RAM S.p.a. implemented the regulation of the legislative decree No.231/2001 by adopting an organizational, management and auditing Model (Model 231); an Audit Committee has been created to verify the effectiveness of the Model.

Also, the Company has adopted an Ethical Code to significantly implement the Model, which identify the values guiding those who operate to achieve the objectives of RAM, based on their duties and responsibilities.

By listing a set of acceptable and non-acceptable behaviors, the principles included in the Ethical Code pursue the following scopes:

• increase the organization effectiveness
• strengthen the system's internal cohesion and congruence
• guarantee the reliability and reputation of the Company

Indeed, the Ethical Code is a public statement of the Company's commitment to base its achievements on the highest ethical standards. Also, being a Company audited by the public administration, RAM has implemented specific behavioral principles regulating its relationship with the Public Administration, the market and third parties; those principles comply with the legislative decree 231/2001 (crime prevention) and the Law No. 190 Nov 6^th 2012 (prevention and suppression of corruption and illegality within public administrations).