Corporate Governance

The system of rules, practices and processes by which a company is directed and controlled. Corporate
governance essentially involves balancing the interests of the many stakeholders in a company - these
include its shareholders, management, customers, suppliers, financiers, government and the community.
Since corporate governance also provides the framework for attaining a company's objectives, it
encompasses practically every sphere of management, from action plans and internal controls to
performance measurement and corporate disclosure.

INTEROILCO is managed by the President, who reports to the Board of Director.

Roles and Responsibilities of the President.

Role of the President.

The President is responsible for running the business of the Company in close collaboration with and with the
support of his executive colleagues.

The key responsibilities of the President include:

Providing coherent leadership of the Company consistent with the Company’s Core Values;
Developing Company objectives and strategy to be approved by the Board;
Providing input to the Board’s agenda;
Effective implementation of Board decisions in respect of the business;
Effectively leading the Vice President in the day-to-day running of the Company’s business;
Ensuring the development of, and the compliance by the business with, appropriate policies and
Setting out the Company’s culture, values and behaviors with support from the executive team;
Developing and promoting effective communications with shareholders and other relevant
Ensuring that robust management succession and management development plans are in place
and presented to the Board from time to time;

Developing and maintaining an effective framework of internal controls over risk in relation to all business
activities including the Company’s financial, commercial, administrative, operational and contractual activities

The President

J.M. “George” Castellanos. MBA. JD. Eng.
Association of Energy Engineers, USA EPA CHP
Association, National Association of Hispanic MBA’s,
Project Management Association, Hedge Fund Managers
Industrial Systems Engineer, Universidad de los Andes,
Colombia 1979 , EMBA Unidandes, 1989, Project
Management Studies (University of Reading, England),
International Management Studies (St. Thomas
University, USA), Monticelly University (JDA) .
Sector Experience.
Power(Generation/Distribution) , Mining, Oil Field
Development, Pipelines.
Regional Experience
Latin America, Africa, Afghanistan, Iraq.

Mr. Castellanos has over 20 years experience working on international energy sector transactions (Oil, Gas,
Coal, Pipelines and Power/Energy) with companies such as Cinergy, Enron, KCPL, Exxon, Occidental
Petroleum, Morrison Knudsen and Williams. He is expert at identifying business opportunities, developing
successful business proposals, structuring & analyzing business transactions, and successfully closing deals
in the energy sector. Mr. Castellanos has worked on multiple gas related transactions, and is familiar with all
stages of the gas to power value chain, from field development to generation, transmission and distribution.
Mr. Castellanos is a member of the American Management Association, Project Management Association,
American Society of Mechanical Engineers and the Association of Energy Engineers.

Mr. Castellanos has worked for the following companies in executive positions:

Exxon, Occidental Petroleum, Kansas City Power and Light, Enron, Cinergy, Woodgroup.

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