Page 3 - Code of ethics and conduct

The code of ethics

and conduct

This Code of Ethics and Conduct (hereinafter the "Code") contains the general
principles that inspire the activities of SERECO SRL (hereinafter also
"the Company").

The Code is binding for the shareholders, the Sole Director, the Statutory Auditors
(where present), the auditors (where present), all the employees of SERECO
SRL and for professionals, external consultants and suppliers who provide
professional services to the Company (hereinafter the "Recipients").

The Code has been conceived so that the fundamental values for SERECO
are clearly defined and destined to constitute a key element of the corporate
culture, as well as the standard of behavior of all the Recipients in the conduct
of the business and in the performance of their activities in favor
of the Company.