On the 1^stof March 2016, Belgravia adopted an Organisation, Management and Control Model in accordance with Legislative Decree 231/2001 aimed at preventing the predicate offences referred to in the legislation, committed in the interest or to the advantage of the company by the subjects referred to in article 5 of the aforementioned Legislative Decree 231/2001, and appointed a Supervisory Board furnished with autonomous powers of initiative and control, in compliance with the law.

An integral and substantial part of the Model is the Code of Ethics, which contains the fundamental legal and ethical principles that govern the conduct of Belgravia in carrying out the respective activities.

The Model is updated periodically in order to remain in line with regulatory and judicial developments, as well as the company’s organisational changes.