overseeing auditing activities in accordance with the Chief Executive Officer, while the internal auditing competes to the latter.