6. Board Committees (Article 123-bis.2.d) of TUF)

The Board of Directors has set up a control and risk committee, a compensation and nominating committee (which carries out the duties assigned by Article 5 of the Code to the nomination committee and Article 6 to the compensation committee, as the Code rules for the composition of the two committees are complied with and attainment of the objectives is guaranteed) and a committee for related - party transactions as described in section 12, together with the executive committee described in section 4.4.

The decision to set up just one committee to combine the nomination and remuneration functions is based on organizational and efficiency requirements as the functions are complementary and comply with the provisions of Article 4 of the Code.

The Board of Directors has not retained functions attributed to one or more of its committees by the Code.

The Board of Directors set up a corporate governance advisory board (see section 17.1) on July 30, 2012.