The Board of Statutory Auditors oversees compliance with laws, regulations and by-laws, with principles of good management and, especially, monitors the adequacy of the administrative, organizational and accounting structure adopted by the Company as well as its actual operations and the adequacy and efficiency of the risk management and control system.

Furthermore, pursuant to Italian Legislative Decree No. 39/2010, the Board of Statutory Auditors, as the responsible body for the internal control and audit of accounts, monitors:

(i) the process for financial disclosure; (ii) the effectiveness of the internal control system, the internal accounting audit system, if applicable, and the risk management system; (iii) the auditing of the annual and consolidated financial statements; and (iv) the independence of the external auditing firm, especially in relation to the provision, by the auditing firm, of non-accounting services.