Board of Directors Mr Álvaro Cuervo García (Director)

Emeritus Professor of Business Economics at "Madrid's Universidad Complutense", Chairman of "Colegio Universitario de Estudios Financieros (CUNEF)", winner of the Rey Jaime I Economics Prize (1992), the Castilla-León "Infanta Cristina" Economics Prize (1999) and recipient of honorary doctorates from the universities of Oviedo, León, Castilla-La Mancha, Las Palmas de Gran Canaria, Salamanca and Rey Juan Carlos.

Member of the Board of Directors of "ACS" "Actividades de Servicios y Concesiones, S.L.", of the "BA Vidro, S.A. ", Member of Global Advisory Board of "SONAE SGPS, S.S." (Portugal) and member of the Spanish government's Consultative Committee on Privatisations.

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