Code of Business Conduct

of

Sainsel Sistemas Navales, S.A.U., S.M.E.

CODEOFBUSINESSCONDUCT

INTRODUCTION

WhatthecodeofbusinessconductofSainselis?The code of business conduct of Sainsel is the core that establishes the standard ofconduct thatSainselwantsto followinall theirbusinessactivities. lt isastandardofconduct more demanding than the one defined by the applicable legislation in thevariouscountriesinwhichSainseldoesitsbusiness.lt draws up a set of principles/values on entrepreneurial behavior. The code ofbusiness conduct is also awritten reflection of a public commitment of Sainselwiththoseprinciples/values.The code of conduct has been defined by the Board of Directors of Sainsel as topexecutivebodyofSainselandisacommitmentatthehighestlevel.The code of conduct of Sainsel applies to all subsidiaries inwhich Sainsel holds themajority.ltmayalsoapplytotemporaryunionsofcompanies,consortia,jointventuresand other instruments for the development of business in which Sainsel holds themajority.WhatthecodeofbusinessconductofSainselisnotThecodeofconductisnotanysubstituteforthelegalrulesthatmaybeapplicableineachcaseandineachterritory,orfortheobligationsvalidlyassumedonacasebycasebasiseitherbycontractorcollectivebargaining.Nor does it constitute an internal comprehensive regulation of the company. Sainselhas rules and internal norms other than the code of conduct which have been dulyapprovedandissuedwithintheorganization,andwhichshouldbe,asaresult,knownandupheld.TowhomitisaimedatThe codeofbusiness conductof Sainsel is aimedat individuals andentitieswhoaretheirdirectrecipients(recipients)andalsotothosewhohavetobeorcanbeawareofthesame(knowingindividualsandentities).

CODEOFBUSINESSCONDUCT

TherecipientsofthecodeofbusinessconductofSainselarefirstofallthoseserving.Sainselasdirectors,executiveofficersandemployees,whomustadjusttheirconducttothestandardsestablishedinit.Also recipients of the Code of Conduct are the representatives, officials, agents andmediators acting on interest or on behalf of Sainsel These persons or entities mustcomply its conduct to the standards of the code provided that they represent ormanageinterestsofSainsel.ThemajorknowingindividualandentitiesofSainsel'scodeofconductarecustomers,suppliers, consultants and other persons or entities that are related to Sainsel forprofessional reasonsorbusiness.All thesepersons, inaddition tobeing informedbySainsel in order to let them know the code, must accept that, in their industrialrelationships or business conducted with Sainsel, the conduct of the company andindividualstargetofthiscodeisgovernedbytheprovisionsofthesame.Finally,thecodeofconductisaimedatanyonewhodoesnothavedirectrelationshipswith Sainsel, but who are interested in knowing the principles/values governingSainsel'sbusinessconductortoinformitofaviolationoftherulessetinthiscode.WhateffectitisexpectedtohaveThemaineffectexpectedof thiscode is toprovide toall itsaddresseesandknowingindividual and entities with awareness of the standards of behavior that they mustobserveorcomplywith,asthecasemaybe.Theobligedtocomplywithitarealsoexpectedtocooperateinitsdisseminationandeffectiveimplementation.lnthecaseofdirectors,theyareexpectedtogiveexampletotherestoftheorganizationintheirknowledge,disseminationandimplementationofthecodeofconduct.Thiscodeisalsoexpectedtoallowandencourageallofitsrecipientstomakeuseofthevariousmeansenvisagedtohelptheircompliance.Finally,itisexpectedthatbothrecipientsandknowingpersonsandentitiesofthecodeofconductshallworktogethertopreventtheirviolation.

CODEOFBUSINESSCONDUCT

WhateffectitisnotexpectedtohaveTheeffect Sainsel's codeof conduct isnot expected tohave is tomakenoneof theirrecipientsbelievethattheyareexemptedfromthedutytoknowandcomplywiththeenforceablelegalorinternalrulesofthecompany.Noritisexpectedthattheexistenceorthecontentofthecodemaybeusedbytheirrecipientsinordertocreateconfusionand/ordiscrepanciesinitsinterpretation,ortohinderitsfulfillmentinanyotherway.Anothereffectthatcannotbeexpectedfromthecodeofconductisthatitmayresolvebyitselfeverycaseseverydoubtthatmayarisetocomplywiththeprinciples/valuesofbusinessconductofSainsel.Finally, the code of conduct cannot have the effect of eliminating theneed for all itsrecipientstoactuprightlyandusecommonsensetodealwiththeproblemsthatmayoccur,informingthecompanyandrequestingadviceandsupportwhereappropriate.

CODEOFBUSINESSCONDUCT

BUSINESSCONDUCTPRINCIPLES/VALUES

Theprinciples/valuesofbusinessconducttowhichSainselishighlycommittedareasfollows: Compliancewithlaws Morallntegrityandlmpartialbusinessconduct Respectforlndividuals HealthandPhysicallntegrityProtection EnvironmentalProtection EfficientManagement AppropriateAttitudeatinternationalmarkets UseandProtectionoflnformation CommitmenttoQuality

Eachprinciple/valueresultsintocertainrulesofconduct.Themostimportantcontentof these rules of conduct is explained below, which in the majority of cases areexpandedintomorespecificrulesthroughinternalnormsofthecompanyorclausesincontracts.

CODEOFBUSINESSCONDUCT

‐I‐

CompliancewithlawsThefirstcommitmentonbusinessconductforSainselistocomplywiththeapplicablelaws inall countrieswhere itoperates,withspecialemphasison thecommitment topursue its violations and to cooperate with the Justice on such violations in whichrespects to criminal liability that may arise for the company in accordance withSpanishCriminalCode.Whenpermittedbylaw,Sainselmaychoosethemostconvenientapplicablelawforitsdealings.AuthoritiesandpublicrepresentativesWhendealingwithauthoritiesandpublicrepresentatives,eitherSpanishorelsewhere,Sainselwillactonrespectfulgroundsandinaccordancewiththeapplicablelegislationinordertopromoteanddefenditscorporateinterests.Recipients of this Code will cooperate with authorities and public representativeswhennecessary.MoneylaunderingSainsel is deeply committed to prosecution of money laundering. Recipients of thiscode of conduct will not promote, facilitate, participate in or conceal any moneylaunderingoperation.Recipientswill cooperatewith Sainsel in reportinganyknownmoneylaunderingoperation.Registrationoffinancialoperations All operationswith economic importance that Sainsel carries outwill be clearly andaccuratelyincludedinappropriateaccountingrecordsthatrepresentthetrueimageofthetransactionscarriedoutandwillbeavailabletointernalandexternalauditors.The recipients of this code of conduct, who in the performance of their work mustenterthefinancialinformationinthesystemsofthecompany,willdosoinacomplete,clearandprecisemanner,sothattheyreflect,atthecorrespondingdate,therightsandobligationsinaccordancewiththeapplicableregulations.

CODEOFBUSINESSCONDUCT

Sainseliscommittedtoimplementandmaintainanadequatesystemofinternalcontroloverthepreparationoffinancialinformation,guaranteeingperiodicsupervisionofitseffectiveness. The accounting records will be available at all times to internal andexternalauditors.With this objective, Sainsel is committed to making available to its employees thetraining that is necessary for them to know, understand and comply with thecommitments established by the company in terms of internal control of financialinformation.

CODEOFBUSINESSCONDUCT

‐II‐Moralintegrityandimpartialbusinessconduct

RecipientsofthisCodeofConductaretoimplementapolicybasedonmoralintegrityandimpartialbusinessconduct,whichistoseekSainsel'scorporateinterestchoosingfor that purpose the most convenient and impartial alternative for the corporateinterests as permitted by law, under this Code of Conduct and in accordance withSainsel'sinternalrulesandapplicablecontractsand/orcollectiveagreements.Noarbitraryactslnnocase,recipientsofthisCodearetoactonarbitrarinessgrounds.lnnocasethirdparty interests or recipients' interests will be preferred to those of Sainsel's globalcorporateinterests.ConflictofinterestsAconflictof interestariseswheneverarecipientof thecodeofconductmustmakeadecisionwhichaffectsboththeinterestsofSainselandtheinterestsoftherecipient,itsrelativesorpeoplewithwhomtherecipienthasabondofaffectionequivalenttoclosefriends; all of these in relation with companies, businesses or entities in which therecipient or the persons abovementioned have interests thatmay be affected by thedecision.Aconflictofinterestarises,i.e.:

lf recommending or awarding a Sainsel contract to a company in which arelativeoftherecipientresponsibleformakingthedecisionworks.

lf making a business decision that may directly benefit a close friend of theperson in charge of deciding, for he isworking for the company that shall bepaid.

Shouldtherecipientsofthiscodeofconductbeinconflictofinterest,theywillnotifythesituationtotheirsuperiors.Recipientsarenottomakedecisionsonthematterinwhich there isconflictof interestbeforenotifying tocommandersorsuperiors.Oncethe conflict of interest has been studied by commanders or superiors, the affectedrecipientwillbeallowedthentoelectthemostconvenientalternativeforSainsel.

CODEOFBUSINESSCONDUCT

Whenallowingarecipientofthiscodetodecideonaconflictofinterest,commandersorsuperiorsaretobear inmindnotonlythe integrityandimpartialityof thepersonwhowill decide, but also the fact that the impartiality image of Sainselmay not bedamagedoutsidethecompany.When the recipient in conflict of interest is part of a group of people collectivelyresponsible for making the decision (such as committees or working groups) therecipientwillinformthegroupandwillabstainfromvoting.GiftsandhospitalityWheninteractingwiththirdpartiesandcompanies,recipientsofthiscodeofconductwillnotgivegiftsand/ormakeinvitationswhoseeconomicvalueexcedeswhatcanbeconsideredreasonableandmoderateinthelightofthecircumstancesandthecountryinvolved.Whentherulesofconductapplicable to thirdpartiesorcompaniesprohibitor limitbelowthereasonablethresholdgiftsor invitations, recipientsof thiscodeofconductwillrefrainfrommakinganyinvitationorgivinganygiftthatmayviolatetherulesofconducttherein.Moreover, inrelationshipswith thirdpartiesandcompanies,recipients of thiscodeare to reject any gift or invitation whose economic value exceeds what can beconsideredreasonableandmoderateinthelightofthecircumstancesandthecountryinvolved.RejectionistobepoliteandcanbeexplainedunderthegroundsofSainsel'scodeofconduct.ln thoseexceptionals cases inwhich, according to thebusinesspracticesof a foreigncountry,itisnecessarytoacceptgiftsthatexceedthevalueconsideredasmoderateorreasonable under this Code, those gifts are to be accepted only on behalf of thecompany,whowillbeitssoleowner.PrivilegedinformationRecipientsofthisCodewillnotusetheprivilegedinformationknownbymeansoftheirrelationswith Sainsel for their personal economic advantage,nordisclose it to thirdpartiessothattheymayobtainthesamekindofbenefits.

CODEOFBUSINESSCONDUCT

FreeandfaircompetitionSainselisfirmlycommittedtofreeandfaircompetition.Consequently,shoulditconcurwith one ormore competitors to implement a business operation, recipients of thiscodeofconductwillrefrainfromanypracticecontrarytofreeandfaircompetitioninordertofavourSainselintereststherein.Practicesthatareconsideredanti‐competitive:

The unlawful obtaining of informationabout the product orthecompetitor'soffer.

Consultationwithoneormore competitors inorder to fixpricesorotherkeysupplyelementsfortheofferinvolved.

Thedisseminationoffalseormisleadinginformationwhichmaybedetrimentaltooneormorecompetitors.

ContractsEnforcementWheneverSainselentersintoacontract,itdoessowiththewillandcommitmentofthecontracttocomeintoforceandtofulfillalltheagreementstherein.Recipientsofthiscodeof conductmaynotpreventorunreasonably impede the fulfillmentof Sainsel'scontracts.ProbityWhennegotiatingonbehalf of Sainsel, recipientswill conductwithprobity, avoidingdishonestorunfairpractices.CorruptionandBriberySainselrejectsanycorruptpractice,especiallybriberyacts.Recipientsofthiscodeshallnot promote, facilitate, participate or conceal any corrupt practice. ln every case,recipientswillreportanyknowncorruptpractice.lndevelopingits internationalbusiness,Sainselwill followtherecommendationsandguidelinesissuedbybusinessassociationsandOECD.

CODEOFBUSINESSCONDUCT

IntellectualandIndustrialProperty Sainseliscommittedtotheprotectionofitsownandothers'intellectualandindustrialproperty.The recipients of this Code of Conduct are expressly prohibited from reproducing,copying, distributing or communicating computer programs, literary, artistic orscientificworks and the use of industrial designs, trademarks, trade names, patents,utilitymodelsandsemiconductortopographiesofthirdpartieswithouttheproofthatSainselhasthecorrespondingrightsand/orlicenses.Notwithstandingtheprovisionsoftheapplicablelegislationatalltimes,theintellectualandindustrialpropertyresultingfromtheworkofSainselemployeesduringtheirstayinthecompany,andwhichisrelatedtothepresentandfuturebusinessofSainsel,willbethepropertyofthecompany.ThirdPartyEquipment Sainsel will pay special attention to the use of company equipment to access third‐partysystems,avoidingdamagesthatcoulddamagethird‐partysystems.

CODEOFBUSINESSCONDUCT

‐III‐

RespectforindividualsRespectforindividualsisanessentialprinciplegoverningallofSainsel'sactions.RespectfulTreatmentRecipientsofthiscodeofconductarealwaystotreat individuals,recipientsandnon‐recipients, with due respect. No disrespectful actions or words ‐spoken or written‐againstanypersonorgroupofpersonsareallowed.ViolenceandaggressivebehaviourSainsel prohibits any type of violent or aggressive behaviour, including physicalaggressionorthreatofphysicalaggression,aswellasverbalviolence.Equalityandnon‐discriminationSainsel ensures its employees equal andnon‐discriminatory treatment; regardless ofrace, religion, sex, sexual orientation, national origin, age, pregnancy, disability andotherlegallyprotectedcircumstances.Sainsel has a strong commitment to its policy of equality. Recipients of this code ofconductwillactaccordingly,knowingandfavoringsuchpolicies.HarassmentandMobbingSainsel also forbids and prosecutes harassment and mobbing behaviours at work,includingsexualharassment.Recipientsofthiscodeofconductcommittobeawareofand apply Sainsel's policies for prevention and prosecution of harassment andmobbingatwork.

CODEOFBUSINESSCONDUCT

Reconciliationofpersonal,familyandworkinglifeThe company is committed to facilitate the reconciliation of personal, family andworkinglifeofitsemployees.RespectforhumanrightsMoreover,Sainselhasageneralcommitmenttorespecthumanrightsofallindividuals.Therefore, Sainsel is focused on the follow‐up and fulfillment of human rights in itsrelationwithSainsel'spersonnel.Specialattentionisgiventohumanrightsrelatedtobusiness activities such as the right of association (collective bargaining and tradeunion rights), the rights of children and youth (abolition of child labour and forcedlabour)ortherighttofairandfavourableemploymentconditions.

CODEOFBUSINESSCONDUCT

‐IV‐

HealthandphysicalintegrityprotectionRiskpreventionPriority is given to the protection of the physical integrity and health of Sainselpersonnelandthepreventionofanyriskat theworkplace.Thecompanyatall timesshallcomplywithapplicablelawsandwilllaunchacomprehensiveglobalpolicyforthepreventionofoccupationalhazardsadaptedtotheactivityofeachworkplace.Sainselhasaclearcommitmentto informallrecipientsof thiscodeofconductabouttherulesandproceduresforpreventionofoccupationalhazards.Recipientsofthecodeofconductmustinformthecompany,throughtheirsupervisorsormanagersofoccupationalhealth,abouttheexistenceofanyallegedviolationofrulesintheirareas.DrugsandothersubstancesSainsel is committed toaworkenvironment freeofdrugsand the influenceofotherpermittedsubstancesthatcanalterthebehaviourofpeople.Recipients of this code of conduct, while on Sainsel's premises or performing theirworkelsewhere,will refrain fromusingdrugsorbannedsubstances.Also, recipientswill refrain from abusing of alcoholic drinks or other substances which might altertheir normal behaviour, if thosewere allowed by the applicable law or the internalregulationsoftheworkingplace.

CODEOFBUSINESSCONDUCT

‐V‐

EnvironmentalprotectionProtecting the environment is one of the guiding principles of Sainsel's businessperformance.Thecompany,therefore,alwaysacts inaccordancewithlawsandotherregulationsonenvironmentalprotection.Sainselwillprovideanadequatesystemofenvironmentalmanagementstandardsandprocedures, appropriate to the current legislation in each case, to identify andminimizethedifferentenvironmentalrisks,especiallywhenitcomestowastedisposal,handlingofhazardousmaterialsandpreventionofspillsandleaks.The company will provide recipients of this code of conduct with appropriateknowledgeof all rulesandproceduresof thecompanyon environmentalprotectionthatmayaffecttheiractivityandlevelofresponsibility.RecipientsofthisCodearetoensurecomplianceandtoinformtheirsuperiorsorthoseresponsibleforenvironmentalmanagementofallriskstheymaybeawareof.

CODEOFBUSINESSCONDUCT

‐VI‐

EfficientmanagementObtainingmarginThe corporate purpose of Sainsel is to obtain a certain margin in its businessoperationswithinthelimitsestablishedbylaw,contractsandthiscodeofconduct.Allrecipientsofthecodeshallendeavortoobtainthemarginwithinthoselimits.Adequateresourcesmanagementln order to facilitate that Sainselmayobtain a certainbusinessmargin, recipients ofthiscodeofconductwillatalltimesmanagecompany'sresourcesinthemostefficientmanner,avoidingallkindsofsuperfluousexpenses.Usingcompany´sresourcesforpersonalpurposeExcept for those cases where the law or the company's rules authorize the use ofcompany's resources for personal purposes, recipients of this code of conduct willrefrainfromusinganyofthemeansofthecompanyfortheirpersonalpurpose.DisposalofassetsTherecipientsofthisCodeofConductmustensuretheintegrityofSainsel'sassetsinthe performance of their duties, in order to preserve them and not harm potentialcreditors.With this objective, they will protect and take care of the assets that they have oraccesstointheexerciseoftheirfunctionsandwillusetheminanappropriatemannerfor the purpose for which they have been delivered. In particular, Sainsel prohibitsalienation, transfer, assignment, concealment, etc. of any good ownership of Sainselthat can be carried out with the purpose of avoiding the fulfillment of itsresponsibilitiestowardscreditors.

CODEOFBUSINESSCONDUCT

‐VII‐

AppropriateattitudeatinternationalmarketsLicensesandimportandexportpermitsWithin all import and export operations of goods or services, including import andexportof information,Sainselwillalwaysactwithin the frameof theapplicable lawsinsidethecountriesconcerned.Recipientsofthiscodeofconductaretocomplywiththeapplicablelawineachexportand import operation. Also, recipients will provide competent authorities with anyrequiredinformationunder legalgroundsandwill takethenecessarystepstoobtainthepermitsandapprovalsrequiredtoperformtheoperationinvolved.AntitrustpoliciesWhenactingatinternationalmarkets,Sainseliscommittedtoalwayscomplywiththeantitrust laws of the various countries at stake. Recipients of this code of conductinvolved in international operations should know and follow the antitrustrequirementsunderthelawofthecountriesinvolved.

CODEOFBUSINESSCONDUCT

‐VIII‐Useandprotectionofinformation

ProtectionofconfidentialinformationSainsel has access to its clients and suppliers information, which is provided underterms of confidentiality. The company is committed not to disclose this informationandtotreatitasconfidential.Thiscommitmentmustbeundertakenbyallrecipientsofthiscodeofconduct.Sainsel stresses that, while operating, it generates valuable information whosedisclosurecouldharmitsinterestsoroperationsinsidethemarket.Therefore,Sainselundertakes to clearly regulate the identification, management and protection of itsconfidential information. Recipients of the code of conduct should be aware of andfollowthoserules.PersonaldataprotectionLaws of many countries protect sensitive personal information, especially forindividuals, preventing it from being disclosed or managed through unsecuredcomputersystems.Sainsel pays especial attention to protect personal data in its business, always inaccordancewithapplicable laws.Recipientsof thiscodeofconduct, especially thosemanaging personal data protected by law, are required to meet the applicablelegislationandensureitsproperimplementationandenforcement.ClasssifiedinformationSainsel is a companyworking inside the defense sector,whereby its clients disclosecertain information that the laws of different countries protect as "State secret orclassified" information. This information should be subject to a specific protectionprocedurewhichSainselassumesasaprioritywhendealingwithitsclients.Recipients of this code of conduct should be aware of and complywith the variousapplicablelegalstandardsforfilemanagementofclassifiedinformation

CODEOFBUSINESSCONDUCT

CommitmenttotransparencyProvided it does not affect any confidential or classified information, Sainsel iscommittedtothetransparencyofitsoperations.Therefore,Sainselwillpubliclyshowthecompulsoryinformationsetoutinlawsandthatrelevantinformationwhichwillbereasonabletodisclose,ontheactivitiesandbusinessofthecompany.Sainsel maintains a special interest in its commitment to transparency and alsoestablishestheneedfortransparencyandtruthfulnessintheapplicationforsubsidiestowhichitmayoptorobtain.The recipients of this Code of Conduct must ensure compliance with the applicablelegislationfortheapplicationandacceptanceofthegrantstowhichtheyaregranted.

CODEOFBUSINESSCONDUCT

‐IX‐

CommitmenttoqualityQualityprinciplesarepartoftheorganizationalcultureatSainsel,inordertoachievethemaximumclient'ssatisfactiontogetherwiththeproperperformanceofthecontractrequirements.Sainsel will valuate clients' satisfaction, will analyze results and will implementappropriateimprovementmeasures.lmplementation by Sainsel of management and operational activities through theQuality Management System allows the company to withstand compliance with thenecessary ethical requirements for the company, the customer or other interestedparties.

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DISSEMINATIONANDIMPLEMENTATIONOFTHECODEOFCONDUCTTrainingactionsSainsel will implement the necessary measures in order to train its employees so that theybecome aware of this code of conduct and its contents. Training will include criteria andguidelinestoansweraccordingtoexperienceanyquestionsordoubtsthatcouldariseherein.Togetherwith thegeneral training,Sainselwill train thosegroupsof itsofficersoremployeeswho,duetotheworkperformed,shouldhaveamorepreciseanddetailedconducttraining.SupportandadviceRecipients of this code of conductwill have several communication channels in order to seekadviceandsupportaboutthisCodeofConduct:

Theircommandersandsuperiors; TheirrespectiveHumanResourcesareas; Theperson inchargeof thecodeof conductat theirworkplace,whowillbe conducted

andcoordinatedbythebodyresponsibleforcomplianceinSainsel;

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VERIFICATIONANDCONTROLAuditsandin‐houseControlsBesidesthismanagement,thebodiesresponsibleforinternalauditwillparticipateinmonitoringandenforcementofthecodeofconductandwillreporttotheAuditCommitteeoftheBoardofDirectors.Sainsel'sCommitteeonPreventionofCriminalRiskswillmonitorandcontrolcompliancewiththecodeofconductandwillreportdirectlytotheManagmentCommittee.CompliantsandreportscommunicationchannelWhenever a recipient should wish to inform the company about a possible breach therein,recipient may directly address the issue to lnternal Audit Department through the followingmeans:E‐mailaddressedto: canaldenuncia@sainsel.esCorreoordinariodirigidoa: SainselSistemasNavales,S.A.U.,S.M.E.(Canaldequejasodenuncias) Avda.Castilla,2 ParqueEmpresarialSanFernando EdificioCanadá

28830SanFernandodeHenares(Madrid)España

IndependenceandconfidentialitySainselwarrants that complaints notified by recipients of this codewill be treated strictly asconfidential,exceptwhererequiredbyofficialauthoritiesinaccordancewiththelaw.

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Sainsel also ensures that will seek and research the reported allegations or statements in acompletelyindependentinvestigationofallofSainsel'smanagementbodies,exceptfortheBoardofDirectors.ProhibitionofreprisalsSainselguaranteesthatitwillneverretaliateagainstrecipientswhoingoodfaithreporttothecompanyapossibleinfringementofitscodeofconduct,collaborateinitsresearchorhelpsintheresolutionofthepossiblebreach.Thiswarranty does not extend to those acting in bad faithwith the intent of spreading falseinformation or harm people. Against such unlawful conduct Sainsel shall take legal ordisciplinarymeasuresasappropriate. InvestigatioSainsel will analyze the allegations or statements presented by recipients and may requestadditionalinformationfromotherbodiesofthecompany,whoarealwaysrequiredtocooperate,providedthereisnolegalprohibition.Unlessotherwiseapplicableby law,whenthe investigationsorequires,Sainselwill report theallegations or statements involved to the affected people so that they can provide additionalinformationand,ifnecessary,argueorjustifytheiractions.InfringementofthiscodeofconductWhenever an infringement of this code of conduct should be found to be penalized by law,Sainselwillsoreporttocompetentauthorities.lf an infringement of this code of conduct entitles the company to take disciplinary actionsagainstitsofficers,employeesorworkers,includingdismissal,Sainselwillinitiatethenecessarystepsinordertofulfillthedisciplinaryprocedure.

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Finally, should the infringement be on part of representatives, trustees, brokers and agents,Sainselwillactinaccordancewithwhatisestablishedundertheircontracts.