Board committees (article 123-bis.2.d) of the Consolidated Finance Act)

The Board of Directors has set up a risk and control committee, a remuneration and appointment committee (which carries out the duties assigned by article 5 of the Code to the appointment committee and article 6 to the remuneration committee, as the Code rules for the composition of the two committees are complied with and attainment of the objectives is guaranteed) and a related party transactions committee as described in section 12, together with the executive committee described in section 4.4.

The decision to set up just one committee to combine the appointments and remuneration functions is based on organisational and efficiency requirements as the functions are complementary and comply with the provisions of article 4 of the Code.

The Board of Directors has not retained functions attributed to one or more of its committees by the Code.

On 30 July 2012, the Board of Directors set up a corporate governance advisory board (see section 17.1).