1

CODEOFETHICS

relatingtothe

ORGANIZATION,MANAGEMENTANDCONTROLMODEL

of

BonattiS.p.A.

Updatedon2August2017

2

TABLEOFCONTENTS

1. THEBONATTICODEOFETHICS............................................................................................................4

1.1TheadoptionoftheCodeofEthics ................................................................................................. 4

1.2TheaddresseesoftheCodeofEthics ............................................................................................. 5

1.3DisseminationandTrainingfortheBonattiCodeofEthics ........................................................ 6

2. FUNDAMENTALETHICALVALUES.......................................................................................................7

2.1Responsibilityandcompliancewithapplicablelaws .................................................................. 7

2.2Decency.............................................................................................................................................. 7

2.3Impartiality ....................................................................................................................................... 8

2.4Integrity ............................................................................................................................................. 8

2.5Honesty .............................................................................................................................................. 8

2.6Transparency .................................................................................................................................... 8

2.7Efficiency ........................................................................................................................................... 9

2.8Faircompetition ............................................................................................................................... 9

2.9Protectionofprivacy ..................................................................................................................... 10

2.10Spiritofservice ............................................................................................................................ 10

2.11Valueofhumanresources .......................................................................................................... 10

2.12Rejectionofcorruption ............................................................................................................... 11

2.13Protectionoftheenvironmentandthecommunity ................................................................ 12

2.14Relationswithassociations,unionorganizationsandpoliticalparties ............................... 12

2.15Relationswithinternationaloperators .................................................................................... 12

2.16Rejectionofanyformofterrorism ............................................................................................ 13

2.17Protectionoftheindividual ........................................................................................................ 13

2.18Protectionofhealthandsafetyintheworkplace .................................................................... 13

3

2.19Protectionofsecurity .................................................................................................................. 14

2.20Rejectionofcriminalorganizations .......................................................................................... 15

2.21Compliancewithregulationsonindustrialandintellectualpropertyrights ...................... 15

2.22Cooperationwiththeauthorities............................................................................................... 16

2.23UseofITandelectronicsystems ................................................................................................ 16

2.24Decencyandaccountingtransparency ..................................................................................... 17

2.25Oppositiontomoneylaundering ............................................................................................... 17

3. RULESOFCONDUCT...............................................................................................................................17

3.1 Rules of conduct for members of Corporate Bodies ..................................................................... 17

3.2 Rules of conduct for Staff ............................................................................................................ 18

3.3 Rules of conduct for Third-Party Addressees ................................................................................ 27

3.4 Information flows to the Supervisory Body .................................................................................. 27

4. IMPLEMENTATIONOFANDVERIFICATIONOFCOMPLIANCEWITHTHECODEOFETHICS

.....................................................................................................................................................................31

4.1 Activities of the Supervisory Body ................................................................................................ 31

4.2 Violations and relative sanctions.................................................................................................. 31

4.3 Reporting violations..................................................................................................................... 32

4

1. THEBONATTICODEOFETHICS

1.1TheadoptionoftheCodeofEthics

Bonatti S.p.A. (hereinafter also referred to as "Bonatti" or the "Company") is an Italian

company that is one of the world's leading operators in the engineering, feasibility,

construction,managementandmaintenanceoffacilitiesintheoil&gasandenergysector.

The Company has adopted an organization,management and controlmodel (the "Model"),

which is intended to prevent the risk of committing any significant offences pursuant to

LegislativeDecree231/2001(the"Decree"),aswellasaCodeofEthics,whichconstitutesan

integralpartoftheModel.

ThisCodeofEthicssetsforthalltheprinciplesandrulesofconducttowhichthoseoperatingin

theBonatticorporateenvironmentaresubject.Allshareholders,directors,statutoryauditors,

externalauditors,executives,employeesandexternalcollaborators(consultants,agents,service

providers)mustcomplywiththeCodeofEthicswhencarryingoutthetasksanddutiesassigned

tothem.

ItisthereforenecessarytopointouttoallthosewhoworkwithintheCompanyorwhooperate

fortheachievementoftheCompany'sgoals,withoutdistinctionorexception,theimportanceof

complying and ensuring compliancewith ethical standards andprincipleswhen carryingout

theirdutiesandresponsibilities.

TheCompanybasesitsconductonintegrity,aqualitythatisnotexclusivelyofmoralvalue,but

isactuallyoffundamentalimportanceinthepursuitoffinancialandbusinessobjectives.

The linchpin of the Company's ethos is total observance of the national laws in force,

international regulations and the rules of the countries inwhich it operates, aswell as the

compliance of its operationswith the principles of fair competition, decency and good faith,

whilst respecting the legitimate interests of all stakeholders: clients, shareholders, citizens,

employees,suppliers,commercialpartners,etc.

Inaddition tonational regulations,given that a largepartofBonatti'sactivities takeplace in

foreign countries, this Code of Ethics places a special emphasis on the international anti-

5

corruptionprinciplesestablishedbyboththeOECDConvention1,whichcame intoforceon15

February1999,andtheForeignCorruptPracticesAct(hereinafterreferredtoasthe"FCPA")2.

Bonatti'sCodeofEthicsalsocomplieswiththeprinciplessetout:

- intheConfindustriaGuidelines,updatedinMarch2014;

- intheCodeofConductforConstructionFirms,updatedinDecember2013,drawnupby

the ItalianNationalAssociationofConstructionCompanies (hereinafter referred toas

"ANCE"),towhichBonattisubscribes3.

Bonatti's Code ofEthicswas adopted by a resolution of itsBoard ofDirectors and, as of its

approval,shouldbeconsideredbindingforanypersonoperatingfortheCompany,asspecified

below.TheCodemaybeamendedandsupplementedonlybyan additional resolutionof the

BoardofDirectors,whichmaycomeaboutonthebasisofsuggestionsandindicationsfromthe

Company'sSupervisoryBody.

1.2TheaddresseesoftheCodeofEthics

TheCodeofEthicsisbindingforallthedirectors,statutoryauditorsandthefirmmandatedto

audit the Company (hereinafter referred to respectively as the "Directors", the "Statutory

Auditors"andthe"ExternalAuditor"),forall itsemployees, includingseniorandnon-senior

executivesandstaffoperatingatitsbranchesandsites(hereinafterreferredtoas"Staff"),and

forallthosewho,despitenotbeingemployeesoftheCompany,operatedirectlyorindirectlyfor

it, such as agents, collaborators of any kind, consultants, suppliers and commercial partners

(hereinafterreferredtoas"Third-PartyAddressees").

All theAddresseesare required tocomplywithand,with regard to theirrespective remit, to

ensurecompliancewiththeprinciplescontainedintheCodeofEthics.

UndernocircumstancesshalltheclaimtobeactingintheinterestsoftheCompanyjustifythe

adoptionofconductcontrarytothatsetoutinthisdocument.

TheCodeshouldalsobeattheheartoftheCompany'sactivitiesabroad,whilstdulyrespecting

anyregulatory,socialoreconomicdifferencesthatmayexist.

TheStaff'scompliancewiththerulesoftheCodeshouldbeconsideredanessentialpartoftheir

contractualobligationspursuant toArticle2104of the ItalianCivilCode.Theviolationof the

1ApprovedbytheItalianParliamentwithRatificationLawNo.300of29September2000.2Lawpassedby theUSCongress in 1977and subsequentlyamended in1988and1998,which prohibits thebriberyof foreign

officialsbyUScompaniesinanattempttoobtainorretaincontracts. 3On20December2013,theCodeofConductforConstructionFirmswasfoundtobesuitableandadequatebytheMinistryof

Justice,JusticeAffairsDepartment-Directorate-GeneralofCriminalJustice.

6

rulesoftheCodebyanyemployeemayconstituteanon-fulfilmentoftheprimaryobligationsof

theiremploymentcontractoradisciplinaryoffence,withalllegalconsequences.

Specifically, a violation of the rules of this Code of Ethics that is considered be particularly

seriousshallalsoharmtherelationshipoftrustwiththeCompany,andmayleadtodisciplinary

anddamagecompensationmeasures,withoutprejudice,foremployees,tocompliancewiththe

procedures set out in Article 7 of the Statute of Workers' Rights, collective bargaining

agreementsandanycorporateregulations.

1.3DisseminationandTrainingfortheBonattiCodeofEthics

The Code ofEthics isdisseminated internally and is available to allThird-PartyAddressees.

Specifically,theCompanymakessureto:

- distributetheCodetoallmembersoftheCorporateBodiesandtoallStaff,bothinItaly

andabroad;

- displaytheCodeinaplacewithintheCompanyheadquartersthatisaccessibletoall;

- provide helpwith the interpretation and clarification of the provisions of the Code,

includingbyprovidingatranslationoftheCode intoEnglish,French,Spanish,Russian,

RomanianandPortuguese;

- setupsystemstomonitorknowledgeandobservanceoftheCodeofEthics.

Any amendments to this Code of Ethics, as duly resolved upon by the Board of Directors

(possiblyupontherecommendationoftheSupervisoryBody),shallbepromptlycommunicated

withintheCompanytoallAddressees.

WithregardtoThird-PartyAddressees,theCompanyalsomakessuretoinformsuchpartiesof

thecommitmentsandobligationsimposedbytheCodeofEthicsandtodemandthatsaidparties

complywith them, via publication on the Company's officialwebsite, aswell as through the

regular introduction of contractual clauses and/or the signing of declarations aimed at

formalizing thecommitment tocomplywith theModeland theCodeofEthicsandatsetting

forthcontractualsanctionsfortheviolationofsaidcommitment.

The Supervisory Body (hereinafter referred to as the "SB" or the "Body"), which was

establishedpursuanttotheDecreeandisresponsibleformonitoringtheimplementationofthe

Model, promotes and oversees training initiatives concerning the principles of the Code of

Ethics,whosecontentandstructurevaryaccordingtotheroleheldbyandtheresponsibilities

assignedtothestaffmembersinquestion.

7

Thetrainingismore intenseandgoes intogreaterdepthforpersonsclassifiedas"seniorstaff

members"pursuanttotheDecree,aswellasforthosewhooperateinareasconsideredtobe"at

risk"pursuanttotheModel.

2. FUNDAMENTALETHICALVALUES

DefinedbelowarethefundamentalethicalvaluesthatallAddresseesmustbear inmindwhen

carryingouttheiractivities.

2.1Responsibilityandcompliancewithapplicablelaws

Bonattiundertakes tocomplywith the laws, regulationsand, ingeneral, the rules in force in

Italyandinothercountriesinwhichitoperates.

Addresseesmustbe familiarwith theapplicable lawsandwith theconduct tobeadopted in

ordertocomplywiththesame.

TheCompanyalsoundertakestocomplywiththestandardsandethicalprinciplessetforthby

theindustryassociationstowhichitsubscribes.

Under no circumstances is it permitted to pursue or fulfil the interests of the Company in

violationofany law.Thisapplies toactivitiescarriedoutbothwithin Italian territoryand in

foreignterritories.

2.2Decency

Allactionsandoperationscarriedoutandconductadoptedbyeachof theAddresseesof this

Codeintheperformanceofthedutyorroleassignedtothemmustbeinspiredbybothformal

and substantial lawfulness, in accordancewith the internalprocedures and rules in force, as

wellasbydecency,fairnessandmutualrespect.

Specifically, theAddresseesmust actwith decency in order to avoid situations of conflict of

interests,which shall generallybe understood tomean all situations inwhich thepursuitof

one'sown interests iscontrary to the interestsandmissionof theCompany.Othersituations

thatshouldbeavoided include those inwhichanemployee,directororotherAddresseemay

8

gain an undue advantage orprofit from opportunities ofwhich they have learnt during and

becauseoftheperformanceoftheiractivities.

2.3Impartiality

Bonatti condemns anddistances itself from any formofdiscriminationbasedon the gender,

nationality,religion,personalandpoliticalopinions,age,healthoreconomicconditionsofthose

itcomesintocontactwith,includingsuppliers.

Inallcorporateactions,Staffundertaketoimplementabsoluteequalityofrightsandtopromote

allpossibleandpermitted initiativesdesignedtoofferaccesstoequalopportunitiesforallthe

Company'sworkers.

Anyonewhobelievestheyhavebeensubjecttodiscriminationshouldcommunicatethistothe

SB,whichwillverifywhethertherehasbeenaviolationoftheCodeofEthics.

2.4Integrity

The Company condemns and does not permit any violent action or threat, including of a

psychological nature, that is intended to bring about conduct contrary to the regulations in

force,includingtheethicalprinciplessetforthinthisCodeofEthics.

2.5Honesty

TheDirectors, StatutoryAuditors,ExternalAuditor and Staff of the Company, aswell as the

Third-Party Addressees,must be fully aware of the ethical significance of their actions, and

cannotpursuepersonalorcorporateprofitinviolationofthelawsinforceoroftherulesofthe

CodeofEthics.

2.6Transparency

AllinformationdisseminatedbothwithinandoutsideoftheCompanymustbetruthful,accurate

andcomplete.Consistentcompliancewithsaidrulesofconductpermitstheimplementationof

theprincipleoftransparency.

Incompliancewiththeprincipleoftransparency,alloperationsandtransactions,understoodin

the broadest possible sense, must be lawful, authorized, coherent, congruous, documented,

recorded and verifiable. Specifically, each operation and transactionmust have an adequate

9

record and must allow for the verification of the relevant decision, authorization and

implementationprocess.

Eachoperationmustalsobeaccompaniedbyadequatesupportingdocumentationinordertobe

abletocarryout,atanytime,checksthatcanevaluatethecharacteristicsofandreasonsforthe

operationandidentifywhoauthorized,executed,recordedandverifiedtheoperation.

TheCompanyusesobjectiveandtransparentcriteriawhenselectingsuppliers.Thisselection,in

compliance with the internal procedures and rules in force, must be carried out based on

objectiveevaluationsrelatingtocompetitiveness,qualityandeconomicconditions.

Suppliersshallalsobeselectedinconsiderationoftheircapacitytoguaranteecompliancewith

the Code of Ethics and implementation of adequate corporate quality systems, as well as

compliancewith regulations onworkplace health and safety, includingwith regard to child

labourandfemalelabour,workers'healthandsafety,unionrightsandrightsofassociationand

representation.

2.7Efficiency

Each Addressee of this Code is required to actwith professionalism, efficiency, dedication,

fairnessandteamspirit.TheefficientmanagementthatBonattipursuesisachievedthroughthe

professionalandorganizationalcontributionmadebyeachmemberofstaffhired.

Efficientmanagementisalsopursuedthroughconsistentcompliancewiththehigheststandards

ofquality,evenifthiscomesatahighercost.

TheCompanyalsoundertakestosafeguardandkeepcompanyresourcesandproperty,andto

manage its assets and capital, by adopting all precautions necessary to guarantee full

compliancewiththelawsandregulationsinforce.

2.8Faircompetition

Bonatti recognizes thevalueof competitionwhenbasedupon theprinciplesofdecency, fair

competitionandtransparencytowardsothersoperatorspresentonthemarket,andundertakes

nottoundulyharmtheimageofitscompetitorsortheirproducts.

Underno circumstancesmay thepursuitof theCompany's interests justify any conduct that

doesnotcomplywiththelawsinforceconcerningfaircompetitioninaccordancewiththerules

ofthisCode.

In all external communication, information concerning Bonatti and its activities must be

truthful,clearandverifiable.

10

2.9Protectionofprivacy

Bonatti protects the privacy of all Staff andThird-PartyAddressees, in compliancewith the

regulations inforceaimedatpreventingthecommunicationordisseminationofpersonaldata

withoutthedatasubject'sconsent.

Thepersonaldataand informationofemployeesorotherpersonswhichareavailable to the

Company are acquired, processed and stored in compliance with the provisions of the

regulationsinforce.

2.10Spiritofservice

The Directors, Statutory Auditors, External Auditor, Staff and Third-Party Addressees must

orienttheirconduct,withinthelimitsoftheirrespectivedutiesandresponsibilities,towardsthe

pursuitofthekeycorporategoalsaimedatprovidingaserviceofhighsocialvalueandofuseto

thecommunity,whichmustbeabletorelyonandbenefitfromthehigheststandardsofquality.

2.11Valueofhumanresources

Human resources are recognized as a fundamental factor that is essential to the company's

development.

Bonattiprotectsprofessionaldevelopmentandgrowthwithaviewtoexpandingthewealthof

expertisewithin theCompany,whilst respecting the regulations in forceon the rightsof the

individual,particularlywithregardtothemoralandphysicalintegrityofitsStaff.

Staff are hired exclusively based on lawful employment contracts,with no form of unlawful

work being tolerated. Candidatesmust bemade aware of all characteristics relating to the

employmentcontract.

Bonattiundertakesnottofosteranyformsofclientelismornepotism,andnottoestablishany

workingrelationshipwithpersonsinvolvedinactsofterrorism.

The Company undertakes to ensure that the performance targets set within its corporate

organizationarenot likelyto leadtounlawfulconduct,butarefocused insteadonanoutcome

thatispossible,specific,concrete,measurableandrelatedtothetimegivenfortheachievement

thereof.

Thegrantingofpayrisesorotherincentives,aswellasaccesstosuperiorrolesorpositions,is

linked, in addition to the rules establishedby laworby collectivebargaining, to employees'

individualmerits, including, and above all, the capacity to achieve corporate goals through

11

conductandorganizationalskillscharacterizedbytheCompany'skeyethicalprinciples,asset

outinthisCode.

2.12Rejectionofcorruption

Bonattipursuesthegoalofutmost integrityanddecency in itsrelations, includingcontractual

ones,withpublicinstitutions,bothinItalyandabroad,includingwithregardtotherequestfor

and/or management of public funds, with a view to guaranteeing the utmost clarity in

institutional relations, in line with the need for organizational and operational autonomy

applicabletoanyeconomicoperator.

IntheirrelationswithOfficialsor,inanycase,inrelationswith"politicallyexposedpersons"or

with their relatives, or with "persons closely linked" to such individuals, as defined by

LegislativeDecree231/2007, theCorporateBodiesmustmaintainaconductcharacterizedby

the utmost decency and integrity, avoiding even just giving the impression of wishing to

improperlyinfluencedecisionsoraskforfavourabletreatment.

Relations with institutional interlocutors are maintained exclusively through the persons

assignedthereto.

IfBonattiusesaconsultantor"thirdparty"inordertoberepresentedinrelationswithpublic

institutions, saidpersons shall be required to complywith the directives applicable to Staff;

furthermore, theCompanymustnotberepresented inrelationswithGovernmentAuthorities

byaconsultantor"thirdparty"inthepresenceofactualorpotentialconflictsofinterests.

The Company expressly forbids corrupt practices, favouritism, collusion and direct and/or

indirect solicitation, including through the promise of personal gain, vis-à-vis any person

pertainingtoanyGovernmentAuthorities.

Actsofcourtesy,suchasgifts,arepermittedonlywhen theyareofmodestvalueand, inany

case,cannotcompromisetheintegrityorreputationofanyofthepartiesorbeinterpretedbyan

impartialobserverasbeingintendedtogainanimproperadvantage.

Theseprovisions also apply to relationswith thosewho,withinother statesor international

organizations,performdutiesoractivitiesthatcorrespondto thoseofgovernmentofficialsor

providersofapublicservice.

Given that it prohibits any form of corruption, Bonatti believes that it is fundamental and

essential that relations with private parties (suppliers, competitors, clients, consultants,

commercialpartners,etc.)befoundedontheutmostfairness,integrity,decencyandgoodfaith.

Specifically,inrelationsbetweenprivateparties,itisforbidden:

12

· to promise, offer or grant, either directly or through an intermediary, an undue

advantageofanykindtopersonswhoperformmanagerialorworkfunctionsofanykind

onbehalfofaprivatesectorentity,toinducethemtocommitoromitanactinviolation

ofaduty;

· tosolicitorreceive,eitherdirectlyorthroughan intermediary,anundueadvantageof

any kind, or to accept the promise of such an advantage, on one's own behalf or on

behalfofathirdparty,duringtheperformanceofmanagerialorworkfunctionsofany

kindonbehalfoftheCompany,inordertocommitoromitanactinviolationofaduty.

2.13Protectionoftheenvironmentandthecommunity

SafeguardingtheenvironmentisoneofthekeyvaluesattheheartoftheCompany'sactivities.

Consequently, the Company undertakes to protect the environment and to contribute to the

sustainabledevelopmentof theareaswhere itoperates, including through theuseofthebest

availabletechnologiesandconstantmonitoringofcorporateprocesses,aswellasbyidentifying

industrialsolutionswithareducedenvironmentalimpact.

AllofBonatti'sactivitiesmustbecarriedoutincompliancewiththeenvironmentalregulations

in force.Thepursuitofadvantages for theCompany that involveormay involve thewilfulor

unintentionalviolationofsuchenvironmentalregulationsisneverjustified.

2.14Relationswithassociations,unionorganizationsandpoliticalparties

Bonatti does not finance political parties, movements, committees and political or union

organizations,ortheirrepresentativesorcandidates.

Italsorefrainsfromfinancingassociationsandfromsponsoringdemonstrationsorcongresses

whosepurposeispoliticalpropaganda.

2.15Relationswithinternationaloperators

Bonatti undertakes to guarantee that all relations it has with parties operating at the

international level comply fullywith the laws and regulations in force, i.e.both international

laws(suchastheOECDConvention)andthelocalregulationsinforceinthevariousterritories

inwhichBonattioperates.

13

Tothatend,theCompanyundertakestoadoptallprecautionsnecessarytoverifythereliability

ofsuchoperators,aswellasthelegitimateprovenanceofthecapitalandresourcesusedbythe

latterintheirrelationswiththeCompany.

Furthermore, to the extent to which it is possible, Bonatti undertakes to collaborate, with

decency and transparency, with both national and foreign authorities that may request

information or carry out investigations concerning relations between the Company and

internationaloperators.

2.16Rejectionofanyformofterrorism

Bonatti rejects any form of terrorism and undertakes to adopt - in the performance of its

activities-anymeasurenecessarytopreventthedangeroftheCompanybeinginvolvedinacts

ofterrorism,soastocontributetofosteringpeaceanddemocracy.

Tothatend,theCompanyundertakesnottoestablishanyworkingorcommercialrelationswith

naturalor legalpersons involved in actsof terrorism, and alsoundertakesnot to financeor

facilitatetheactivitiesofsuchpersons.

2.17Protectionoftheindividual

Bonatti recognizes the need to protect individual freedom in all its forms and rejects any

manifestationofviolence,particularly ifaimedat restrictingpersonal freedom.TheCompany

undertakes to promote the sharing of such principles within its activities and among its

employees,collaborators,suppliersandpartners.

2.18Protectionofhealthandsafetyintheworkplace

Bonattiguaranteesthephysicalandmoralintegrityofitsemployeesandcollaborators,working

conditions that are respectful of individual dignity, and safe and hygienic working

environments, in fullcompliancewith the regulations in forceon thepreventionofaccidents

and theprotectionofworkersand thirdparties in theworkplace, includingat temporaryand

mobilesites.

TheCompanycarriesoutitsactivitiesundertechnical,organizationalandeconomicconditions

thatensureadequateaccidentpreventionandasafeandhygienicworkingenvironment.

Atanyoperatingsite,regardlessofthecomplexitiesanddynamicsofthecontext,Bonattiadopts

proceduresandoperatingpracticesthatcomplywithboththekeyinternationalstandardsand

14

the national laws, regulations and policies in the countries inwhich it operates. The local

regulatorycontextis,inanycase,alwayslinkedtothenationallegislativeprovisions,insucha

way as to ensure the application of themost stringent and protective provisions, so as to

guaranteethe integrityofthepersons involved intheproductionprocess,sincetheprotection

ofthehealthandthepromotionofthepsychologicalandphysicalwellbeingofBonatti'sstaffis

consideredanessentialrequirement.

Furthermore, the Company adopts the necessary measures to prevent risks related to the

performanceof itsbusinessactivitiesand, in theevent that this isnotpossible,undertakes to

carryoutanadequateassessmentoftherisksfaced,withtheobjectivebeingtotacklethemat

thesourceandtoguaranteethattherisksareremovedor,wherethisisnotpossible,thatthey

aremanaged.

Withregardtoworkplacehealthandsafety,Bonattialsoundertakestooperate:

a) takingintoaccountthedegreeofadvancementofthetechniquesused;

b) substitutingdangerousthingsforthingsthatarenotdangerousorlessdangerous;

c) adequatelyplanningpreventionandaimingatacoherentwholethattakesintoaccount

and incorporates technique,organizationofwork,workingconditions,socialrelations

andtheinfluenceofworkingenvironmentfactors;

d) givingprioritytocollectiveprotectionmeasuresoverindividualprotectionmeasures;

e) issuingadequateinstructionstoitsStaff.

Bonatti isobligedto identifyandadoptallnecessarymeasures toguarantee theprotectionof

workers'healthandsafety, includingactivities involving thepreventionofoccupationalrisks,

informationandtraining,andtheestablishmentofanorganizationandthenecessaryresources.

2.19Protectionofsecurity

Bonatti considers it a priority to guarantee the security of its staff, not onlywith regard to

equipment,machineryandservicesthatmustbeprovided,butalsoandaboveallwithregardto

theworkingenvironmentasawhole, inrelationtowhichthemeasuresandprecautionstobe

adoptedare inspiredbytheneedtopreventboth inherentandinternalrisksandrisksarising

fromexternalfactorsandthoserelatingtotheplaceinwhichthisenvironmentislocated.

TheCompany thereforeadopts thebroadestpossiblemeasures to identify initiatives thatcan

protectworkers against damage to their integrity, including in relation to risksnotdirectly,

immediatelyassociatedwiththecontentoftheirwork,as inthecaseofattacksresultingfrom

15

the criminal operations of third parties, aswell as to protect the security of its employees

wherevertheycarryouttheirwork.

ThesecurityofcorporatepeopleandassetsisapriorityforBonatti,consideringtheregulations

and their evolution, the specific nature of the business areas and international contexts4 in

whichitoperates,andthetechnologiesituses.

2.20Rejectionofcriminalorganizations

Bonatti rejects any form of criminal organization (particularly mafia associations and

associations with terrorist aims) of a national or transnational nature and, to that end,

undertakesnottoestablishanyworking,collaborativeorcommercialrelationswithnaturalor

legalpersonsdirectlyorindirectlyinvolvedincriminalorganizationsorinanywayassociated

byconnectionsofkinshipand/oraffinitywithmembersofknowncriminalorganizations,and

doesnotfinanceorinanywayfacilitateanyactivityrelatingtosuchorganizations.

The Company adopts the necessary measures to prevent the danger of either its own

involvementorthatof itsemployees inrelationsoractivitiesofanynatureorforanyreason,

includingpurelyintheformofassistanceandhelp,withsuchorganizations.

2.21Compliancewithregulationsonindustrialandintellectualpropertyrights

Bonatti complies with the regulations on the protection of trademarks, patents and other

distinctivesigns,aswellaswithcopyrightrules.

Specifically,theCompanydoesnotpermittheuseofintellectualpropertythatdoesnotbearthe

SIAEmarkorthatbearsamarkthathasbeenalteredorforged,andprohibitsthereproduction

ofcomputerprogramsanddatabasecontents,aswellastheappropriationanddissemination,in

any form, of protected intellectual property, including through the disclosure of the content

thereofbeforeithasbeenmadepublic.

Bonatti does not permit the use, in any form and for any purpose, of productswith forged

trademarks or signs, or production, marketing or any kind of activity concerning products

alreadypatentedbythirdparties,overwhichtheCompanydoesnotholdanyrights.

4 Bonatti currently operates in Algeria, Saudi Arabia, Austria, Iraq, Egypt, Kazakhstan, Turkmenistan, Canada, Austria, France,

Germany,Greece,Romania,Spain,Mexico,Mozambique,UgandaandLibya.

16

2.22Cooperationwiththeauthorities

Bonattipursuesthegoalofoperatingwiththeutmost integrityanddecencywithregardto its

relations with the competent judicial or administrative authorities, and guarantees its full

cooperation,incompliancewiththeregulationsinforce.

The Company strictly forbids any conduct intended to or likely to interfere with the

investigationsor inspections carriedoutby the competent authorities and, inparticular, any

conduct aimed at hindering the search for the truth, including through inducing persons

summonedbythejudicialauthoritiesnottomakestatementsortomakefalsestatements.

2.23UseofITandelectronicsystems

TheuseofITandelectronictoolstakesplaceinfullcompliancewiththeapplicableregulations

inforceandwiththeexistinginternalproceduresandregulations.

Inanycase, it isforbiddenforanyonetoaccesstheITorelectronicsystemsofotherswithout

authorization.

Withoutprejudicetotheprovisionsofcivilandcriminallaw,theuseofinternetconnectionsfor

purposesother than those inherent toanemployee'swork,or tosendoffensivemessagesor

messages that couldharm theCompany's image, are classified as improperuseof corporate

propertyandresources.

Bonatti also undertakes to ensure that information is processed only by persons expressly

authorizedtodoso,withaviewtoavoidingundueinterference.

Specifically,itisforbidden:

· tounlawfullyenterITorelectronicsystemsprotectedbysecuritymeasures;

· todestroy,degrade,deleteoralterinformation,dataorITprogramsbelongingtoothers,

theStateoranotherpublicEntity;

· toproducefalseITdocuments,whetherprivateorpublic,withevidentialvalue;

· to install devices aimed at intercepting, preventing or interrupting communications

relatingtoanITorelectronicsystemorrunningbetweenmultiplesystems;

· tounlawfully remove, reproduce,disseminateorhandovercodes,keywordsorother

means that can be used to access an IT or electronic system protected by security

measures.

17

2.24Decencyandaccountingtransparency

TheCompanyprotectsthe integrityof itssharecapital, itscreditorsandthethirdpartiesthat

establish relationswith it and, in general, the transparency and decency of the Company's

economic and financialactivities,partly inorder toprevent thecommissionof thecorporate

offencessetoutinLegislativeDecree231/2001.

TheAddresseesundertaketoensurethatactsrelatedtothemanagementoftheCompanyare

representedaccuratelyandtruthfullyinBonatti'saccounts.

Alloperationscarriedoutmustbebasedontheprinciplesofcompletenessandtransparencyof

information,aswellasclarityand truthfulnessofaccounting records, inaccordancewith the

internalproceduresandregulationsinforce.

The Company demands that the recognition in the financial statements of all items, such as

receivables, inventories, equity investments and expenses, arises from unconditional

compliance with all the regulations in force on the formation and evaluation of financial

statements.

TheCompanypreventsandopposesthecreationoffalse,incompleteordeceptiverecordsand

ensures that no secret or unrecorded funds are set up and that no funds are deposited in

personal accounts, as well as making sure that no invoices are issued for non-existent

operations.

2.25Oppositiontomoneylaundering

Bonattianditsemployeesmustnotbeinvolvedorimplicatedinoperationsthatmayentailthe

launderingofcriminalorunlawfulproceedsintheinterestsortothebenefitoftheCompany.

TheCompanypursuesthegoalofutmosttransparencyincommercialtransactionsandputsin

placeallsuitabletoolsforcombatingthephenomenaofmoneylaunderingandreceivingstolen

goods.

Furthermore,theCompanyguaranteescompliancewiththeprinciplesofdecency,transparency

andgoodfaithinallofitsrelationswithcontractualcounterparts.

3. RULESOFCONDUCT

3.1 RulesofconductformembersofCorporateBodies

18

TheCorporateBodiesofBonatti,outofawarenessof theirresponsibilitiesand incompliance

withthelaw,arerequiredtoobservetheprovisionsofthisCodeofEthics,basingtheactivities

theycarryoutinpursuitoftheCompany'sprofitandgrowthonthevaluesofhonesty,integrity,

fairness, decency, respect for people and rules, and collaboration with the other senior

componentsoftheCompany.

Specifically,themembersoftheCorporateBodiesarerequiredto:

· adopt conduct based on autonomy, independence and decency vis-à-vis public

institutions, private parties, economic associations, political parties and any other

nationalorinternationaloperator;

· behavewithloyaltytowardstheCompany;

· guarantee assiduous and informed participation in meetings and activities of the

CorporateBodies;

· evaluatesituationsofconflictofinterestsorincompatibilityofduties,rolesorpositions,

bothoutsideandwithintheCompany,refrainingfromcarryingoutactionsconstituting

aconflictofinterestsaspartoftheiractivities;

· makeprudentuseoftheinformationthatcomesintotheirpossessionasaresultoftheir

post, refraining from taking advantage of their position to gain personal benefits,

whetherdirector indirect.Allexternalcommunicationactivitiesmustcomplywiththe

lawsandpracticesofconduct,andmustbecarriedout insuch awayas tosafeguard

sensitiveinformationandtradesecrets;

· complywithand,withregardtotheirrespectiveremit,ensurecompliancewiththerules

ofconductsetforthforStaff,asdetailedinthenextparagraph.

3.2 RulesofconductforStaff

Staffmustensurethattheirconduct, inboth internalandexternalrelations,complieswiththe

national and international regulations in force, as well as with the principles and rules of

conduct issuedby the industryassociationstowhichBonattibelongs,whichare implemented

withintheCompany'sactivities.

Inanycase,Staffmustcomplywiththeprinciplesexpressed inthisCodeofEthics,aswellas

with the rules of conduct set out below, whilst always complying with the Model and the

corporateprocedures in force, includingwheresuchmeasuresentailcompliancewithstricter

rulesthanthoseprovidedforatthelocallevelbylaws,regulations,rulesandpractices.

19

SpecificallywithregardtocompliancewithandtheeffectiveimplementationoftheModel,Staff,

consideredasawhole,mustinanyevent:

· refrain from adopting conduct that is contrary to the rules set forth by this Code of

Ethics;

· avoid adopting, causing or contributing to the execution of conduct that is likely to

constituteanyoftheoffencescoveredbytheDecree;

· providesupporttotheSupervisoryBodyinthecourseofitsinspectionandsupervisory

activities,byprovidinganyinformation,dataandupdatesitrequests;

· make,vis-à-vistheSB,thecommunicationsprovidedforbythisCode;

· report to the SB any faults or violations of theModel and/or the Code of Ethics, in

accordancewiththeprovisionsofthisCodeandoftheModel.

Inviewoftheabove,Staffareobligedtocomplywiththeprinciplesandrulesofconductsetout

below.

3.2.a) Conflictofinterests

Aconflictof interestsexistswhenabehaviouroradecisionadoptedaspartofan individual's

workactivitiesmaygenerateanadvantage for theperson inquestion, their relativesor their

acquaintances,tothedetrimentoftheCompany'sinterests.

Staffmustrefrainfromimplementingorfacilitatingoperationsinconflictofinterests-whether

actualorpotential-withtheCompany,orimplementingactivitiesoractionsthatmayinterfere

withthecapacityto impartiallytakedecisions inthebest interestsoftheCompanyand infull

compliancewiththerulesofthisCode.

Specifically, Staff must not have any direct or indirect interests in a supplier, competitor

companyorclient,andcannotcarryoutworkactivities thatmay lead to theemergenceof a

conflictofinterests.

Iftheyfindthemselvesinasituationofconflictofinterests,evenifitisonlyapotentialone,Staff

must communicate these circumstances to their linemanager, theheadofHumanResources

andtheSB,andmustrefrainfromcarryingoutanyoperationuntiltheCompanyhascarriedout

acompleteevaluationofthecircumstances.

3.2.b) Grantingofdonationsandgifts

20

TheStaffofBonatti,bothinItalyandabroad,areexpresslyforbiddenfromgrantingdonations

orgifts,unless:

· theyareofmodestvalueandinlinewithlocalcustoms,lawsandpractices;

· theycannotinanywaybeconsideredastantamounttoacorruptactorasbeingaimed

atinducingtherecipienttoactinsuchawayastounlawfullyfavourtheCompany.

Bonatti Staff who receive gifts or other benefits from Third Parties that exceed normal

commercialpracticesofcourtesymustrefusethem,whilstalsoinformingtheirlinemanager.

The limit understood as "normal commercial practices of courtesy" is set at an actual or

estimatedvalueof€150,ortheequivalentinforeigncurrency.

3.2.c) Relationswithgovernmentofficialsorprovidersofapublicservice

Relationswithpersonswhocanbeclassifiedasgovernmentofficialsorprovidersof apublic

service, or with representatives of government authorities, must be conducted in full

compliancewiththelawsandrulesinforce,aswellaswiththeModelandtheCodeofEthics,in

ordertoensuretheabsolutelawfulnessoftheCompany'soperations.

Bonatti forbids itsStaff fromaccepting,offeringorpromising, including through thirdparties,

money,goods,services,benefitsorfavours(includingintermsofemploymentopportunities)in

connectionwithrelationswithGovernmentOfficialsorProvidersofaPublicService,inorderto

influencetheirdecisions,withaviewtoobtainingmorefavourabletreatmentorunduebenefits,

orforanyotherpurpose,includingtheperformanceofactsrelatingtotheirrole.

AnyrequestsfororoffersofmoneyorfavoursofanykindmadeorreceivedbyStaffmustbe

promptlybroughttotheattentionofboththeirlinemanagerandtheSupervisoryBody.

Itisalsoforbiddento:

- offerpresents,giftsorotherlargessethatmayconstituteformsofpaymenttoofficialsor

employees of Government Authorities, politically exposed persons, their relatives, or

anypersonsknowntobecloselylinkedtothem;

- acceptorgrant requests formoney, favoursorbenefits fromnaturalor legalpersons

intending to enter into business relations with the Company, or from any person

belongingtoGovernmentAuthorities,politicallyexposedpersons,theirrelatives,orany

personsknowntobecloselylinkedtothem.

In any case, during the course of a negotiation or any other kind of relationship with

Government or other Authorities, Staffmust refrain from directly or indirectly undertaking

21

actionsaimedat:

- proposing employment and/or commercial opportunities that employees of

GovernmentAuthorities,or those linkedto them throughkinshiporaffinity,may take

advantageof,whetherontheirownbehalforforothers;

- request or obtain confidential information that could compromise the integrity or

reputationofoneorbothparties.

3.2.d) Corruptionbetweenprivateparties

Staff are forbidden from carrying out any form of direct or indirect incitement, promise,

grantingorofferofmoneyoranyotherbenefitofanykindtoaprivateparty(suppliers,clients,

agencies,commercialpartners,consultants,etc.)tofacilitatethecommission(ortheomission)

of acts, in violation of their professional obligations and obligations of loyalty, aimed at

receiving an advantageof anykind for theCompany and/or for themselves and/or for third

parties.Thisprohibitionappliesregardlessofwhetherornotthepromisedorrequestedactis

actuallycarriedout.

Likewise, it is forbidden to accept money or any other economic or other benefit for the

Company and/or for oneself and/or third parties, if this conduct is aimed at inciting the

performanceofanactbytheCompanyortheStaffinquestion.

Itispossibletogiveoracceptgiftsofmodestvalue,providedthatthistakesplaceincompliance

withtheinternalrulesandwiththisCodeofEthics,ifsuchconductisnotaimedatinfluencing

therecipient.

3.2.e) Relationswithclientsandsuppliers

Staff must base their relations with clients and suppliers on the utmost decency and

transparency,incompliancewiththelawsandrulesinforce,theModelandtheCodeofEthics,

aswellaswith internalproceduresand, inparticular, thoseconcerning relationswithclients

andthoseonpurchasingandtheselectionofsuppliers.

The rules of conduct set forth above are also applicable to relations with international

operators.

RelationswiththeCompany'sclientsandsuppliersaregovernedbytherulesofthisCode,and

arethesubjectofconstantandcarefulmonitoringbytheCompany.

22

Bonattimakesuseofsuppliers,contractorsandsubcontractorsthatoperateinaccordancewith

theregulationsinforceandtherulessetoutinthisCode.

3.2.f) Participationincallsfortendersandnegotiationswithpublicorprivateparties

When participating in calls for tenders or negotiationswith public or private parties, Staff,

accordingtotheirrespectiveremits,must:

· actincompliancewiththeprinciplesofdecency,transparencyandgoodfaith,avoiding

anyconductthatmaycompromisethefreedomof judgementofthecompetentofficials

orthepersonsinchargeofselection;

· evaluate, during the examination phase of the call for tenders, the congruity and

executabilityoftheservicesrequested;

· providealldata,informationandupdatesrequestedduringtheselectionofparticipants

andwhichmaybeusefulintheawardingoftheconcession.

Ifawardedtheconcession,inrelationswiththecustomer,Staffmustensurethattheyproperly

performallactivitiesanddiligentlyfulfilallcontractualobligations.

3.2.g) Confidentiality

Staffmusttreatalldata,updatesandinformationthatmaycomeintotheirpossessionwiththe

utmost confidentiality, including after the termination of their employment contract.

Specifically, they must avoid disseminating such information or using it for speculative

purposeson theirownbehalforonbehalfof thirdparties, incompliancewith theapplicable

regulations.

Staffmust also treatwith the utmost confidentiality all information and data pertaining to

strategicrolesandsensitivefunctionsandprocesses,particularlywithregardtofunctionsand

processesthatareexposedtoanyformofexternalsolicitation.

3.2.h) DiligenceintheuseofCompanyproperty

Staff must protect and safeguard the Company goods and property assigned to them and

contribute toprotecting theCompany'sassets ingeneral,avoidingsituations thatmayhavea

negativeimpactontheintegrityandsecurityofsuchassets.

Inanycase,StaffmustavoidusingCompanyresources,propertyormaterialsfortheirpersonal

benefitorforimproperpurposesofanykind.

3.2.i) Protectionofsharecapitalandcreditors

23

Staffandexternalcollaboratorsarerequiredto:

· behave in a decent, transparent and collaborative manner, in compliance with the

applicable laws and internal corporate procedures, in all activities aimed at the

formationofthefinancialstatementsandothercorporatecommunicationsprovidedfor

bylawandtargetedatshareholdersorthepublic,withaviewtoprovidingtruthfuland

accurate information about the results, assets and liabilities and financial situationof

theCompany;

· rigorouslycomplywiththerulesimposedbylawfortheprotectionoftheintegrityand

effectivenessof the share capital (e.g.mergers,demergers, acquisitionsof companies,

distribution of profits and reserves, etc.) and always act in compliancewith internal

corporateproceduresbasedonsuchrules,soasnottoharmtheguaranteesofcreditors

andofthirdpartiesingeneral;

· conductanyoperations involving the liquidationof theCompanybearing inmind the

pre-eminent interests of the corporate creditors; it is therefore forbidden to divert

corporate assets away from their allocation to creditors by distributing them to

shareholders before paying entitled creditors, or before setting aside the necessary

sumstopaysaidcreditors.

Furthermore,BonattiensuresthecorrectfunctioningofitsCorporateBodies,guaranteeingand

facilitatinganyformofmonitoringofcorporatemanagementprovidedforbythelaw,aswellas

the free and correct formation of resolutions of the Shareholders' Meeting; the Company

thereforeimposesrigorouscompliancewiththeinternalproceduresestablishedtothatendby

theCompanyand/or,inanycase,theadoptionofconductthatisconsistentwiththisprinciple.

Specifically,withregardtotheformationofthefinancialstatements,theCompanyconsidersthe

truthfulness,accuracyandtransparencyofitsaccounts,financialstatements,reportsandother

corporatecommunicationsprovidedforbylawandintendedforshareholdersorthepublic,an

essentialprincipleintheconductofbusinessandaguaranteeoffaircompetition.Thisrequires

an in-depth examination of the validity, accuracy and completeness of the basic information

usedtodrawupaccountingrecords.

Consequently, Staff are not permitted to conceal information or to make any partial or

misleading representation of data relating to the Company's results, assets and liabilities or

financial situation. Therefore, all internal and external collaborators involved in producing,

processingandrecordingsuchinformationareresponsibleforthetransparencyoftheaccounts

andfinancialstatementsoftheCompany.Anyoperationofsignificancetotheresults,assetsand

liabilities or financial situation of the Companymust have an adequate record, and for each

24

record theremustbeadequatesupportingdocumentation, inordertobeable tocarryout,at

any time, checks that can evaluate the characteristics of and reasons for the operation and

identifywhoauthorized,executed,recordedandverifiedtheoperation.

Foreachoperation,adequatesupportingdocumentation iskeptregardingtheactivitycarried

out,soastobeableto:

· facilitatetherecordingoftheoperationintheaccounts;

· identifythedifferentlevelsofresponsibility;

· accurately reconstruct the operation, including in order to reduce the likelihood of

interpretativeerrors.

The Company demands that each record exactly reflect the contents of the supporting

documentation.

Anyerror,omissionor falsification thatmaycome toemployees'attentionmustbepromptly

reportedtotheSB.

3.2.l) Health,safetyandenvironment

Withregardtoworkplacehealthandsafety,theCompany'sStaffmust,inparticular:

1) takecareoftheirownhealthandsafetyandthatoftheotherpeoplepresentinthe

workplacewhomaybeaffectedbytheiractionsoromissions,inaccordancewiththe

training,instructionsandresourcesprovidedbytheemployer;

2) contribute, togetherwith theemployer,executivesandmanagers, to the fulfilment

oftheobligationsinplacetoprotecthealthandsafetyintheworkplace;

3) observe the provisions and instructions issued by the employer, executives and

managersforthepurposesofcollectiveandindividualprotection;

4) correctly use work equipment, dangerous materials and substances, means of

transportandsafetyequipment;

5) appropriatelyusetheprotectiveequipmentprovided;

6) immediately report to the employer, executiveormanageranydeficiencies in the

resourcesandequipmentmentioned inpoints4)and5),aswellasanydangerous

situation thatmaycome to theirattention,strivingdirectly, incaseofemergency,

within their respective remits and capabilities and without prejudice to the

provisionsofpoint7)below,toeliminateorreducesituationsofgraveorimminent

danger,reportingsuchsituationstotheworkers'safetyrepresentative;

7) notremoveormodifysafety,alertingormonitoringequipment;

25

8) take care of the individual protective equipment provided, without making any

changetheretoontheirowninitiative,andreportanydefectsorproblemswithsaid

equipmenttotheemployer,executiveormanager;

9) notcarryoutontheirown initiativeanyoperationsormanoeuvresthatdonotfall

within their remit, orwhichmay compromise their own safety or that of other

workers;

10) participateintrainingandeducationprogrammesorganizedbytheemployer;

11) undergo health checks provided for by the regulations in force or in any case

arrangedbytheoccupationalhealthphysician.

InordertocomplywiththeprovisionsofLegislativeDecree81/2008,assubsequentlyamended

andsupplemented,theCompanycarriesoutconstantmonitoringofitsfacilitiesandequipment,

regardlessofwheretheyarelocatedandinoperation,beyondthescopeofitslegalobligations

andofthepreventionof imminentrisks, inordertoguaranteethehighest levelsofsafetyand

qualityofitsservices.

Foreachbranch,aheadofriskpreventionandprotection isappointed,whocollaborateswith

the employer, identifying the risks associatedwith thework activities and issuing technical

instructionsaimedateliminatingsaidrisksor,wherethisisnotpossible,minimisingthem.The

Company'sStaffandCollaboratorsmustcooperateasfullyaspossiblewiththeCompanyorany

party carrying out inspections and checks on behalf of theNational Social Security Institute

(INPS),theNationalInstituteforWorkplaceAccidentInsurance(INAIL),theMinistryofHealth,

theMinistryofLabouroranyothercompetentgovernmentbody.

Allmembersof theCompany areobliged to report to their employer, executive ormanager,

withoutdelay,anyanomaliesor irregularities identifiedwith regard toworkplacehealthand

safety.

Intheperformanceoftheirdutiesandinthecontextoftheirrelationswiththeworkers'safety

representative, the head of risk prevention and protection must be considered a qualified

consultantoftheEmployer.

Inordertocreateaneffective integratedsystemformanagingworkers'healthandsafetyand

safeguardingtheenvironment,Bonattihasadoptedaspecificmanualforthemanagementofthe

Health,SafetyandSecuritySystem(the"HSEManagementSystemManual").

TheHSEManagementSystemManualdescribestheobjectivesthattheorganizationhassetout

in line with its policy on health, safety and the environment, and brings together all the

fundamentalrulesforthepursuitoftheseobjectives.Staffarerequiredtocomplywiththerules

setouttherein.

26

3.2.m)Security

Bonatti assigns thepowersnecessary tomanage security risks to corporate figureswho are

closetothesourcesofsuchrisks,soastomaximizetheeffectivenessofitsmitigationactions.

These figures have adequatemanagerial, decision-making, technical/functional and financial

autonomy.Theyarealsorequired,pursuanttotheresponsibilitiesassignedtothem,toidentify

threats, evaluate security risks, adopt appropriate mitigation measures and monitor their

execution,viaanappropriateorganizationand thecreationofadequatemanagementsystems

fortherelevantactivities.

Furthermore, Bonatti conducts a Country Threat Assessment for each individual country in

which it operates, in accordance with specific analysis and research criteria, which are

identifiedintheCorporateRiskEvaluationDocument("CRED").

AllCompany Staffoperating in Italy and abroad are required to complywith the centralized

proceduresexpresslyprovidedforbyBonatti,aswellaswiththespecificinstructionsissuedby

theemployersidentifiedwithintheCompany'sbranches.

3.2.n)Rulesforcombatingmoneylaunderingandterrorism

Thetransparencyandlawfulnessofcommercialtransactionsmustbeguaranteed,includingfor

the purposes of combating the phenomena of money laundering, self-laundering, receiving

stolengoodsandfinancingterrorism.

InadditiontoobservingtheproceduresadoptedbytheCompany,Staffmustalsoadheretothe

followingrulesofconduct:

- the competentdepartmentsmust check that payments to all counterparts have been

duly carriedout, and that theperson towhom thepaymentorder ismadeout is the

sameasthepersoncollectingtherelevantsums;

- tasks assigned to third parties involving the financial and economic interests of the

Companymustbeformalizedinwriting,withanindicationofthecontentofthetaskin

questionandoftheeconomictermsandconditionsagreed;

- theminimumprerequisitessetforthmustbemetforthepurposesofselectingparties

offeringgoodsandservices;

- the valuation criteria for offers must be set bearing in mind the commercial and

professional reliability of suppliers and partners, based on all the necessary

information;

27

- the utmost transparency must be guaranteed in the event of the conclusion of

agreements/jointventuresaimedatmakinginvestments.

3.2.o)UseofITsystems

As part of the performance of their professional activities, Staff are obliged to use IT or

electronictoolsandservicesinfullcompliancewiththeapplicableregulationsinforce(and,in

particular, thoseconcerningcybercrime, ITsecurity,privacyandcopyright)andwith internal

procedures.

Staffareforbiddenfromuploadingloanedorunauthorizedsoftwaretocorporatesystems;itis

alsoprohibited tomakeunauthorizedcopiesof licensedprograms forpersonal,corporateor

third-partyuse.

The computers and IT tools made available by the Company must be used exclusively for

corporatepurposes;consequently,theCompanyreservestherighttoverifythatthecontentof

thecomputersandthecorrectusageoftheITtoolscomplywithcorporateprocedures.

Staffarealso forbidden fromsending threateningorabusiveemailsand fromusing linguistic

expressionsthatdonotconformtotheCompany'sstyle,oranyformofinappropriatelanguage.

3.3 RulesofconductforThird-PartyAddressees

In addition to theCorporateBodies and Staff, thisCodeofEthics also applies toThird-Party

Addressees.Thisterm isunderstoodtorefertopersonsoutsideoftheCompanywhooperate,

eitherdirectlyorindirectly,fortheCompany(e.g.agents,collaboratorsofanykind,consultants,

suppliersorcommercialpartners).

Third-PartyAddressees,liketheotherparties,areobligedtocomplywiththeprovisionsofthe

ModelandtheCodeofEthicsand,inparticular,withthekeyethicalprinciplesandtherulesof

conductsetforthforStaff,totheextentthattheyareapplicable.

InordertoguaranteecompliancewiththeprovisionsofthisCodeandoftheModel,dedicated

clausesaimedatsanctioningthefailuretocomplywiththeModelortheCodeofEthicsshallbe

inserted into contracts and letters of appointment, as described in more detail in the

DisciplinarySystem.

3.4 InformationflowstotheSupervisoryBody

The members of the Corporate Bodies, Staff and Third-Party Addressees are required to

promptly inform the Supervisory Body of any actual or potential violations of laws or

28

regulations, the Model, this Code of Ethics or internal procedures that may come to their

attentionwhenperformingtheirdutiesorfunctions.

A. Event-driveninformationflows

InformationthatmaypertaintoanactualorpotentialviolationoftheModel,includingbutnotlimitedtothefollowing,mustbecommunicatedtotheSBimmediately:

1) anyordersreceivedbyasuperiorandconsideredtobecontrarytothe law,theinternalregulationsortheModel;

2) anyrequestsfororoffersofmoney,gifts(exceedingamodestvalue)orotherbenefits originating from or directed at government officials, providers of apublicserviceorprivateparties;

3) anysignificantdeviations from thebudgetorexpenditureanomaliesarisingfrom authorization requests during the finalization stage of theManagementControlprocess;

4) anyomissions,errorsorfalsificationsintheaccountsorinthestorageofthedocumentationonwhichtheaccountingrecordsarebased;

5) orders and/or announcements issued by the criminal investigationauthoritiesoranyotherauthoritiesthatmayconductinvestigationsthatdirectlyor indirectly concern the Company, its employees or the members of itsCorporateBodies;

6) requestsforlegalassistancemadetothecompanybyemployeespursuanttothe National Labour Contract, in the event of the initiation of criminalproceedingsagainstthelatter;

7) updatesrelatingtodisciplinaryproceedingsunderwayandtoanysanctionsissued,orthereasonfortheirdismissal;

8) anyinformationconcerningretaliatory,discriminatoryorharmfulbehaviourtowards anyone who reports a violation of the Model or of the internalregulationsingoodfaith;

9) any reports not promptly dealt with by the competent departmentsconcerning either inadequacies or deficiencies in the workplace, workequipmentortheprotectiveequipmentprovidedbytheCompany,oranyotherdangeroussituationrelatedtoworkplacehealthandsafety;

10) anysecurityevent thatmayendangerorharm thehealthandsafetyofBonattiStaff,eitherinItalyorabroad;

11) anysignificantchange invulnerabilityand threatparameters, includingfollowingsignificantsecurityincidents;

29

12) anyactualorpotentialviolationofenvironmental regulationsorof therelevantproceduresissuedbytheCompany;

13) any deviation identified in the offer evaluation process comparedwiththeprovisionssetforthincorporateproceduresorwithpredeterminedcriteria;

14) informationrelatingto theexistenceofanactualorpotentialconflictofinterestswiththeCompany;

15) any problems concerning public calls for tenders (or those of publicsignificance)attheinternational/national/locallevelinwhichtheCompanyhasparticipated, as well as any problems relating to any contracts obtainedfollowingprivatenegotiations;

16) anycommunications from theExternalAuditorconcerningaspects thatmayindicateafailingintheinternalcontrols;

17) any accidents or illnesses resulting in an inability to perform one'sordinarydutiesforaperiodofatleast40days;

18) problems arising from level-one control activities carried out by thevariouscorporatedepartmentsinvolvedinareasatriskofcriminaloffence;

19) reportson inspectionscarriedoutbyGovernmentOfficialsorProvidersofaPublicService.

The reporting and information obligations also apply to all staff operating in the foreignbranchesoftheCompany.

B. Periodicinformationflows

InformationrelatingtotheCompany'sactivitiesthatmaybeofsignificancewithregardtotheSB'sperformanceof itsdutiesmustbe reported to itperiodically,according to the frequencyindicatedforeachinformationflow,includingbutnotlimitedtothefollowing:

20) updates relating toorganizationalchangesorchanges to thecorporateproceduresinforce(biannual);

21) updatestothesystemofpowersandresponsibilities(biannual);

22) agendaofmeetingsoftheBoardofDirectors(biannual);

23) listofanypubliccallsfortenders(orthoseofpublicsignificance)attheinternational/national/local level in which the Company has participated(biannual);

24) documentsrelatingtotherequestfor,disbursementofanduseofpublicfunds(biannual);

25) listofanygiftsanddonationsgiventopublicparties(biannual);

30

26) periodicreportingonworkplacehealthandsafetyand,inparticular,theminutes of the periodicmeeting pursuant to Article 35 of LegislativeDecree81/2008(annual);reportontheannualspending/investmentbudgetdrawnupinordertotakethenecessaryand/orappropriatemeasuresforimprovementintermsofsafety;alldatarelating toworkplaceaccidentsonCompanypremises(annual);

27) alldatarelatingtoworkplaceaccidentsonCompanypremises(annual);

28) anyupdatestotheCRED(annual);

29) reports by the occupational health physician of anomalous situationsidentifiedduringperiodicorscheduledvisits(biannual);

30) periodic audits performed by certification bodies on the integratedmanagementsystemconcerningtheaspectsofhealth,safety,environmentandsecurity(e.g.OHSAS180001andISO14001)(annual);

31) audits -whether carriedout internallyorvia consultants - concerningtheaspectsofhealth,safety,environmentandsecurity,whicharecarriedoutatboth thecentralizedand theperipheral level inall foreignbranchesofBonatti(biannual);

32) audits related to areas of risk, instrumental areas and/or sensitiveactivities,aspertheModel(biannual);

33) financialstatements,accompaniedbyexplanatorynotes,aswellas thehalf-yearstatementofassetsandliabilities(biannual);

34) tasks assigned to the External Auditor other than the Company audit(biannual);

35) communications from theBoardofStatutoryAuditorsand theExternalAuditorrelatingtoanyproblemsthatarise,evenifresolved(biannual).

The reporting and information obligations described abovemust also be performed,where

applicable,bytheCompany'sBranchManagers.

TheSB,duringthecourseof investigativeactivitiesresultingfromareport,mustactinsucha

wayastoensurethatthepersonsinvolvedarenotthesubjectofretaliation,discriminationor

any formofpenalization, and shall thereforeprotect the confidentialityof thewhistleblower

(withoutprejudicetotheapplicabilityofanylegalobligationsthatstipulateotherwise).

Inorder to facilitatereportingto theSBbypersonswhobecomeawareofactualorpotential

violationsoftheModel,theCompanyhassetupappropriatededicatedcommunicationchannels

and, specifically, a dedicated email address (odv@bonatti.it). Reports may also be sent in

31

writing,includinganonymously,tothefollowingaddress:OrganismodiVigilanzaBonattiS.p.A.,

ViaAlfredBernhardNobel,2/A,43122Parma(PR).

4. IMPLEMENTATIONOFANDVERIFICATIONOFCOMPLIANCEWITHTHECODEOF

ETHICS

4.1 ActivitiesoftheSupervisoryBody

The Supervisory Body of Bonatti is responsible for monitoring the implementation of and

compliancewiththeModelandtheCodeofEthics.

Withoutprejudicetotheprovisionsofthededicateddocumententitled"ArticlesofAssociation

oftheSupervisoryBody"(whichformsanintegralpartoftheModel),someofthedutiesofthe

SupervisoryBodyarelistedbelow,purelybywayofexample.TheBodymust,interalia:

· monitorcompliancewiththeModelandtheCodeofEthics,withaviewtoreducingthe

dangerofcommittingtheoffencesprovidedforbytheDecree;

· formulate observations regarding both problems of an ethical nature thatmay arise

during corporatedecision-making andpresumedviolationsof theCodeofEthics that

cometoitsattention;

· make available all possiblemeans of knowledge and clarificationwith regard to the

correctinterpretationandimplementationoftheprovisionsoftheModelandtheCode

ofEthics;

· monitortheupdatingoftheCodeofEthics,formulatingproposalsforadjustmentsand

updates;

· promote andmonitor the Company's implementation of communication and training

activitiesconcerningtheModeland,inparticular,theCodeofEthics;

· report to the competent corporatebodies anyviolationsof theModelor theCode of

Ethics,verifyingactualapplicationofanymeasuresissued.

4.2 Violationsandrelativesanctions

32

TheviolationoftheprinciplesandrulesoftheCodeofEthicsshallresult intheapplicationof

the sanctions set forth in theDisciplinary System,which constitutes an integral part of the

Model.

Insummary,theDisciplinarySystemidentifies:

i) addressees;

ii) typesofsignificantviolations;

iii) sanctions,gradedaccordingtotheseriousnessoftheviolation;

iv) theprocedureforgivingnotificationofviolationsandissuingsanctions.

Inbrief,therearevarioustypesofsanctionsthatcanbeissuedtoSeniorPositions,rangingfrom

writtenreprimands,throughpaycuts,tosackings.

Staff may be issued with various types of sanctions, which range, in ascending order of

seriousness, from verbal reprimands to sackings, in accordance with the provisions of the

applicableNationalLabourContract,asdescribedinmoredetailintheDisciplinarySystem.

Primarilywith regard toThird-PartyAddressees,dedicatedsanctionsof acontractualnature

canbeapplied,whichvaryinintensity,basedonaspecificclauseinsertedintotheagreementor

letterofappointment.

4.3 Reportingviolations

Any actions or conduct that violate the Model or the Code of Ethics must be immediately

reportedtotheSupervisoryBody,eveniftheincidentinquestionrelatesonlytothedangerofa

violation.

TheCompanyhassetupsuitablededicatedchannelsofcommunicationinordertofacilitatethe

processofreportingtotheSB.

More specifically, adedicated email address (odv@bonatti.it)hasbeen setup to receive any

reportsconcerning failure tocomplywith theprovisionsofthisCode.Thisemailaddresswill

alsobeused to receive anonymous reports, i.e. those inwhich it isnotpossible to trace the

identityofthesender.

Reports can also bemade inwriting by sending a dedicated communication (which can be

anonymous, ifdesired) toOrganismodiVigilanzadiBonatti,ViaAlfredBernhardNobel,2/A,

43122Parma(PR).

Undernocircumstancesmaythefilingofareportconstituteamotiveforthreats,harassment,

discrimination,demotion,refusaltograntbenefits,suspension,orterminationofemployment.

It isforbiddentoadoptretaliatory,discriminatoryorharmfulbehaviourtowardsanyonewho

reportsaviolationofthisCode,oranyotherunethicalconduct,ingoodfaith.

33

Anyonewho believes they are subject to retaliatory behaviour, orwho knows of retaliatory

behaviourbeingadoptedtowardsothers,mustimmediatelycontacttheCompany'sSupervisory

Boardattheemailaddressodv@bonatti.it,orbymailsenttoOrganismodiVigilanzadiBonatti,

ViaAlfredBernhardNobel,2/A,43122Parma(PR).

Inanycase,theSBdoesitsbesttoensurethatwhistleblowersdonotsufferretaliationandare

notdiscriminatedagainstorpenalized inanyway, takingadequatemeasures topreserve the

confidentialityofsuchpersons.