Cmc is aware of the fact that the adoption of a Code of Ethics, which sets out the principles governing the conduct of the Company and its personnel – to be intended in broader meaning of the term -, and clearly defines – also in terms of transparency – the values the Company adheres to in order to achieve corporate targets, is of the essence in order to carry out its corporate activities in a correct way and to avoid or detect unlawful activities under the terms of the Law Decree No. 231/2001.

To this end the Code of Ethics has been approved by the Board of Directors and adopted by the Company. Beside its scope of avoiding unlawful conducts under the terms of Law Decree No. 231, its compliance is deemed as an essential condition to perform the Company’s operations correctly, to safeguard the Company’s reliability, good name and image, and increase customers’ satisfaction. All these factors are considered as fundamental for Cmc’s present and future success and development.

The Code encompasses principles such as professional competence, entrepreneurship, legitimacy, honesty, transparency, reliability, equal opportunities, impartiality, loyalty, correct behaviour and goodwill. These principles shall underlie both the activity and the conduct of the Company and its employees as well as of those individuals who partake in Cmc’s operating activities, and shall be considered as an integral part of the conduct that the Company has to keep under the terms of applicable law provisions and the obligations stemming from collective bargaining.

Cmc Code of Ethics has been adopted by the Board of Directors on 10 October 2003 and revisioned on 7 May 2009.