The Board of Directors represents the collective shareholders and acts in the best interests of the Company. Each member, whatever his/her designation, represents the Company’s shareholders. The Board of Directors meetings are held as often as deemed necessary or appropriate at the request of the Chairman. All members, and in particular the independent and non-executive members, are guided by the interests of the Company and its business, such interests including but not limited to the interests of the Company’s shareholders and employees.

The members of the Board of Directors are elected by the general meeting of shareholders for a period not exceeding six years. They are eligible for re-election and may be removed at any time, with or without cause, by a resolution adopted by a simple majority of votes of the general meeting of shareholders. The Directors may be either natural persons or legal entities. A legal entity that is appointed to the Board of Directors designates a natural person as its representative.

As of 28th of April 2011 the Board of Directors consists of:

• 5 executive members representing the management of the Company: Mr. Jean-François Ott, Mr. Nicolas Tommasini, Mr. Ales Vobruba, Mr. Gabriel Lahyani, and OTT&Co. S.A., a legal entity represented by Mr. Jean-François Ott,

• 5 independent members: Mr. Silvano Pedretti, Mr. Guy Wallier, Mr. Bernard Kleiner, Mr. Alexis Juan and Mr. Robert Coucke,

• 2 non-executive members representing the shareholders: Mr. Bertrand Des Pallieres and Mr. Richard Lonsdale-Hands.

The general meeting of shareholders held on 26 April 2010 granted an authorization, in accordance with Article 13 of the Company bylaws, to the Board of Directors to delegate all or part of its powers regarding the daily management of the Company to Mr. Jean-François Ott to be appointed as Managing Director of the Company until the general meeting of shareholders concerning the approval of the annual accounts of the Company relating to the accounting year ending 31 December 2012. Following this authorization, the Board of Directors meeting held on 20 May 2010 resolved to appoint Mr. Jean-Francois Ott as the Managing Director (administrateur delegue) of the Company and the Chairman of the Board of Directors until the ordinary general assembly of the Company concerning the approval of the annual accounts of the Company relating to the accounting year ending 31 December 2012.

Mr. Nicolas Tommasini has been appointed Secretary of the Board of Directors.

The Board of Directors represents the collective shareholders and acts in the best interests of the Company. Each member, whatever his/her designation, represents the Company’s shareholders. The Board of Directors meetings are held as often as deemed necessary or appropriate at the request of the Chairman. All members, and in particular the independent and non-executive members, are guided by the interests of the Company and its business, such interests including but not limited to the interests of the Company’s shareholders and employees.

The members of the Board of Directors are elected by the general meeting of shareholders for a period not exceeding six years. They are eligible for re-election and may be removed at any time, with or without cause, by a resolution adopted by a simple majority of votes of the general meeting of shareholders. The Directors may be either natural persons or legal entities. A legal entity that is appointed to the Board of Directors designates a natural person as its representative.

The general meeting of shareholders held on 26 April 2010 renewed the mandate of the Company’s Board of Directors. On 19 May 2010, S.P.M.B. a.s., a Czech legal entity represented by Ms. Eva Janečková, acting as its permanent legal representative, announced to the Company its resignation from the Board of Directors. GEOFIN a.s., a Czech legal entity represented by Mr. Daniel Barč, its permanent legal representative, resigned from the Company’s Board of Directors on 1 April 2011. PROSPERITA investiční společnost, a.s., a Czech legal entity represented by Mr. Miroslav Kurka, its permanent legal representative, resigned from the Company’s Board of Directors on 4 April 2011. Following such resignations, the Board of Directors was comprised of 9 directors.  The Board of Directors proposed to the general meeting of shareholders held on 28 April 2011 three candidates for election to the Company’s Board of Directors: Mr. Bertrand Des Pallieres, Mr. Gabriel Lahyani, and Mr. Richard Lonsdale-Hands. These candidates were elected by the general meeting of shareholders on 28 April 2011 for terms lasting until the general meeting of shareholders approving the 2012 accounts. The current Board of Directors comprises twelve directors, of which five are independent directors.  As independent directors, they are not involved in management, are not employees or advisors with a regular salary and do not give professional services such as external audit services or legal advice. Furthermore, they are not related persons or close relatives of any management member or majority shareholder of the Company.