To ensure the best market conditions in the use of financial and contracting and instruments through a centralized and coordinated approach to the banking and capital markets, and to ensure compliance with financial responsibilities by all the Group's Business Units, the Executive Board approved the Financial Management Policy for the Group on January 25th 2016.

This policy is applicable to the main activities of treasury, risk management and financing that involve risk to the company, namely: financial investments, issuing commercial papers and Euro Commercial Paper, use of credit lines, foreign exchange spot and forward transactions and interest and exchange rate derivative operations.

This area also establishes the maximum limit of exposure to each counterparty, the methodology for assessment of the risk associated with each type of financial instrument and the way that aggregate risk limits to each counterparty and financial instrument are monitored.