The Board of Ocean S.A. has developed corporate governance practices to fulfill its responsibility to Ocean S.A. shareholders. By adopting corporate and committee guidelines, the Board of Directors ensures it has the necessary authority and procedures in place to oversee the work of senior management and to exercise independence in evaluating Ocean S.A.’s business operations. The guidelines align the interests of management and directors with those of the shareholders of Ocean S.A.. All guidelines are subject to future refinement or changes as the Board of Directors may find necessary or advisable for Ocean S.A. in order to achieve the above objectives. The composition and activities of Ocean S.A.’s Board of Directors, the approach to public disclosure and the availability of ethics and business conduct resources for employees exemplifies our commitment to good corporate governance practices, including compliance with new standards. Ocean S.A. is an international holding company. It is not an operating company and its interests are currently located in Europe.