SELEX Communications S.p.A. THE CODE OF ETHICS

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protocols are drafted, properly integrated and amended as and if necessary, on the basisof an analysis of the Company's situation, with a view to highlighting any risks for theCompany and for the existing control system and its actual suitability.Anyone taking part, for any reasons, in the operating process, shall adopt the specificprotocols in the terms and manner specifically provided for and described by thecompetent management of SELEX.The correct implementation of these protocols ensures the identification of Companystaff to be put in charge of the processes of decision-making, authorization andperformance of operations: for this purpose - according to the principle of controlrepresented by the separation of tasks - it is necessary that individual operations arecarried out in their various stages by different parties, whose duties are clearly definedand known within the organization in order to prevent unlimited and/or exaggeratedpowers being assigned to individual parties.Directors, with particular reference to the executives, employees and anyone whointeracts with SELEX at any level, within the limits of their individual duties andfunctions, are required to comply strictly with the procedures laid down in the protocols.In particular, Company procedures shall regulate the execution of each operation andtransaction, whose legitimacy, authorization, consistency, congruity, proper recordingand verification, must with due regard to the utilization of financial resources, beassessable (through the following control elements, including but not limited to:validating account balances, joint signatures, supporting accounting documents,understanding the activities of any sales entities such as consultants, distributorssuppliers, etc.).Each operation shall therefore be supported by adequate, clear and full documentation tobe filed with the company records, in order to allow, at all times, a control on themotives, the characteristics of the operation and the exact identification of who, at thedifferent stages, authorized, carried out, recorded and verified the same.Non-compliance with the procedures, protocols and by the Code of Ethics have to bepromptly reported to the Surveillance Body.Truthful, precise, full and clear primary data are the prerequisites of transparentaccounting and are a fundamental value for Selex, and also ensure that shareholders andthird parties may have a clear image of the economic, equity and financial position of theCompany.For that value to be observed, it is first of all necessary for the documentation of basicfacts, in support of the company records, to be complete, clear, truthful, precise and validand that it is filed for any possible checking.The relative book entry shall reflect in a complete, clear, truthful, precise and validmanner that which has been described in the supporting documentation.In the case of economic and financial elements based on valuations, the relevant bookentry shall be made in accordance with the criteria of reasonableness and prudence,explaining clearly in the underlying documentation the criteria which guided thevaluation of the asset.Page 10 of 20
If anyone becomes aware of any possible omission, falsification, irregularity in the booksand records of the Company, or of any breach of the principles set forth in the Code ofEthics and in the specific protocols, he/she should immediately report this to theSurveillance Body.Non-compliance with the procedures, protocols and the Code of Ethics compromise therelationship of trust between SELEX and those who interact with the Company at anylevel and shall be promptly reported to the Surveillance Body pursuant to LegislativeDecree 231/01.7. PROTECTION OF THE COMPANY’S ASSETSSELEX endeavours to work so that the use of available resources, carried out incompliance with applicable law and any relevant corporate by-laws, and in line with thevalues of the Code of Ethics, is directed towards guaranteeing, increasing andstrengthening the Company’s assets, in defence of the Company itself, its shareholders,creditors and the market.To safeguard the entirety of the Company’s assets, it is specifically forbidden, except asexpressly permitted by law, to give back in any form the payments made by theshareholders or to free them from the obligation to make those payments; to distributeprofits not actually earned or appropriated to statutory reserve, or reserves which cannotbe distributed as prescribed by law, to purchase or subscribe shares or quotas of theCompany or of holding companies; to make reductions of share capital, to bring aboutmergers or de-mergers by violating the provisions which protect creditors; to fictitiouslyform or increase share capital; to pay off, in case of winding-up, shareholders' claims tothe detriment of creditors. In order to prevent the occurrence of the aforesaid cases inpoint, SELEX endeavours to disseminate within its organization knowledge about thelaws in force and the provisions of the Code of Ethics and relevant protocols, providingspecific information and training programmes for directors and employees on corporatecrimes.8. INTERCOMPANY RELATIONSHIPSSELEX provides autonomy to its controlled companies, which are required to adhere tothe values expressed in the Code of Ethics and to faithfully cooperate in the pursuit of theCompany’s objectives in compliance with all applicable laws and regulations.SELEX refrains from any behaviour which, being in its sole interest, may jeopardize theintegrity or image of any Group companies. At the same time, SELEX requires itsaffiliates to refrain from behaviours or decisions which, being for their sole benefit, mayjeopardize the integrity or image of any other Group company.Any person delegated by SELEX to act within the Group will participate with integrity,ensuring fair and open communication between the Group companies and SELEX inPage 11 of 20
Page 2 and 3: INDEX1. AIM AND GENERAL PRINCIPLES.
Page 4 and 5: 1. AIM AND GENERAL PRINCIPLES1.1 Th
Page 6 and 7: 2. GENERAL PRINCIPLES2.1 Compliance
Page 8 and 9: The Recipients must therefore rule
Page 12 and 13: accordance with any prescribed mand
Page 14 and 15: suspected of, being part of, or as
Page 16 and 17: the relationship with public instit
Page 18 and 19: also on the basis of the submission
Page 20: depending on their respective respo

SELEX Communications S.p.A. THE CODE OF ETHICS

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