The Company is managed by the Board of Directors, the number of which cannot exceed thirteen (13) members or be less than seven (7) members. The General Shareholders' Meeting has the responsibility to determine the number of the members of the board, as well as to increase or decrease their number, always pursuant to the context of the present paragraph. A legal person may become a board member, having the obligation though to appoint a natural person which will exercise the powers of the legal person as a member of the board.

Board members are elected in their majority by the Shareholders' General Meeting, in accordance to the provisions of Codified Law 2190/1920. The General Meeting may elect deputy members respective to the number of the regular members of the board mentioned above.

The Board of Directors is considered established and may constitute a body, as defined in the relevant statutes, as soon as the board members are elected by the General Meeting (par. 2 of the present article) and by virtue of the relevant minutes of the General Meeting, which must expressly name the board members elected according to the above, in order to consolidate the full composition of the body.

The members of the board have a four-year term and is automatically extended until new members are elected by the next Ordinary Shareholders' General Meeting, as specifically stipulated in par. 1, 2 and 3 of the present article. The extension of their term cannot exceed one (1) year.

Board members can be re-elected perpetually and dismissed at any time. Board members are removed by the Shareholders' General Meeting. The General Meeting can also replace any member of the board it has elected before the expiration of their term.

Board Members cannot be related to each other by blood or marriage up to the third degree, neither be subcontractors of any nature or suppliers of the Company or employees of a business in an interactive relationship with the Company.