The Code of Ethics of the Angelini Group

First part

Recipients

The parties to whom the general principles and rules of conduct set out in our Code of Ethics are addressed.

CORPORATE BODIES

The provisions of our Code of Ethics apply, without exception, to members of the Board of Directors, of the Board of Statutory Auditors and to other Control Bodies.

More than any other party, the Corporate Bodies are responsible for exemplifying the values and standards of conduct in the Code. In particular, members of the Board of Directors shall be inspired to the principles of the Code when setting goals for the Companies.

MANAGEMENT

GTop management and directors shall be guided by the principles of the Code of Ethics in their pursuit of the Group’s objectives and shall ensure that these are respected and observed as they carry out their duties.

The directors must embody the values and principles contained within the Code. Through their conduct, they provide an example for employees and partners, they assume responsibility both internally and externally, and they strengthen the trust, unity and spirit of the Company to which they belong.

/ Casa Angelini, the headquarters of Angelini Holding

PEOPLE OF THE GROUP

We are all called upon to contribute actively to fulfilling the Code, to offer any suggestions we may have for improvement, and to report any violations. We must be fully aware of the standards set out in the Code and accordingly adapt our behaviours and our actions to comply with the principles and rules of conduct that it expresses.

Respect for the Code of Ethics is an essential part of everyone's professional duties, as well as a vital element in fulfilling our roles.

THIRD PARTIES

The provisions contained within this Code also apply to independent contractors (e.g. consultants, representatives, intermediaries, agents, etc.), suppliers, and to all those who, directly or indirectly, in the long- or short-term, maintain business relationships with or work with or for Group Companies.

Under no circumstances can the claim or belief that an action is in the Group's interest justify behaviour that is contrary to the conduct set out in this Code of Ethics.