                                                                EXHIBIT (E)(1)

                                    Directors

           The information set forth in this Exhibit (E)(1) is based upon
information appearing in the Company's 14D-9.

           The Company is managed by its Board which, in accordance with its
Bylaws, consists of the President of the Company and eight principal directors,
each of whom has an alternate to act in his or her absence. The members of the
Board are elected at the annual shareholder meeting. All holders of equity
capital of the Company vote as a single class to elect any director not elected
by the Government, who holds the Company's Class B Shares, or holders of Class C
Shares. The Government, as holder of the Company's Class B Shares has the right
to elect one principal director subject to the Government continuing to own at
least one Class B Share. Holders of Class C Shares have the right, voting as a
separate class, to elect two directors and will continue to have such right
provided such Shares represent at least 8% of the Company's share capital and
will have the right to elect at least one director provided such Shares
represent at least 3% but less than 8% of the equity share capital of the
Company. Accordingly, at the current time (a) holders of all Shares voting as a
single class are entitled to elect the President and the five additional
principal directors; (b) the Government, as holder of the Company's Class B
Shares, is entitled to elect one principal director; and (c) the holders of the
Company's Class C Shares are entitled to elect two principal directors.

           In addition, according to recently adopted regulations of the CNV,
holders of Class A Shares and holders of Class D Shares may be entitled to
proportional representation on the Board provided such holders represent at
least 20% of the Company's share capital (excluding for the purposes of such
calculation the directors appointed by Class B and Class C shareholders) and
meet certain other conditions. The entire Board, and their respective
alternates, are elected annually, and serve until a successor is elected and
takes office. Directors may be removed and replaced in the same manner they were
designated prior to the end of their term by the same class or classes of
shareholders who designated them as directors. Until a vacancy is filled, the
respective alternate fills temporary and permanent absences of the principal
director. The Company's Bylaws require that the Board meet at least once every
three months. A quorum at any meeting of the Board is five members.



                                    (E)(1)-1

