EVENTS OCCURRING AFTER THE END OF THE FINANCIAL YEAR

EVENTS OCCURRING AFTER THE END OF THE FINANCIAL

YEAR

Events occurring after the end of the financial year that change conditions already existing at the reporting date and require changes to the values of assets and liabilities, in accordance with the relevant accounting standard, are recognised in the financial statements, in accordance with the accrual basis to reflect the effect that these events have on the financial position and economic result at the end of the financial year.

Events occurring after the end of the financial year that alter situations existing at the reporting date, but that do not require a change in the values of the financial statements, in accordance with the reference accounting principle, as they pertain to the next financial year, are not recorded in the financial statements but are explained in the operations report when necessary for a more complete understanding of the company's situation.

The time limit within which the event must occur for it to be taken into account is the date on

which the Directors prepared the draft financial statements, except in cases where events occur between that date and the date scheduled for approval of the financial statements by the Shareholders' Meeting that make it necessary to amend the draft financial statements.