Consider the following statements regarding the fundamental definition and conditions of arithmetic overflow:

1.Arithmetic overflow occurs when the result of a mathematical operation produces a value that exceeds the maximum or falls below the minimum representable limit of the allocated storage format (e.g., an 8-bit register).

2.In a 2's complement signed number system, an overflow can only potentially happen when adding two numbers that have the exact same sign (both positive or both negative).

3.If an arithmetic logic unit (ALU) adds a positive binary number to a negative binary number, a computational overflow is highly likely to occur.

Which of the statements given above is/are correct?