CODE OF CONDUCTof the Greiner GroupPreface
The Greiner Group, with almost 150 years of history, has become a real global player inthe past few years. With more than 125 sites across the globe, we are close to our customers and can flexibly respond to their needs. However, such a complex organization
also presents challenges.
We would like this code of conduct to serve as a basis on which our company’s positive
development can continue in the long term. The code is rooted in the Greiner philosophy,
which focuses on the global orientation of the Group, its attractiveness as an employer
and service provider, and excellent conduct. We have set the rules of conduct derived
from these principles in stone in the code of conduct and made them available to all
employees, customers, and business partners. It should help us to guarantee the integrityof our conduct in the long term.

Our central objective is to ensure that:

We embody our values andour conduct is legally and ethically impeccable!
The Management Board will do everything in its power to ensure that the standards established in this code of conduct are permanently implemented and respected in all partsof the Group.
It is our deliberate wish and declared aim to set a good example. We invite all employees
to join us on this path.

Greiner Holding AGAxel Kühner
CEOHannes Moser
CFO

1

We are committed tocompliance with all legal
norms and to value-oriented
corporate action.

We respect our employees
as essential partners in ensuring
the commercial developmentof our Corporate Group.

We promote fairand free competition.

We are opposed toany form of corruption.

We are committed to handlingour own property and theproperty of others responsibly.

We separate professional
and private interests.

We ensure the economic, socialand environmental sustainabilityof our corporate actions.

Compliance Guidelinesof the Greiner GroupI.

We are committed to compliance with all legal norms
and to value-oriented corporate action.

II.

We respect our employees as essential partners inensuring the commercial development of our Corporate Group.

III.

We promote fair and free competition.

IV.

We are opposed to any form of corruption.

V.

We are committed to handling our own property
and the property of others responsibly.

VI.

We separate professional and private interests.

VII.

We ensure the economic, social and environmental
sustainability of our corporate actions.

17Basic Information on
our Code of Conduct
As a globally active company, we want to create lasting values that benefit all of us:
Our customers and business partners, our employees and the Greiner Group as a whole.

1. Objective of this Code of Conduct
To ensure our continued success and growth in the 21st century, we as the Greiner Groupneed to preserve the trust and respect of our customers, business partners and employees and to answer the general call for values. This requires more than just offering good
products and services; the companies of the Greiner Group also need to act responsibly.
The aim of this Code of Conduct is to lay down the guidelines for the actions of the Greiner Group as a responsible corporate group in accordance with national and international
norms.

2. Application of the CodeThis Code applies to all workers and salaried employees, executives, managers andboard members of the Greiner Group worldwide as well as to all other employees, advisors, representatives and other authorized agents that act in the name of the GreinerGroup (the “employees of the Greiner Group“), equally addressing women and men. TheGreiner Group comprises all companies on which, at least, controlling influence can beasserted.

18

We will not tolerate any violations of the fundamental principles of this Code of Conduct
by suppliers of the Greiner Group. If we become aware of such violations we will appeal
to our suppliers to discontinue any such violations.
Since the laws and regulations applicable in the countries in which the Greiner Groupoperates differ, country-specific amendments or adjustments of this Code may be madein consideration of the specific national and local laws, culture, customs and practices.
However, such individual amendments and adjustments must be in line with the standards of this Code of Conduct, unless deviations are mandatory due to local law.
All individual adjustments and amendments require the consent of Greiner Holding AG.

3. Compliance with the CodeThis Code summarizes the fundamental rules of conduct of the Greiner Group and issupposed to support all employees of the Greiner Group in their decisions and to provide
guidance for appropriate conduct and behavior in a business setting. In this manner,
the Greiner Group aims to fulfill its legal, social and business-related responsibility. Everyaction and decision taken by employees of the Greiner Group in the course of businessmust be in line with the principles of this Code of Conduct at all times.

19

The Standards
Guiding our Actions
1. Compliance with Laws - Value-oriented Conduct
We comply with national and international laws, rules and regulations of each jurisdictionin which the Greiner Group conducts business. This Code of Conduct supports the employees of the Greiner Group in this respect and is supposed to give them a secure basis
for decisions in their daily work routine.
The Greiner Group does not tolerate any violations of the law.
While strict compliance with the law is a fundamental behavioral standard, employees of
the Greiner Group will never be entirely satisfied by mere compliance with legal provisions.
The employees of the Greiner Group will strive to do more than merely comply with legal
provisions and to integrate values, ethics and respect for other people and cultures into
their activities.
Every country and each society has its own social, religious and cultural norms and values. The employees of the Greiner Group carefully consider these norms and values when
conducting business in different countries.
The employees of the Greiner Group act in line with their social responsibility. When conducting business, the employees of the Greiner Group consider the consequences andeffects of their actions on society.

202. Behavioral Standards with Regard to Human Rightsa.) Respect for Human Rights
Respecting human rights is a fundamental element of any modern society. The GreinerGroup manages its business in a manner that safeguards the protection of human rights
and does not tolerate any violations of human rights. The Greiner Group respects thehuman rights of all employees of the Greiner Group.

b.) Compliance with Labor Law
The Greiner Group complies with all existing regulations under labor law.
Moreover, the Greiner Group is committed to compliance with the Convention concerning
Minimum Age for Admission to Employment of the International Labor Organization (ILO).
We do not accept child labor.
We are strictly opposed to any form of mobbing and promote problem awareness among
our employees through intensive information campaigns. In cooperation with the staff
representatives, we promote preventive measures in this area.

c.) Non-discrimination
We are strictly opposed to discrimination in the workplace, for example with regard tohiring, promotions, payment, work orders, working hours, training opportunities and dismissals, whether based on gender, age, nationality, race, skin color, ethnicity, religion,religious faith, social status, origin, marital status, sexual orientation or physical or mental
disability or any other trait protected by the applicable laws and regulations.

21

3. Commitment to Fair Competition
The Greiner Group promotes the fundamental understanding that all business activities
are to be carried out in a fair, ethical and transparent manner in order to maintain andstrengthen the public’s, customers’ and business partners’ as well as all employees’ trustin the Greiner Group.

a.) Compliance with Competition and Antitrust Laws
The Greiner Group is committed to the principles of a free market and to promoting faircompetition, and complies with all applicable rules of competition.
The Greiner Group acknowledges that national competition laws may differ from country
to country and that all applicable laws and regulations must be complied with withoutexception.
It goes without saying for the Greiner Group and our employees that we do not participate – whether directly or indirectly – in anti-competitive, monopolistic or unfair businesspractices.
Such anti-competitive business practices include price fixing, bid rigging (collusive bidding), the determination of output limitations or quotas, the sharing or segmentation of
the market through the assignment of customers, suppliers, territories or business segments, the rejection of business (boycott), illegal price maintenance, illegal price discrimination or other agreements that may suppress or limit competition.
We do not participate in international trusts.
If our employees enter into contact with competitors, whether intentionally or unintentionally, they will take care not to accept or provide any information that allows any conclusions regarding the present or future market behavior of the Greiner Group or of anothermarket participant.

b.) Behavioral Standards in the Absence of Applicable Laws
The companies of the Greiner Group also strive to conduct business in a fair and ethicalmanner in countries that do not have any competition laws, and to refrain from anticompetitive practices as designated above at all times.

22

4. Prohibition of any Bribery or Corruptiona.) General Remarks
The Greiner Group and all employees are committed to exclusively conduct business withthird parties in a fair and ethical manner, to refrain from bribery and from appearing oracting vis-à-vis public office holders in any manner prohibited.

b.) Prohibition of Bribery
Nobody shall be offered, promised or given bribes or other unjustified benefits, neitherdirectly nor indirectly, to obtain or keep business orders or other advantages.
Employees of the Greiner Group will not demand or accept bribes or other undue benefits– neither directly nor indirectly.
Subcontracts, purchase orders or consultancy agreements must not be used as a means
to arrange payments to employees of business partners or other third parties.
Occasional gifts in line with general business practices, customary business entertainment or other benefits of small value in whose case any influence on a business decisionor on a decision by an official authority can be excluded in advance shall only be permissible subject to the applicable national statutory provisions.
Under no circumstances shall it be permissible to offer, grant, demand or accept any
amounts of money.

c.) Prohibition of (Other) Illegal Payments
The Greiner Group and its members will not make any illegal donations to candidates fora public office or political parties or other political organizations. Any payment or benefit
must fully comply with the disclosure obligations of the relevant jurisdiction.

235. Handling the Property of the Greiner Group and of ourBusiness Partners ResponsiblyHandling the property of the Greiner Group and of our business partners responsibly isessential for maintaining the trustworthiness of our Company.
The property of the Greiner Group and of our business partners includes both tangible
and intangible assets, such as business-related information, trade secrets, know-how
or industrial property rights. This also includes our inventions and patents, which are ofparticular importance for the long-term success of the Greiner Group.
Every employee will handle such property with the utmost care and responsibility and will
act in a manner as can be reasonably expected by an employer and a business partner.
Confidential business information must be kept secret at all times and must be protectedagainst unauthorized access by third parties, in particular if such information was madeaccessible to us by third parties, such as business partners, as confidential.

246. Business Conduct and Separation of Interests
In our business transactions we treat all our suppliers, customers and business partners
with fairness and respect. The private interests of our employees and the interests of ourCorporate Group must be kept strictly separate. Conflicts of interest should be avoided
or, if this is not possible, be made transparent.
The Greiner Group refuses to let its business activities be influenced by personal relationships or interests.
Rather, decisions are exclusively taken on a well-founded basis and in line with the principle of objectivity. Any secondary occupation shall have no influence on the managementof the Greiner Group’s business.

25

7. Sustainable Actions
The Greiner Group and its employees are extremely careful to prevent negative effects on
the environment and on society when carrying out their business activities. This ensures,with lasting effect, that it will be possible for the Greiner Group to continue to successfully
conduct business in an ecologically sound environment and to preserve a healthy environment for our employees to work and live in.

26

8. General Remarks
The guidelines set out in this Code of Conduct are based on the Greiner philosophy.
Thus, it is of utmost importance to us as a corporate group that all of our employees
understand, live by and follow these rules.
Violations of this Code of Conduct will not be tolerated and will entail consequences.
We will offer all employees the necessary training and will ensure that every employee
has the opportunity to seek advice from the compliance officers of the Greiner Group ifquestions or problems arise in their daily work.
The implementation of, and compliance with, the guidelines set out above is ensured by
the Greiner compliance organization.

***27

ContactDr. Maximilian Wellner
General Counsel & Compliance Officer
Greiner Holding AG
Greinerstraße 704550 Kremsmünster / Austria
T: +43 7583 7251-60277
M: +43 664 82 54 086
maximilian.wellner@greiner.at

28

Greinerstraße 70
4550 Kremsmünster
Austria
www.greiner.at

klimaneutralklimaneutral gedruckt
CP IKS-Nr.: 53401-1505-1001
gedruckt klimaneutral
gedruckt