1. The Authority has the right to appoint the chairman of the Board. The Government Shareholder may, as long as it owns not less than 25% of the Company’s ordinary shares, appoint the vice-chairman. In all other cases, the Board shall elect the vice-chairman from among its members.  

2. The chairman represents the Company before judicial entities and in its relationships with third parties. The chairman shall also have the right to represent the Company before all courts, at all levels and kinds, and before arbitral tribunals and committees in addition to its relationships with third party.

3. The chairman may delegate, to any other member of the Board or the CEO, some of his authorities provided that such delegation is within limits detailed in the authority matrix as approved by the Board.

4. The Board shall appoint a secretary who may not be a Board member; the terms of such appointment shall be determined by the Board who shall also provide its assignments.