Our Audit Committee is responsible for the coordination of the internal audit process, appointment of the independent auditors and for presenting to the board of directors its opinion with respect to the financial statements and the areas that are subject to an audit process. Messrs. Hakim Aouani, Armando Montenegro, Samuel Azout, Luis Carlos Uribe and Guillermo Valencia are the current members of our Audit Committee.

The main functions of the Committee are:

• • Review financial statements before they are delivered to the board of directors and the general shareholders’ meeting.

• • Evaluate if the Company’s administration is implementing existing internal controls. This entails communicating to all of the Company’s employees the scope of their responsibilities.

• • Understand the areas which may represent a financial risk to the Company and how management is dealing with them.

• • Review legal and non legal matters that relate to accounting and system reports, including the developments that are made in accounting in order to understand the consequences they may have on the Company’s financial statements.