La relazione di revisione sul bilancio in inglese

Report of the Independent Audit Firm (DA MODIFICARE)

according to art. 2409-ter of Civil Code 

To the --------------------------- S.p.A.

1. We have audited the statutory financial statements of the company -------- S.p.A. as of December 31, 2011. The fair presentation of thefinancial statements in accordance with the Italian regulations governing financial statements is the responsibility of ------------------------ S.p.A.directors. Our responsibility is to express an opinion on these financialstatements based on our audit.

2. We conducted our audit in accordance with general accepted auditing standards.Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audit provides a reasonable basis for our opinion.

For the opinion on the financial statements of the prior year, which are presented for comparative purposes as required by law, reference should be made to theauditors’ report issued by us on -----------------------.

3. In our opinion, the statutory financial statements present fairly the financialposition of ---------------- S.p.A. as of December 31, 2011, and theresults of its operations for the year then ended in accordance with the Italian regulations governing financial statements.

4. -------------------------

5. The Directors of ----------------------- S.p.A. are responsible for the preparationof the Report on Operations in accordance with the applicable laws. Ourresponsibility is to express an opinion on the consistency of the Report onOperations with the financial statements, as required by art. 2409-ter, paragraph 2,letter e), of the Civil Code. For this purpose, we have performed the proceduresrequired under Auditing Standard n. 001 issued by the Italian Accounting Profession(CNDCEC). In our opinion the Report on Operations is consistent with the financialstatements of ------------------- S.p.A. as of December 31, 2011.

Milan, xxx  

BDO S.p.A.

---------------------------(Director)

This report has been translated into the English language solely for the convenienceof international readers.