The Board of Statutory Auditors monitors the Company’s compliance with the applicable laws and its Bylaws and has a management control function, being specifically required to verify that:

• the principles of sound management are being followed;
• the structure of Company’s organization, its system of internal controls and its administrative-accounting system are adequate and the administrative accounting system is reliable;
• the Code is being concretely implemented;
• the procedure adopted by the Company regarding related-party transactions is being complied with;
• the Company provided its subsidiaries adequate instructions regarding the obligation to disclose insider information to the market.