Duties of the Board and CEO

The Board of Directors oversees the Company's administration and the appropriate organisation of the Company's operations. The Board of Directors also establishes the principles of the Company's strategy, organisation, accounting and financial control. The Board of Directors supervises and controls the operative management and appoints the Chief Executive Officer of the Company. The Board of Directors has general authority to decide on and act in any matters not specifically reserved by law or under the Articles of Association to any other governing body of the Company.

The Board of Directors is always obliged to act in the best interest of the Company and in a manner such that any actions or measures taken by the Board of Directors are not likely to allow unjustified benefit to any shareholder of the Company or to any third party. A Director may not participate in the decision-making process where a contractual undertaking between such Director and the Company is being discussed. When votes are cast, the majority opinion will be the decision of the Board of Directors and, in case of a tie, the Chairman will have the casting vote. A tie in connection with an election will be decided by drawing lots.

The Board of Directors is provided relevant and timely information of the Company's operations and plans so as to enable the Directors to perform their duties. Regular information provided to the members of the Board includes monthly operational reports and management accounts, and other related information pertaining to the past and anticipated future performance of the Company and its subsidiaries.

The Directors and Officers of the Company and its subsidiaries are covered by Directors' and Officers' Liability Insurance.

The Board of Directors and all the Board Committees have written charters.