Page 18 - Code of ethics and conduct

Prevention

of conflict of interests

The recipients must carry out their activities in favor of SERECO SRL avoiding the occurrence
of any situation of conflict of interest, even if only potential or partial, meaning a situation
in which an interest other than that of the Company may be pursued or possible for the recipients
to derive undue personal benefits, for themselves or for others, from news received as a result
of their office.

In any case in which a conflict of interest occurs, the recipients will inform the competent
corporate bodies of SERECO SRL without delay, refraining from participating in the operational
activities and decision-making processes in relation to which the conflict of interests
is configurable, unless such competent bodies have granted express authorization to act.

Principles relating

to accounting

entries

The truthfulness, accuracy, completeness
and clarity of the accounting data are
essential principles for SERECO SRL,

for the purposes of transparent,
correct and exhaustive information
of the shareholders and third parties
on the company's business.

The accounting records, and the documents
deriving from it, must be based on precise,
exhaustive and verifiable information and reflect
the nature of the transaction to which they refer,
in compliance with the law and applicable national
and international accounting standards.

These accounting records and documentation
must also be accompanied by the relevant
supporting documentation necessary to allow
for objective analysis and verification.

17