LELY GENERAL BUSINESS PRINCIPLES

INTRODUCTION

Lely,  founded  in  1948,  directs  all  its  efforts  towards  creating  a  sustainable,  profitable  and enjoyable future in farming for its customers. Underpinning Lely’s commitment to responsible corporate  citizenship  and  the  pursuit  of  a  sustainable  future – economically,  socially  and environmentally – the General Business Principles set out our principles on integrity and ethics in business conduct. These principles govern Lely’s business decisions, operations and actions throughout  the  world  and  apply  equally  to the company’s actions and to the behavior of individual employees in conducting Lely’s business. They are subject to applicable laws and regulations.

The  General  Business  Principles  formulate  minimum  requirements  of  behavior.  They  leave management  free  to specify  additional  rules  of  business  conduct.  To  drive  the  deployment of the General Business Principles, a separate set of GBP Directives has been published, which are applicable  to  all  employees  of  Lely  Holding  S.à.r.l.  and  its  subsidiary  companies  as  well  as  the Company’s representatives in any consolidated joint venture or other kind of partnership in which  Lely  has  an  interest (‘Lely’).  The  GBP  Directives  form  an  integral  part  of  the  General Business Principles (jointly referred to as ‘GBP’). The General Business Principles, which have been adopted by the Lely Board, are reviewed on a regular basis and revised if necessary.

In order to ensure that business ethics and operations are a living issue throughout the company,  a  worldwide  training  program will  be  put in  place  to  heighten  awareness  of the absolute need for strict compliance with the General Business Principles.

VALUES

Lely has five core values. Values guide us in how we behave in dealing with others. On the work floor among colleagues, interacting with our customers, at meetings with our business partners, when dealing with the press; independent of place and time we show our values through our actions. To achieve our mission and vision, we guided by five core values that serve as a compass for how we behave:

Innovation

We think out-of-the box and seek opportunities for innovation, aiming for a positive change to shape a better future for man and animal.

Passion

We are passionate about what we do, committed to the future of the agricultural sector in heart and mind.

Progress

We realize that our business can only grow if our people grow; we encourage our people to go that extra mile supporting them with professional and personal development.

Respect

Wellbeing of man and animal as well as the environment are at the heart of our company. We are constantly seeking more sustainable alternatives.

Honesty

We endeavor to live up to our promises; say what we do, do what we say.

1. GENERAL COMMITMENT

Lely inspires and  supports farmers with bright farming  to build a sustainable, profitable and enjoyable future in farming.

Lely wishes to  be  a  responsible  partner  in  society, acting  with  integrity  towards  its customers, employees,  suppliers  and  business  partners,  competitors, governments  and their  agencies,  and  others  who  can  be affected  by  its  activities. Lely duly  observes  the applicable rules of the law of the countries in which it operates and regularly reviews its interests  and  those  of  affected  persons or  entities  in  order  to  ensure  a  healthy,  long-term relationship with them. Lely endeavors to adapt to local situation sin order to take the most appropriate approach to possible problems within the bounds of applicable law and  responsible  conduct.  In  this  respect Lely supports  the principle  of  dialogue  and cooperation with all parties involved.

1.1 HUMAN RIGHTS

With  due  regard  to  the  Universal  Declaration  of  Human Rights,  which  states  that  all parties  in  society,  including corporate  persons,  have  a  duty  to  respect  and  safeguard human rights, and within the framework of the legitimate role of business, Lely supports and  respects  human  rights and  strives  to  ensure  that  its  activities  do  not  make  it  an accessory to infringements of human rights.

1.2 CHILD,BONDED AND FORCED LABOR

Under  no  circumstances  will Lely make  use  of  forced or  bonded  labor,  nor  will  it employ  children  in  violation of  Conventions  no.  138  and  no.  182  of  the  International Labour Organization.

1.3 FREE MARKET COMPETITION

Lely supports  the  principle  of  free  market  competition as a basis  for  conducting its business and observes applicable competition laws and regulations.

1.4 PRODUCT SAFETY

Lely aims, at all times, to supply safe products and services.

1.5 ENVIRONMENTAL PROTECTION

Wellbeing  of  man  and  animal  as  well  as  the  environment  are  at  the  heart of  our company.  We  are  constantly  seeking  more  sustainable  alternatives. Consistent  with  its commitment  to  sustainable  development, Lely will  do  all  that  is reasonable  and practicable to minimize any adverse effects of its activities on the environment.

2. COMMITMENT TOWARDS CUSTOMERS

Lely’s mission is to inspire people to create innovative solutions that help our customers excel in sustainable milk production, forage harvesting and energy sourcing. Our  mission  sets  our  direction  for  the  future.  We create  and  drive  breakthrough changes in farming methods. It’s our true north. We are ‘Innovators in Agriculture’.

To this end, the company seeks to maintain an ongoing dialogue with its customers. Lely is  committed to  listening to  and  learning from them, so  that  it  is  able  to  design and deliver the solutions they really want and need. Lely will always deal with its customers in a fair and forthright manner, maintaining the highest levels of integrity whilst striving for the highest possible quality of products and services.

3. COMMITMENT TOWARDS EMPLOYEES

Lely values  its  employees  as its key  resource. An  atmosphere of  good  employee communication, involvement and responsibility is of key importance, and an employee’s personal development and optimum use of talents is encouraged.

3.1 RIGHT TO ORGANIZE

Lely recognizes  and  respects  the  freedom  of  employees to choose  whether  or  not  to establish, or to associate with, any organization. Lely respects – within the framework of (local) law,  regulations  and prevailing  labor  relations  and employment  practices – the right  of  its  employees  to  be represented  by  labor  unions  and  other  employee organizations, and Lely will engage in negotiations, either on its own behalf or through employers’ associations, with a view to reaching agreement on employment conditions.

3.2 HEALTH AND SAFETY

Lely will do all that is reasonable and practicable to protect the health and safety of its employees.

3.3 EQUAL AND FAIR TREATMENT

Every employee has equal opportunities and will be treated equally in employment and occupation  regardless  of  personal background,  race,  gender,  nationality,  age,  sexual preference or  religious  belief. The  same  applies  to  the  recruitment  of employees. Lely strives to offer equal pay for equal work performed at equal levels at similar locations. No form of harassment or discrimination will be tolerated.

3.4 WAGES AND PAYMENT

Remuneration and working hours shall comply with local labor laws and shall at least be in line with prevailing industry norms.

4. COMMITMENT TOWARDS SUPPLIERS AND BUSINESS PARTNERS

Lely pursues mutually beneficial relationships with its suppliers and business partners. It seeks  to  award  business to  suppliers  and  business  partners  who  are  committed  to act fairly and with integrity towards their stakeholders and who observe the applicable laws of the countries in which they operate.

5. ASSETS AND INFORMATION

5.1 USE AND PROTECTION OF ASSETS

Each employee is responsible for the proper use, protection and conservation of Lely’s assets and resources as well as confidential information disclosed to Lely by its business partners. Lely’s assets  and  resources,  as  well  as  any opportunities  arising  by virtue  of one’s position, are to be used  solely  to  pursue  and  achieve Lely’s goals  and  not for personal benefit.

5.2 IMPROPER DISCLOSURE

Lely regards information for the purpose of its business as a corporate asset that must be protected against loss, infringement and improper use and disclosure. Lely is committed not to make use of information disclosed to it by a third party if it is suspected that the discloser thereby violates an obligation of confidentiality, unless the information:

a) is generally available to the public other than as a result of disclosure by Lely;

b) has been developed independently by Lely; or

c) becomes available to Lely either on a non-confidential basis from a third party who is not bound by any confidentiality obligations or by operation of law.

6. BUSINESS INTEGRITY

6.1 BRIBERY; RECORDS OF TRANSACTIONS

Lely insists on honesty, integrity and fairness in all aspects of its business. Bribes in any form  are  unacceptable; commission  payments  and  personal  gifts  or  favors  may  only be made or accepted in strict accordance with the GBP Directives. Lely strives to comply with  the  highest  levels of  transparency  and  accountability  throughout  the  company. Records  of  transactions  should  be  maintained  in  an  accurate, complete  and  timely manner  in  accordance  with Lely accounting  principles.  No  unrecorded  funds  or  assets should be established or maintained.

6.2 THIRD-PARTY INTERESTS

Employees are not allowed to have any direct or indirect financial interest in a supplier or  competing  company  with the  exception  of  a  financial  interest  in  a publicly traded company.

6.3 POLITICAL PAYMENTS

Lely companies shall not make payments or donations, in money or in kind, to political parties, political organizations or individual politicians, unless such payments are made in strict accordance with the GBP Directives.

7. OBSERVANCE OF THE GENERAL BUSINESS PRINCIPLES

7.1 SANCTIONS

All Lely employees must comply with the General Business Principles. Violation may lead to  disciplinary  action, including  dismissal,  notwithstanding  any  further  civil  or criminal action that may be taken.

7.2 WHISTLEBLOWER POLICY

In  order  to  promote  the  reporting  of  violations  of  the General  Business  Principles, employees may submit  complaints to  a  Compliance  Officer on  an anonymous  basis without fear of the complaints leading to disciplinary action.

7.3 COMPLIANCE

Lely has implemented a network of local Compliance Officers, who in that role report to the global Compliance Officer. Employees should contact a Compliance Officer in the event of any question about the General Business Principles or reporting of a potential violation thereof.

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