PricewaterhouseCoopers Advisory SpA

Since October 25, 2011 the Organizational and Management Model (“the Model”) of PricewaterhouseCoopers Advisory SpA is in force, as approved by the entity’ Board of Directors, pursuant to Legislative Decree n. 231 dated 8 June 2001 (“the Decree”), subsequently updated on June 21st 2012.

Through the adoption of the Model, the Company has intended to enforce its Internal Control System, in order to grant correctness and transparency and to have protective measures in case of offences envisaged by the law. The adopted Model is the result of a structured analysis regarding the Company’s organization and processes, in line with best practices and considering the specificity of the Network PwC. Part of the Model is the Company’ Code of Ethics.

As expected by the Decree, together with the adoption of the Model, the Company has identified a specific Supervisory Body in charge of:

• supervising the functioning of the Model (in order to ensure that conducts and behaviors observed within the Company comply with the Model)
• monitoring the adequacy of the Model (in order to verify its aptitude to prevent occurrence of unexpected behaviors)
• monitoring the soundness and the functionality of the Model over time
• identify the opportunity for updating of the Model, if necessary

The communication of relevant information relating to perpetration of offences significant as for the Decree or practices not in line with the Model (or the Code of Ethics) can be made through the e-mail address odv.advisory@it.pwc.com, accessible only by Members of the Supervisory Body, in order to grant the confidentiality of obtained information.

Accordingly, as far as contractual relationships with the Company are concerned, anyone who should become aware of practices or conducts that might involve offences as provided for by Legislative Decree no.231, or possible violations to the provisions included in the documents referred to above, should report such information to the Supervisory Body, using the appropriate dedicated e-mail address indicated above.