Since 2004 FNM S.p.A. adopted a Code of ethics. The latest revision was approved by the Board of Directors in 2011 and it is currently being updated also for the new disposals introduced, the so-called "Anti Corruption Law" (Law no. 190, 6th November 2012).

An Ethics Committee was established within the Company. It is composed by three independent Council Members from the Board of Directors, including the President as the team's coordinator who is also responsible for:

• the promotion of the widest diffusion of the Code of ethics to all its recipients (managers, mayors, employees, external collaborators and business partners) in order to guarantee its understanding and observance;

• the code of ethics's update, caring about its correct application;

• the implemention of a systematic monitoring of the Company's conduct, in order to oversee the level of application of the code's principles.

The Ethics Committee also promotes initiatives to support integrity and transparency within the Group subsidiaries, in order to incorporate ethics into every area and in each business activity. To this end, it is also promoting a collaboration with Transparency International, with which some training sessions on legality, transparency and anti-corruption will be organized during Autumn 2014.