code of conduct

GENERALPRINCIPLES 4

GUIDETOTHEUSEOFTHECODE 6

1 BUSINESSCONDUCT 8

- CONFLICTSOFINTEREST 10

- INSIDERTRADINGANDPROHIBITIONTO

USECONFIDENTIALINFORmATION 10

- CONFIDENTIALITyOBLIGATION 11

- BRIBERyANDILLICITPAymENTS 11

- mONEyLAUNDERINGPREvENTION 12

- CORPORATEREPUTATION 12

- COmPETITION 13

- ECONOmICSANCTIONS,EmBARGOES

ANDINTERNATIONALTRADELAwS 13

- PRIvACy 13

2 EmPLOyEES 14

- CHILDANDFORCEDLABOUR 16

- FREEDOmOFASSOCIATION 16

- EqUALOPPORTUNITIES 16

- HARASSmENT 16

- wORkINGENvIRONmENT 17

- REmUNERATIONANDwORkINGTImE 17

- HIRINGANDPROmOTIONPRACTICES 17

- INTERNALCONTROLSySTEmS,REPORTSANDRECORDS 17

- COmPANyASSETS 18

- OUTSIDEACTIvITIES 18

- COmmITmENTS 18

- EmPLOyEESINPOSITIONSOFRESPONSIBILITy 19

- CORPORATEOFFICERS 19

3 HEALTH,SAFETy&ENvIRONmENT(HSE) 20

- OCCUPATIONALHEALTHANDSAFETy 22

- ENvIRONmENTALPROTECTIONINPROCESSES 23

- ENvIRONmENTALImPACTANDSAFETyOFPRODUCTS 23

4 EXTERNALRELATIONSHIPS 24

- CUSTOmERS 26

- SUPPLIERS 26

- PUBLICINSTITUTIONS 26

- TRADEUNIONSANDPOLITICALPARTIES 27

- COmmUNITIES 28

- COmmUNICATIONANDCORPORATEINFORmATION 28

- mEDIARELATIONS 29

5 ACCOUNTING&INTERNALCONTROL 30

6 ImPLEmENTATION&ASSURANCE 34

APPENDICES - APPENDIXA-INTERPRETATIONAND

REPORTINGvIOLATIONSOFTHECODE 38

- APPENDIXB-CODEOFCONDUCT

REqUIREmENTSFORCORPORATEOFFICERS 39

contentS

2 3

CNH Global N.v. (“CNH Global”) and its subsidiaries (collectively, the “CNH Group”) is an internationalindustrialgroupwhich,becauseofitssize,activitiesandgeographicalscope,playsasignificantroleintheeconomic,socialandenvironmentalaspectsofthecommunitiesandcountriesinwhichitoperates.TheCNHGroup’smission is togrowandcreatevalueby supplying innovativeproductsand services formaximumcustomersatisfactionwithduerespecttothelegitimateinterestsofallstakeholders(includingdirectors,officersandemployees,aswellasshareholders,customers,suppliersandthecommunitiesinwhichweoperate).weconductourbusinessinasociallyresponsible,impartialandethicalmanner,adoptingfairemployment practices, protecting safety in the workplace, supporting and fostering environmentalconsciousness and in full compliance with the applicable laws of the countries in which a CNH Groupcompanyoperates.However,wherelawsandregulations inaparticular jurisdictionaremorelenientthanthosecontainedinthisCodeofConduct(the“Code”),theCodeshallprevail.

All CNH Group business relationships will be established and maintained with integrity and loyalty andwithout any conflict of interest between business and personal affairs. To achieve this, the CNH Grouprequiresthatallofitsdirectors,officersandotheremployeescomplywiththehigheststandardsofbusinessconductintheperformanceoftheirdutiesassetoutintheCode.

TheCNHGroupendorsestheUNDeclarationonHumanRights,therelevantILOConventionsandtheOECDGuidelinesformultinationalCompanies.Accordingly,theCodeandCNHGrouppracticesandpoliciesareintendedtobeconsistentwithsuchdeclarationsandconventions.TheCodeisintendedtobeaguideandasupportforeveryCNHGroupdirector,officerandotheremployeeandshouldenablehim/hertopursuethe CNH Group’s mission in the most effective manner possible. The Code constitutes a fundamentalelementofthecorporategovernanceoftheCNHGroup.InconnectionwiththeCode,theCNHGroupisresponsiblefor:

•thetimelydisseminationoftheCodethroughouttheCNHGroupandtoallpersonssubjecttotheCode;•ensuringthatallupdatesandamendmentstotheCodeareprovidedonatimelybasistoallpersonssubject

totheCode;•providingappropriatetraining,informationandconsultingsupporttoallpersonssubjecttotheCodein

relationtoanyquestionsregardingtheinterpretationoftheCode;•ensuringthatanyonewhoreportsviolationsoftheCode,ingoodfaith,shallnotbesubjecttoanyformof

retaliation;•thepromptandthoroughinvestigationofallegedviolationsoftheCodeand,inappropriatecircumstances,

theimpositionofsanctionswhicharefairandproportionatetotheviolationoftheCodeandtoapplysuchsanctionsconsistentlyamongstalldirectors,officersandotheremployees(and, ifapplicable,thirdparties)subjecttotheCode;

• regularlymonitoringcompliancewiththeCode.

TheCNHGroupwelcomesconstructivecommentsandsuggestionsfromdirectors,officers,otheremployeesandthirdpartieswithrespecttotheCode’scontent,enforcement,andotherrelatedmatters.TheCNHGroupshalluseitsbesteffortstoensurethatthesecommitmentsaresharedbyallconsultants,suppliersandanyotherpartywhohasatanytimeabusinessrelationshipwiththeCNHGroup.TheCNHGroupwillnotengageinorcontinueanyrelationshipwiththirdpartieswhorefusetoabidebytheprinciplesoftheCodeandapplicablelaw.

GeneRAL PRIncIPLeS

4 5

wHATISTHECODE?TheCodeisadocument,approvedbytheBoardofDirectorsofCNHGlobal,thatsummarizestheCNHGroup’sbusinessconductprinciplestogetherwiththecorrespondingcommitmentsandresponsibilitiesofdirectors, officers and other employees. The Code, issued by the CNH Group, constitutes a criticalcomponent of the CNH Group’s corporate governance program for assuring effective prevention anddetectionofviolationsoflawandregulationsapplicabletoitsactivities.

wHOISSUBjECTTOTHECODE?TheCodeappliestoallboardmembers,officersandotheremployeesofallCNHGroupsubsidiariesandtoallotherindividualsorcompanieswhoactonbehalfoftheCNHGroup.TheCNHGroupshalluseitsbesteffortstoensurethatthecompaniesinwhichitholdsaminorityinterestadoptcodesofconductwhoseprinciplesareinspiredbyor,inanycase,arenotinconsistentwiththosecontainedintheCode.TheCNHGroupshalluseitsbesteffortstoensurethattheCodeisregardedasarequiredstandardofbusinessconductonthepartofthosethirdpartieswithwhomitmaintainsbusinessrelationshipsofalastingnaturesuchasadvisors,counsels,agents,dealersandsuppliers.

wHEREISTHECODEAPPLIED?TheCodeisappliedinallthecountriesinwhichtheCNHGroupoperatesandappliestoallaspectsoftheCNHGroup’sbusiness.

wHEREISTHECODEAvAILABLE?TheCodeisavailableandmaybedownloadedfromtheCNHGroup’swebsite(internet:www.cnh.comandintranet).CopiesoftheCodecanalsobeobtainedfromthelocalHumanResourcesDepartment,theLegalDepartmentorfromtheGroup/SectorComplianceOfficer.

CANTHECODEBEmODIFIED?TheCodeissubjecttoreviewbytheCNHGlobalBoardofDirectors.Reviewstakeintoaccount,amongother things, the constructive comments and suggestions received from directors, officers and otheremployeesandfromthirdparties,aswellasanydevelopmentsinlegislationorindustrybestpractices,aswellasexperienceacquiredinapplyingtheCode.AnymodificationsintroducedintotheCodeasaresultofthisreviewactivityarepublishedandmadeavailableinaccordancewiththeproceduresoutlinedabove.

ISTHECODEANALL-INCLUSIvEDOCUmENT?whiletheCodereflectsthecoreethicalvalueswhicharetobefollowedbyallCNHGroupdirectors,officers,employeesandtheindividualsorcompanieswhoactonbehalfoftheCNHGroup,theCodeshouldbereadand construed in conjunction with the CNH Group policies and guidelines. Such policies and guidelinesexpanduponandareanintegralpartoftheCodeandareavailableontheCNHGroup’swebsite(internet:www.cnh.comandintranet).

HOwDOESTHECODERELATETOTHECODEOFCONDUCTOFFIATINDUSTRIALS.P.A.?TheCodeisintendedtobesubstantiallysimilartotheCodeofConductadoptedbyFiatIndustrialS.p.A.,theindirect parent company of CNH Global N.v. The CNH Group intends to maintain the close alignmentbetweentheCodeandtheCodeofConductofFiatIndustrialS.p.A.

GuIde to tHe uSe of tHe code

6 7

BuSIneSS conduct

THECNHGROUPCONDUCTSITSBUSINESS,ANDREqUIRESALL

ITSDIRECTORS,OFFICERSANDOTHEREmPLOyEESANDOTHER

PERSONSSUBjECTTOTHECODETOBEHAvEONTHEBASISOF

ANDCONSISTENTwITHITSBUSINESSCONDUCTvALUES.ALL

ITSDIRECTORS,OFFICERSANDOTHEREmPLOyEESANDOTHER

PERSONSSUBjECTTOTHECODEmUSTBEAwARETHATTHEy

REPRESENT THE CNH GROUP AND THAT THEIR ACTS wILL

INFLUENCE THE EXTERNAL REPUTATION OF THE CNH GROUP

AND ITS INTERNALCULTURE.THEREFORETHEymUSTPURSUE

THE CNH GROUP’S BUSINESS IN COmPLIANCE wITH THE

FOLLOwINGPOLICIES:

1

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CONFLICTSOFINTERESTAllbusinessdecisionstakenonbehalfoftheCNHGroupmustbemadeinthebestinterestsoftheCNHGroup.Thereforedirectors,officersandotheremployeesandotherpersonssubjecttotheCodemustavoideverypossibleconflictof interest (andtheappearanceofaconflictof interest),withparticularregardtopersonal,financialorfamilyconsiderations(forexample,theexistenceofaninterestinasupplier,clientorcompetitor; inappropriate advantages deriving from the role within the CNH Group; etc.) which mightinfluence(orappeartoinfluence)thedecisionmaker’sindependentjudgementwhendecidingwhatisintheCNHGroup’sbestinterestsandwhatisthemostappropriatewaytopursuesuchinterests.

TheCNHGrouppoliciesconcerningentertainment,meals,giftsorothergratuitiesorpersonalfavoursfrombusinesspartners are set forth inpolicies andguidelinesadoptedby theCNHGroup.Suchpolicies andguidelinesareavailableontheCNHGroup’swebsite(internet:www.cnh.comandintranet).

Anysituationthatconstitutesormightconstituteaconflictofinterestmustbereportedimmediatelytotheapplicable employee’s direct supervisor or Group/Sector Compliance Officers or Human ResourcesDepartmentorLegalAffairs.Everyemployeeshallalsoinformhis/herimmediatesupervisorinwritingifhe/she works for, or if he/she is a director or officer of, any non-CNH Group company or if he/she has arelationshipofafinancial,business,professional,familyorsocialnaturewithanentityhavingacurrentorproposedbusinessrelationshipwiththeCNHGrouporthatotherwisemightinfluence(orbeperceivedtoinfluence)theimpartialityofhis/herdealingwithathirdparty.

INSIDERTRADINGANDPROHIBITIONTOUSECONFIDENTIALINFORmATIONAll directors, officers, and other employees are required to comply with all applicable “insider trading”legislation.Inparticular,nodirector,officer,orotheremployeeoranyotherrecipientsubjecttotheCodeshallevermakeuseof(ordisclosetounauthorizedthirdparties)informationnotinthepublicdomainandobtained as a result of his/her position in the CNH Group or because of the fact that he/she enjoys abusinessrelationshipwiththeCNHGroup,inordertotradeorotherwisetransact,directlyorindirectly,inthe shares of a company in the CNH Group, or other companies, or in any case to obtain a personaladvantage,ortofavourthirdparties.

ConfidentialinformationofCNHandthirdpartiesmustalwaysbedealtwithbyalldirectors,officersandotheremployeesstrictlyinaccordancewiththespecificapplicablepoliciesandproceduresissuedbytheCNH Group, as well as any applicable legal or contractual requirements. In order to determine whenconfidential informationcanor shouldbemadepublic, theCNHGroupwill follow the requirementsofapplicablelaw,andanysuchpublicationofsuchinformationwillbemadeinaccordancewithapplicableCNHGrouppolicies.

Foradditionalinformation,pleaseseetheCNHGlobalN.v.InsiderTradingPolicyandrelatedq&AsRegardingInsiderTradingPolicyavailableintheLegalDepartmentSection(Policies)oftheCNHintranetsite.

CONFIDENTIALITyOBLIGATIONTheknow-how, trade secrets, intellectualproperty, andotherproprietary informationdevelopedby theCNH Group is a fundamental and critically valuable resource which every director, officer, and otheremployee, and other person subject to the Code, is required to protect. Examples of such confidentialinformationinclude(butarenotlimitedto):customerlists,inventions,contracttermsandconditions,pricinginformation,manufacturingcosts,andmanufacturingprocesses.Intheeventoftheimproperdisseminationofsuchconfidentialinformation,theCNHGroupcouldsufferfinancial,reputational,competitiveorotherdamage.Thereforealldirectors,officers,andotheremployees,andotherpersonssubjecttotheCode,areprohibitedfromdisclosingtothirdpartiesanyconfidentialinformationoftheCNHGroup,exceptcasesinwhichsuchdisclosureisrequiredbylaworwhereaCNHgroupcompanyhasexplicitlyagreedtodisclosesuchconfidential informationand the recipientof such informationhas agreed touse such informationexclusivelyforthepurposesforwhichitwastransmittedandtomaintainitsconfidentiality.AnypublicationofsuchconfidentialinformationwillonlybemadeinaccordancewithapplicableCNHGrouppolicies.SuchCNH Group confidentiality obligations continue after termination of the working relationship. Similarly,know-how,tradesecrets,intellectualproperty,andotherproprietaryinformationprovidedbyathird-partytoCNHmustbemaintainedinaccordancewiththeprinciplesoftheCode,applicablelaw,andanycontractualrequirements.

BRIBERyANDILLICITPAymENTSTheCNHGroup,itsdirectors,officers,otheremployeesandotherssubjecttotheCodearecommittedtothehigheststandardsofintegrity,honestyandfairnessinallinternalandexternalaffairs,incompliancewithallapplicablebriberyorotheranti-corruptionlaws,withparticularreferencetotheOECDConventiononCombatingBriberyofForeignPublicOfficialsinInternationalBusinessTransactions,theUkBriberyActandtheU.S.ForeignCorruptPracticesAct(“FCPA”).

1 BUSINESSCONDUCTPOLICIES

10 11

TheCNHGroupwillnottolerateanykindofbribery(payingorofferingtopayorprovideanythingofvaluetoobtainanimproperbusinessadvantage)topublicofficials,representativesofinternationalorganizations,anyotherpartyconnectedwithapublicofficial,privateentities/individuals,ortoanyotherpersonorentitywhichisprohibitedbyapplicablelaw.Inaddition,nodirector,officerorotheremployee,agentorotherrepresentativeoftheCNHGroup(oractingonitsbehalf)shalldirectlyorindirectlyaccept,solicit,offerorpayabribeorotherperquisite(includinggiftsorgratuities,withtheexceptionofcommercialitemsuniversallyacceptedinaninternationalcontextofnominaleconomicvalueandexpresslypermittedbyapplicablelawsandincompliancewithrelevantCNHGroupguidelines).whererequiredbylaw,orwhereappropriate,theCNHGroupwillestablishpoliciesandprocedures,aswellastrainingprogramsandauditplans,toassessandmaintaincompliancewithapplicablebriberyorotheranti-corruptionlawsandtheCode.

AdditionalCNHpoliciesandprocedures relatedtoanti-corruption,bribery,gifts,and illicitpaymentsarecontainedinLegalPolicy7.04(CompliancewiththeU.S.ForeignCorruptPracticesActandSimilarLaws);LegalPolicy13.03(CNHBusinessEthicsPolicy--Global--undersectionsentitledPoliticalActivityandPaymentstoGovernmentOfficialsandPersonnel);andLegalPolicy13.05(CNHPolicyforLobbyingActivitiesandOtherContactswithGovernmentOfficials).AllpoliciesreferencedarelocatedintheLegalDepartmentSection(Policies)oftheCNHintranetsite.

mONEyLAUNDERINGPREvENTIONTheCNHGroupanditsdirectors,officers,otheremployeesandotherssubjecttotheCodeareprohibitedfrom engaging in or otherwise becoming involved in any activity involving which may give rise to theappearanceof“moneylaundering”(i.e.theacceptanceorprocessing)ofproceedsofcriminalactivitiesinanyformormannerwhatsoever.Beforeestablishinganybusinessrelationshipwithathirdparty,theCNHGroupand its officers or employees shall conduct an appropriate background check of available information(includingfinancial information)with respect toaproposedbusinessentity toensure that suchentity isreputable, qualified, and involved in a legitimate business. The CNH Group shall always comply with allapplicableanti-moneylaunderinglegislation.

CORPORATEREPUTATIONThecorporateimageoftheCNHGroupissomethingwhichhastakenyearstodevelopandwhichcanbedamagedordestroyedquicklybyacarelessact.Ourcorporateimage,ourcultureandourlonghistoryareassetstobecherishedandvigilantlyprotected.Accordingly,CNHGroupdirectors,officers,employeesandotherssubjecttotheCodeareexpectedtoabidebytheCodeatalltimes(i.e.notjustduringworkinghours).Inaddition,itisessentialthatalldirectors,officers,employeesandotherssubjecttotheCodeshareastrongcommitmenttotheCodeandtocooperatingwiththeCNHGroupinenforcingitsprovisions.

COmPETITIONTheCNHGrouprecognisesthecriticalimportanceofanopenandcompetitivemarketandiscommittedtofully comply with any applicable competition, anti-trust, and other pro-consumer legislation. The CNHGroupand itsdirectors,officers,employees,andotherssubjecttotheCodewillnotengage inbusinesspractices(suchastheestablishmentofcartels,marketdivisions,limitationswithrespecttoproductionorsales,tyingarrangements,etc.)whichmayrepresentacompetition laworantitrustviolation. withintheframeworkof faircompetition, theCNHGroupshallnotknowingly infringeany thirdparty’s intellectualpropertyrightsorobtainoruseacompetitors’confidentialinformation.

Thelegalconsequencesoffailingtocomplywithsuchlawscanbesevere(forboththecompanyandtheindividuals involved). In addition, compliance with such laws is essential to maintain the CNH Group’sreputation.Thereforeifemployeeshavequestionsabouttheselaws,seektheadviceoftheLegalDepartment.

ECONOmICSANCTIONS,EmBARGOESANDINTERNATIONALTRADELAwSTheCNHGroupiscommittedtoensuringthatitsbusinessactivitiesdonotviolateapplicableinternationaleconomicsanctions,embargoesandinternationaltradelaws(suchasthosegoverningtheimportorexportofgoods).Economicsanctions,embargoesandinternationaltradelawsarecomplexandcanchangequicklydependingupon,amongotherthings,worldevents.Thelegalconsequencesofnoncompliancewithsuchlawscanbesevere.Inaddition,failuretocomplywithsuchlawscanhaveadamagingeffectontheCNHGroup’sreputation.Thereforeifcompanyemployeeshavequestionsabouttheselaws,theyshouldseektheadviceoftheLegalDepartment.

Additional CNH policies and procedures related to international trade are contained in Legal Policy 7.02(ExportControlCompliance);LegalPolicy7.03(AntiboycottCompliance);andLegalPolicy7.05(CompliancewithCustomsLawsoftheUnitedStates).AllpoliciesreferencedarelocatedintheLegalDepartmentSection(Policies)oftheCNHintranetsite.

PRIvACyIn theconductof itsnormalbusinessoperations, theCNHGroupmaycollectpersonaldata. TheCNHGroupiscommittedtoprocessingsuchpersonaldataincompliancewithallapplicableprivacylaws.Tothisend, the CNH Group shall ensure a robust level of security in the selection and use of its informationtechnologysystemsdesignedtoprocesspersonaldata.

AdditionalCNHpoliciesandprocedures relatedtodataprivacyarecontained inLegalPolicy 13.02 (CNHEmployee Personal Data Privacy Policy) located in the Legal Department Section (Policies) of the CNHintranetsite.

BUSINESSCONDUCTPOLICIES1

12 13

eMPLoYeeS

THECNHGROUPRECOGNISESTHATmOTIvATEDANDHIGHLy

PROFESSIONAL PEOPLE ARE AN ESSENTIAL FACTOR IN

mAINTAINING COmPETITIvENESS, CREATING vALUE FOR

STAkEHOLDERSANDENSURINGCUSTOmERSATISFACTION.THE

FOLLOwING PRINCIPLES, IN COmPLIANCE wITH THE UN

DECLARATION OF HUmAN RIGHTS, AND THE RELEvANT ILO

CONvENTIONS, CONFIRm THE ImPORTANCE OF RESPECT FOR

THE INDIvIDUAL, ENSURE EqUALITy OF TREATmENT AND

EXCLUDE ANy FORm OF DISCRImINATION. THE CNH GROUP

SUPPORTSTHEPROTECTIONOFFUNDAmENTALHUmANRIGHTS.

2

14 15

CHILDANDFORCEDLABOURTheCNHGroupdoesnotknowinglyemployanyformofforced,mandatoryorchildlabour,namelyitdoesnotemploypeopleyoungerthanthepermissibleageforworkingestablishedbyapplicablelawand,inanycase,youngerthanfifteen,unlessanexceptionisexpresslyprovidedbyinternationalconventionsandbyapplicablelaw.TheCNHGroupisalsocommittedtonotestablishingormaintainingworkingrelationshipswithsuppliersthatemployforced,mandatoryorchildlabour,asdescribedabove.

FREEDOmOFASSOCIATIONCNHGroupemployeesarefreetojoinatradeunioninaccordancewithlocallawandtherulesofthevarioustrade union organisations. The CNH Group recognises and respects the right of its employees to berepresentedbytradeunionsorotherrepresentativesestablishedinaccordancewithapplicablelaw.whenengaging innegotiationswith such representatives,CNHGroup seeksaconstructive,mutuallybeneficialapproachandrelationship.

EqUALOPPORTUNITIESTheCNHGroupiscommittedtoprovidingequalopportunitiestoallitsemployees,bothonthejobandintheircareeradvancement.AllmanagerswithinCNHGroupcompaniesmustensurethatineveryaspectofthe employment relationship, such as recruitment, training, compensation, promotion, transfer andtermination,allemployeesaretreatedaccordingtotheirabilitiestomeetjobrequirementsandalldecisionsarefreefromanyformofdiscrimination(includingdiscriminationbasedonrace,gender,sexualorientation,socialstatus,physicalandhealthcondition,disability,age,nationality,religionorpersonalbeliefs).

AdditionalCNHpoliciesandproceduresregardingequalopportunitiesarecontainedinHRPolicy1.11(EqualEmploymentOpportunityPolicy) located in theHumanResourcesDepartmentSection (NorthAmerica/Policies)oftheCNHintranetsite.

HARASSmENTHarassment of any kind, such as racial or sexual harassment or harassment related to other personalcharacteristics,whichhasthepurposeortheeffectofviolatingthedignityofthepersonwhoisthevictimofsuchharassment,istotallyunacceptabletotheCNHGroupwhetherittakesplaceinsideoroutsidetheworkplace.TheCNHGroupiscommittedtocomplyingwithallapplicablelawsprohibitingdiscriminationorharassment.

AdditionalCNHpoliciesandproceduresregardingharassmentarecontainedinHRPolicy1.12(HarassmentPolicy) located in the Human Resources Department Section (North America/Policies) of the CNHintranetsite.

wORkINGENvIRONmENTAllemployeesshalltakesuchstepsasarenecessarytomaintainagoodandcooperativeworkingenvironmentinwhichthedignityofeachindividualisrespected.Inparticular,allCNHGroupemployees:

•shallnotworkwhileundertheinfluenceofalcoholordrugs;•wheresmokingisnotalreadyprohibitedbyapplicablelaw,shallbesensitivetotheneedsofthosewhowill

physicallysufferfromtheeffectsof“passivesmoke”;•shallavoidbehaviourintendedtoorthatmightcreateanintimidatingoroffensiveclimatewithrespectto

colleaguesorsubordinates.

REmUNERATIONANDwORkINGTImECompensationandbenefitspaidtotheCNHGroup’semployeeswill,ataminimum,complywithapplicableminimumwageandothersimilarlaws.Inrelationtoworkingtimeandpaidleaveandothersimilarbenefits,theCNHGroupwillcomplywithallapplicablelawsandbusinesspracticesofthecountryinwhichoperates.

HIRINGANDPROmOTIONPRACTICESNo employee of the CNH Group shall accept or demand promises or transfers of money or goods orbenefits, inducementsorservicesofanykindwhatsoeverthatmaybedesignedtopromote(orgivetheappearanceofpromoting)thehiringofanypersonasanemployeeorfurtherhis/hertransferorpromotion.

INTERNALCONTROLSySTEmS,REPORTSANDRECORDSAllCNHGroupofficersandemployeesshallactsoastomaintaineffective internalcontrolsystems(seeSection6).Toachievethisstandardtheyare,amongotherthings,expectedtokeepaccurateandcompleteinternal records of all business activities and ensure that appropriate authorization of transactions andcommitments with business partners has been duly given by the appropriate supervisor. Furthermore,businessexpensesaretobereportedinanaccurateandtimelymanner.

EmPLOyEES2

16 17

COmPANyASSETSAllCNHGroupdirectors,officers,andotheremployeesshallusethosecompanyassetsandresourcestowhich theyhaveaccess,orwhichare in theircare, inanefficientmanner, solely inorder toachieve thebusiness goals andobjectives of theCNHGroup, and shall use such assets for thepurposes and in themanner intendedand inaway that is appropriate toprotecting theirvalue. Inaddition, allCNHGroupdirectors,officers,andotheremployeeshavetheresponsibilitytoprotectsuchassetsandresourcesagainstloss,theft,andunauthorizeduse,disposal,damageordestruction.Anyuseofsuchassetsandresourcesthatmightbecontrarytothe interestsoftheCNHGroup,orthat is inconsistentwiththepurposesandthemannerinwhichsuchassetswereintendedtobeused,isforbidden.AllCNHGroupdirectors,officers,andother employees shall follow the CNH Group’s use, access and security guidelines for software andinformationtechnology,email,internetandintranetsystems.

OUTSIDEACTIvITIESAllCNHGroupofficersandemployeesareprohibitedfromservingontheboardofdirectors(orcomparablebodies) of companies (outside the CNH Group) without CNH Group approval and may not engage inrecurringprivatebusinessactivitiesthat interferewiththeirCNHGrouprelatedduties.Anyemploymentrelationship of CNH Group officers or employees with, or the performance of services to, CNH Groupbusinesspartnersandcompetitorsmustbepreviouslyauthorizedinwritingbytheapplicableemployee’ssupervisor. These approval requirements are not applicable to Board or other service to charitableorganizationsprovidedsuchservicetoacharitableorganizationisotherwiseincompliancewiththeCodeandapplicablelaw.

COmmITmENTSTheCodeisanintegralandimportantpartofeachCNHGroupofficerandotheremployee’semploymentrelationship.ConsequentlytheCNHGroupexpectsallofficersandotheremployeestostrictlycomplywithalloftheprovisionsoftheCode.Anyviolationwillbetreatedseriously,investigated,andsanctionswillbeimposedaccordingly(whichmayincludeterminationofemploymentinappropriatecases).Accordingly,allCNHGroupofficersandotheremployeesshall:

•readandunderstandtheCodeand,ifnecessary,attendtrainingcourses;•actandbehaveinamannerconsistentwiththeCode,refrainingfromanyconductthatmightdamagethe

CNHGroup’sreputation;

•promptlyandingoodfaithreportallviolationsoftheCodeusingtheproceduressetoutinAppendixB;•cooperatewithallinternalprocedures,introducedbytherelevantCNHGroupcompany,withthepurpose

ofcomplyingwiththeCodeorofidentifyingviolationsoftheCode;•consultwiththeLegalDepartments,asdetailedinAppendixB,forexplanationsregardinginterpretationof

theCode;•cooperatefullyinanyinvestigationregardingpotentialCodeviolations,maintainingstrictconfidentiality

regardingtheexistenceofsaidinvestigationsandparticipatingactively,whererequested,inauditactivitiesontheoperationoftheCode.

EmPLOyEESINPOSITIONSOFRESPONSIBILITyAnyindividualwithintheCNHGrouphavingaroleassupervisor,departmentheadorcompanyexecutiveshallactbywayofexamplepromotingpositiveemployeemorale,fosteringtransparentexchangeofideas,andprovidingleadershipandguidanceinaccordancewiththebusinessandethicalprinciplesoftheCode,andshallactinsuchawayastodemonstratetoemployeesthatrespectingtheCodeisanessentialaspectoftheirworkandtomakesurethatemployeesareawarethatbusinessresultsarenevermoreimportantthancompliancewithapplicablelawsandtheCode.Suchleadersareexpectedtoleadbyexample.Allsupervisors,departmentheadsorcompanyexecutivesshallreportanyincidentofnon-compliancewiththeCodeandshallberesponsibleforensuringthatthosewhohavereportedCodeviolations ingoodfaithwillnotbesubjecttoretaliationofanykind.Suchleadersarealsoresponsibleforimplementing,afterconsultingthecompetent Compliance Officer or Human Resources Department, sanctions commensurate with theviolationcommittedandsufficienttorepresentadeterrentagainstanyfurtherviolations.

CORPORATEOFFICERSAllCNHGroupemployeeswhoholdthepositionofChiefExecutiveOfficer,ChiefFinancialOfficer,FinancialController,Treasurer,GeneralCounsel,ISSO(InformationSystemSecurityOfficer)andComplianceOfficerorwhohold,evendefacto,similarpositions inoneormorecompanies intheCNHGroup,arerequiredtorespecttheCodeaswellastorigorouslycomplywiththespecificationssetoutinAppendixB.Anyexception,evenifpartialorlimitedintimeandnature,totherequirementssetoutinAppendixBmustbeauthorisedbytheBoardofDirectorsofCNHGlobalandonlyforexceptionalandjustifiedreasons.

EmPLOyEES2

18 19

HeALtH, SAfetY & enVIRonMent (HSe)

3

20 21

OCCUPATIONALHEALTHANDSAFETyTheCNHGrouprecogniseshealthandsafetyintheworkplaceasafundamentalrightofemployeesandakeyelementoftheCNHGroup’ssustainability.AllchoicesmadebytheCNHGroupmustrespectthehealthandsafetyintheworkplace.TheCNHGrouphasadoptedandcontinuestoimproveanefficientoccupationalhealthandsafetypolicywhichimplementspreventivemeasures,bothattheindividualandcollectivelevel,tominimizethepotentialforinjuryintheworkplace.

TheCNHGroupalsoseekstoensureindustryleadingworkingconditions,inaccordancewithprinciplesofhygiene, industrial ergonomics and individualorganizational andoperationalprocesses. TheCNHGroupbelievesinandactivelypromotesthedisseminationofacultureofaccidentpreventionandriskawarenessamongworkers, inparticular throughtheprovisionofadequatetrainingand information.Employees, fortheirpart,arerequiredtobepersonallyresponsibleandtotakethepreventivemeasuresestablishedbytheCNHGroupfortheprotectionoftheirhealthandsafetyandcommunicatedthroughspecificdirections,instructions,informationandtraining.Eachemployeeisresponsibleforpropermanagementofsafetyandshouldnotexposehim/herselforotherworkerstodangers,whichcouldcauseinjuresorbedamagingforthemselves.

ENvIRONmENTALPROTECTIONINPROCESSESTheCNHGroupconsidersenvironmentalprotectionasakeyconsiderationtobefostered intheoverallapproach to business. The CNH Group is committed to continuous improvement of the environmentalperformanceofitsoperations,andtocomplyingwithallapplicablelaws.Thisincludesthedevelopmentandextensionofaneffective,certifiedEnvironmentalmanagementSystem(EmS),basedonthefundamentalprinciplesoftheminimisationofenvironmentalimpactsandoptimisationoftheuseofresources.TheCNHGroupseekstostimulateandmotivateemployeestotakeanactivepart intheimplementationoftheseprinciples through informationdisseminationand regular trainingandexpects theemployees tohaveanactiveroleinapplyingsuchprinciplesintheirworkingactivity.

ENvIRONmENTALImPACTANDSAFETyOFPRODUCTSTheCNHGroupiscommittedtoproducingandselling,infullcompliancewithallapplicablelaws,productsof the highest standard in terms of environmental and safety performance. moreover, the CNH Groupendeavourstodevelopandimplementinnovativetechnicalsolutionstominimiseenvironmentalimpactandmaximisesafety.TheCNHGroupalsoencouragesthesafeandeco-friendlyuseofitsproducts,providingcustomersanddealerswithinformationregardingtheuse,maintenanceanddismantlingofitsvehiclesandotherproducts.

HEALTH,SAFETy&ENvIRONmENT(HSE)3

22 23

eXteRnAL ReLAtIonSHIPS

THE CNH GROUP AND ITS EmPLOyEES ARE COmmITTED

TO CONDUCTING AND ENHANCING THEIR RELATIONSHIPS

wITH ALL STAkEHOLDERS ACTING IN GOOD FAITH, wITH

LOyALTy,FAIRNESS,TRANSPARENCyANDwITHDUERESPECT

FORTHECNHGROUP’SCOREETHICALvALUESASSETFORTH

INTHECODE.

4

24 25

CUSTOmERSTheCNHGroupaspirestofullymeetandexceedtheexpectationsoftheendcustomer.AllCNHGroupdirectors, officers and employees should act with a view toward exceeding customer expectations andcontinuouslyimprovingthequalityoftheCNHGroupproductsandservicesandtheeasewithwhichourcustomersdobusinesswiththeCNHGroup.

TheCNHGroupconsidersitessentialthatitscustomersalwaysbetreatedfairlyandhonestlyandthereforedemandsofitsofficersandotheremployees,andotherssubjecttotheCode,thateachandeveryrelationshipandcontactwithcustomersbecharacterisedbyhonesty,professionalintegrityandtransparency.

AllemployeesshallfollowtheinternalproceduresoftheirrespectiveCNHcompanywhicharedirectedatachievingthisobjectivebydevelopingandmaintainingprofitableandlastingrelationshipswithcustomers;offeringsafety,service,qualityandvaluesupportedbycontinuousinnovation.AnyrelationshipbetweenCNHGroupcompaniesandtheircustomersshallnotdiscriminateunfairlybetweencustomers indealingwiththemnorshalltheyunfairlyusebargainingpositiontoacustomer’sdisadvantage.

SUPPLIERSThesuppliersystemplaysafundamentalroleinimprovingtheCNHGroup’soverallstructuralcompetitiveness.withaviewtowardachievingthehighestlevelofqualityandcustomersatisfactionatalltimes,theCNHGroup selects suppliers, through theuseof appropriate,objectivemethods,on thebasisof thequality,innovation,costsandservicesoffered,aswellastheirsocialandenvironmentalperformanceandthevaluesoutlinedbytheCode.AllCNHGroupofficersandotheremployeesareexpectedtoestablishandmaintainstable,transparentandcooperativerelationswithsuppliers.

PUBLICINSTITUTIONSRelationswithpublic Institutionsshallbemanagedonlybydulydesignateddepartmentsandauthorizedindividuals.AllsuchrelationsmustbetransparentandconductedinaccordancewithCNHGroupvaluesandincompliancewithapplicablelaws.Anygiftorgratuitymadetorepresentativesofanypublicinstitution(where permitted by law) shall be nominal in amount and proportionate and must not give rise to anyappearancethattheCNHGroupisobtainingorseekingtoobtainabusinessbenefit.

TheCNHGroupwillfullyco-operatewithregulatoryandgovernmentalbodieswithinthecontextoftheirlegitimateactivity.ShouldoneormoreCNHGroupcompaniesbesubjectedtolegitimateinspectionsonthepartofthepublicauthorities,theCNHGroupwillprovideitsfullcooperation.wheneverapublicinstitutionisacustomerorsupplierofanyCNHGroupcompany,thelattershallactinstrictcompliancewithapplicablelawswhichgoverntheacquisitionfrom,orthesaleto,thatpublicinstitution,ofgoodsand/orservices.

Anylobbyingorotherpoliticalactivityshallbeconductedonlywherepermittedbyapplicablelawandinstrictcompliancewithsuchlawsand,inanycase,infullobservanceoftheCodeandofanyprocedurestosuch extent specifically provided by the CNH Group. Lobbying activities on behalf of any CNH groupcompanyshallbemanagedonlybydulydesignateddepartmentsandauthorizedindividuals.

TheCNHGroupaimstocontributepositivelytothefuturedevelopmentofregulationsandstandardsintheindustries inwhichweoperate. TheCNHGroup isalsocommittedtocontributingtothetechnologicaladvancementofsocietyandtocollaboratingwithpublicinstitutions,universitiesandotherorganizationsinresearchinganddevelopinginnovativesolutionsforsustainableagriculturalandconstructionequipmentandrelatedtechnology.

AdditionalCNHpoliciesandproceduresrelatedtointeractionwithpublicinstitutionsandpublicofficials,includingtheprovisionofgifts,arecontainedinLegalPolicy7.04(CompliancewiththeU.S.ForeignCorruptPracticesActandSimilarLaws);LegalPolicy13.03(CNHBusinessEthicsPolicy--Global);andLegalPolicy13.05(CNHPolicyforLobbyingActivitiesandOtherContactswithGovernmentOfficials).AllpoliciesreferencedarelocatedintheLegalDepartmentSection(Policies)oftheCNHintranetsite.

TRADEUNIONSANDPOLITICALPARTIESAnyrelationshipoftheCNHGroupwithtradeunions,politicalpartiesandrepresentativesorcandidatesthereofshallbeconductedwiththehighestleveloftransparencyandfairnessandinstrictcompliancewithapplicablelaws.Contributionsofmoney,goods,services,orotherbenefitsareprohibitedunlessrequiredorexpresslypermittedbylawand,inthelattercase,authorisedbythedulyempoweredcorporatebodiesoftherelevantcompanyoftheCNHGroup.AnycontributionmadeoractivityperformedbyemployeesoftheCNHGroupshallbeintendedonlyasapersonalandvoluntarycontribution.

EXTERNALRELATIONSHIPS4

26 27

COmmUNITIESTheCNHGroup isawarethat itsdecisionscanhavesignificant impacts,directand indirect,onthe localcommunitiesinwhichitoperates.Accordingly,theCNHGroupshalltakeallreasonablestepstoinformthosecommunities of relevant actions and projects and shall promote an open dialogue to ensure that theirlegitimateexpectationsaretakenintoconsideration.moreover,theCNHGroupseekstocontributetothesocial,economicand institutionaldevelopmentof localcommunitiesthroughspecificprogrammes.CNHGroup employees are asked to behave in a socially responsible manner by respecting the cultures andtraditionsofeachcountry inwhichtheCNHGroupoperatesandactingwith integrityandgoodfaith inordertomeritthetrustofthecommunity.

COmmUNICATIONANDCORPORATEINFORmATIONTheCNHGrouprecognisesthevitalrolethatclearandeffectivecommunicationplaysinsustaininginternalandexternalrelationships,ensuringthehigheststandardsinreportingfinancialandnon-financialinformationtoprovideaclearandtransparentpresentationofitsperformanceineconomic,socialandenvironmentalmatters.CommunicationandexternalrelationsinfluencethedevelopmentoftheCNHGroupbothdirectlyandindirectly.Itisthereforenecessaryfortheseactivitiestobeorganisedwithclear,uniformcriteria,whichtakeintoconsiderationboththerequirementsofthevariousbusinesslinesandtheeconomicandsocialroleoftheCNHGroupasawholeaswellasapplicablelegalrequirements.Theinformationcommunicatedtotheoutsideworldmustbetimelyandco-ordinatedattheCNHGrouplevel(andpossiblyhigherlevels)inordertotakefulladvantageoftheCNHGroup’ssizeandpotentialaswellastoensurecompletenessandaccuracy. CNHGroupemployeeswhoare requiredtoprovide informationtothepublic regardingCNHGroupcompanies,businesslinesorgeographicalareas,intheformofspeeches,participationatconferences,publicationsoranyotherformofpresentation,mustcomplywithanyspecificprocedures issuedbytheCNHGroupand receive thepriorconcurrenceof thedulydesignateddepartmentorappointedpersonresponsibleforexternalcommunications.

TheCNHGroupdesirestomaintainpublicconfidenceintheintegrityofitsoperationsbyopenlyreportingonandconsultingwithotherstoimproveunderstandingofbothinternalandexternalhealth,safetyandenvironmental issues associatedwith itsoperations and itsproducts. TheCNHGroupprovides specificinformationontheimplementationofitsenvironmentalandsocialpolicies.

Communicationstofinancialandcapitalmarketsandsupervisoryauthoritiesthereofshallbesuppliedinanaccurate,complete,fair,clear,comprehensibleandtimelymannerandalwaysincompliancewithapplicablelaws. Thesecommunicationsshallbemadeonlybythoseemployeeswiththespecificresponsibility forcommunicationstofinancialandcapitalmarketsandtothesupervisoryauthoritiesandinstrictcompliancewiththeCodeandtheapplicableCNHGrouppolicies.

mEDIARELATIONSThecommunicationofinformationtothemediaplaysanimportantpartinbuildingtheimageoftheCNHGroupandthereforeallinformationconcerningtheCNHGroupmustbesuppliedinatruthfulanduniformmanner,onlybythoseofficersandotheremployeeswiththeresponsibilityformediacommunications,andin strict compliance with CNH Group policies. No other officer or other employee may provide anyinformationnotinthepublicdomainconcerningtheCNHGrouptomediarepresentatives,orliaiseinanywaywiththemtodisclosecompanyconfidentialinformationandshallinsteadreferallmediaenquiriestotheappropriatepersonordepartment.

Additional CNH policies and procedures related to media relations and corporate communications arecontained in the CNH Global N.v. Corporate Communications Policy located in the Legal DepartmentSection(Policies)oftheCNHintranetsite.

EXTERNALRELATIONSHIPS4

28 29

AccountInG & InteRnAL contRoL

THECNHGROUPISCOmmITTEDTOmAXImISINGLONG-TERm

SHAREHOLDER vALUE. TO DELIvER ON THIS COmmITmENT,

THE CNH GROUP wILL mAINTAIN HIGH STANDARDS OF

FINANCIAL PLANNING AND CONTROL, AND ACCOUNTING

SySTEmS CONSISTENT wITH AND ADEqUATE TO THE

ACCOUNTING PRINCIPLES APPLICABLE TO CNH GROUP

COmPANIES AND IN COmPLIANCE wITH APPLICABLE LAwS.

THECNHGROUPwILLDOTHISByAPPLyINGTHEmAXImUm

LEvEL OF TRANSPARENCy CONSISTENT wITH BEST BUSINESS

PRACTICEwITHTHEAImOF:

5

30 31

•ensuringthatalltransactionsaredulyauthorised,verifiable,andlegitimate;•ensuring that all transactions are timely, properly and accurately recorded, accounted for and duly

documentedinaccordancewiththerelevantaccountingprinciplesandbestpractices;•guaranteeingthemaximumfairnessandtransparencyinthehandlingoftransactionswithrelatedpartiesin

conformitywithCNHGrouppolicies(including,butnotlimitedto,FinancePolicy500.06governingRelatedPartyTransactions)andapplicablelaw;

•producingcomprehensive,accurate,reliable,clearandcomprehensiblefinancialreportsonatimelybasis;•operatinginstrictcompliancewiththeCNHGrouppolicies,procedures,andguidelineswithrespecttoits

internalcontrolsystem;•educatingitspeopleastotheexistence,purposeandimportanceofinternalcontrols;•identifying,understandingandmanagingriskstoallCNHGroupcompanyassetswithprofessionaldiligence;•establishingrigorousbusinessprocessestoensurethatmanagementdecisions(includingthoserelatingto

investmentsanddisposals)arebasedonsoundeconomicanalysis(includingaprudentriskassessment),andprovideaguaranteethatcompanyassetsareoptimallyemployed;

•ensuringthatdecisionsonfinance,taxandaccountingissuesaremadeattherightlevelofmanagementandinfullcompliancewithapplicablelaws;

•preparingthedocumentationtobesenttothemarketsupervisoryauthoritiesortobedisclosedtothepublicintimelyfashionandmakingsurethatsuchdocumentationiscomprehensive,accurate,reliable,clearandcomprehensible.

TheCNHGrouprecognisesthatinternalcontrolsareofprimeimportanceforthemanagementandsuccessoftheCNHGroup.Asaresult,theBoardofDirectorsofCNHGlobalhasadoptedmanagementprocesses,proceduresandguidelines (includingbutnot limitedto,Financepolicies (whichareavailablethroughthecompany intranet) to ensure that assigned employees obtain the required training and experience forbuilding and maintaining an efficient and effective internal control system. The CNH Group considersaccuracyandtransparency intheaccountingforeachsingletransactiontobeofvital importancefor itssuccess.TheCNHGroupthereforedemandsaccurate,timelyanddetailedreportingfromallofitsemployeeswith regardtoallfinancialandotherbusinesstransactions.Trueandaccurate recordsofallfinancialandotherbusinesstransactionsshouldbekeptbyemployeestogetherwithpropersupportingdocumentation.TheirregularkeepingofthebooksofaccountisaviolationoftheCodeandisconsideredillegalinalmostalljurisdictions.Itisthereforeforbiddenforanyemployeetobehaveinsuchawayortoberesponsibleforomissionsthatmightleadtoinaccurateorincompleteinformationincluding:

•therecordingoffalsetransactions;•themisrecordingofoperationsortherecordingofoperationsthatarenotadequatelydocumented;•thefailuretorecordcommitments,includingguarantees,thatmightgenerateliabilitiesorobligationsfor

CNHGroupcompanies.

AspartofaverificationprogrammeorattherequestoftheseniormanagementofCNHGroupcompaniesoroftheGroupComplianceOfficer,InternalAuditshallreviewthequalityandeffectivenessoftheInternalControlSystemandshallreporttotheGroupComplianceOfficersandtotheotherdelegatedofficers.CNHGroupemployeeswillberequestedtoassistwiththemonitoringofthequalityandeffectivenessoftheInternal Control System. The Internal Audit function, the external auditors and the Group ComplianceOfficersshallhavefullaccesstoalldata,documentsandinformationnecessarytoperformtheiractivities.

In so far as they are responsible, all officers and other employees who are asked to cooperate on thepreparationandpresentationofdocumentsdestinedforthesupervisoryauthoritiesorforthepublicwillensurethatsuchdocumentsarecomplete,accurate,reliable,clearandcomprehensible.

ACCOUNTING&INTERNALCONTROL5

32 33

IMPLeMentAtIon & ASSuRAnce

6

THECNHGROUPISCOmmITTEDTOACHIEvINGTHEHIGHEST

STANDARDS IN RELATION TO ITS mORAL, SOCIAL AND

BUSINESS RESPONSIBILITIES TOwARDS THE PEOPLE

CONCERNED. THE CODE SETS OUT THE CNH GROUP’S

EXPECTATIONSwITHRESPECTTOITSDIRECTORS,OFFICERS,

AND OTHER EmPLOyEES AND OTHER THIRD PARTIES wITH

wHOm IT HAS A BUSINESS RELATIONSHIP AND THE

RESPONSIBILITy THEy mUST TAkE FOR TRANSFORmING

THESEPOLICIESINTOREALITy.

34 35

The management of the various companies, business lines and departments of the CNH Group areresponsibleforensuringthattheseexpectationsareunderstoodandputintopracticebytheiremployees.managementmustensurethatthecommitmentssetoutintheCodeareimplementedacrosscompanies,businesslines,anddepartments.

TheCNHGroup implements throughout theorganization trainingon theCodeand its values aswell asdetailedon-linetrainingprogramswithrespecttovarioustopics,policiesandproceduresreferencedherein.

TheCNHGroupencouragesemployeestosolicitguidancefromtheirLegalDepartmentandComplianceOfficers in any situation regarding theCode inwhich theymaybe indoubtas to themostappropriatebehaviour.Alternatively,theymaycontactthefollowingorganization,onaconfidentialoranonymousbasis,iftheyprefer:InternalAuditorHumanResources.

A quick reply shall be given to all requests for explanation without the employee risking any form ofretaliation,includingindirectforms.

AnappropriatesanctionspolicyforCodeviolationsshallbeadoptedbytheCNHGlobalComplianceandEthicsCommitteetakingintoconsiderationinputfromeachoftheCNHRegionalComplianceandEthicsCommittees,theopinionofthecompetentComplianceOfficersandtheopinionofthecompetentHumanResourcesDepartment,applicablelawsandrelevantnationalandcompany-widelabourcontracts,andshallbeproportionatetotheparticularviolationoftheCode.

AnyformofretaliationagainstanyonewhohasingoodfaithreportedpossibleviolationsoftheCodeorwhohasrequestedexplanationsregardingCodeapplicationprocedures,willbeconsideredaviolationoftheCode.ThebehaviourofanyoneaccusingotheremployeesofaCodeviolationwiththeknowledgethatsuchviolationdoesnotexistisalsoconsideredaCodeviolation.

Codeviolationsmaylead,amongotherconsequences(includinglegalproceedings),totheterminationofany fiduciary, business employment or other relationship between the CNH Group and the applicableemployeewiththecontractualandstatutoryconsequencessetforthinanyapplicablelabourlegislation.

Anyexceptionstowhat isprescribedbytheCode, includingpartialexceptionsandexceptionslimitedintimeandnature,mayonlybeauthorisedexclusivelyforexceptionalandjustifiedreasonsandonlybytheBoardofDirectorsoftheCNHGroupcompanyinwhichtheapplicableemployeeworks,afterhearingtheopinionofthecompetentComplianceOfficer.

TheInternalAuditfunctionperformsperiodicauditactivitiesontheoperationofandcompliancewiththeCodeandresultsarepresentedtotheAuditCommitteeoftheBoardofDirectorsofCNHGlobal,theChiefExecutiveOfficerofCNHGlobal.modificationstotheCodeoradditionstoitmaybebasedonthisAudit.

ImPLEmENTATION&ASSURANCE6

36 37

ForquestionsrelatingtospecificprovisionsorrequiringclarificationoftheCode,employeesareencouragedtocontacttheLegalDepartmentresponsiblefortherelevantCNHGroupcompany.Ifanemployeewishestoreportaviolation(orsuspectedviolation)oftheCode,he/sheshouldcontacthis/herdirectsupervisor.Ifthegrievanceremainsunresolvedortheemployeefeelsuncomfortablereportingthegrievancetothedirectsupervisor,he/sheshouldreportittothecompetentComplianceOfficerorutilizeanyanonymousorotherestablishedreportingmechanism.Ifathirdpartywishestoreportaviolation(orsuspectedviolation)oftheCode,he/sheshouldcontactthecompetentComplianceOfficerorthespecificchannelsthatwillbeidentifiedbytheCNHGroupCompaniesforthatpurpose.

INTERPRETATIONOFREPORTINGSTRUCTURE

A) INTERPRETATION

Employees LegalDepartments

B) REPORTING

Employees DirectSupervisor

ReportObligation

Thirdparties Supervisorofthe

internalcontrolSystem

Theundersigned_________,inhis/hercapacityas_____________ofthecompany________(the“Company”),affirmsthatinthecourseofdischargingtheaforesaiddutiesinadditiontorespectingtheCNHGroupCodeofConduct,he/shewillabidebythefollowingrules,whichrepresentan integralandessentialpartofhis/herobligationsbyvirtueofhis/herpositionattheCompany:

-comporthim/herselfwithhonestyandintegrity,avoidingallconflictsofinterest,includingpotentialones,derivingfromhis/herpersonalorprofessionalrelationships;

-promptlyprovidehis/herownsupervisorandifsorequiredbyvirtueofhis/herpositionattheCompany,theindependentauditor, theBoardofDirectors, theBoardofStatutoryAuditors, and the shareholderswithcomplete,accurate,objective,andimmediatelycomprehensibledataandinformation;

-promptlyreporttotheappropriatepersonor,asthecasemaybe,theCNHGroupComplianceOfficerortheAuditCommitteeofCNHGlobalviolationsoftheCNHGroupCodeofConductofwhichhe/shehasactualknowledgeorcredibleevidence;

-actsoastoensurefull,fair,accurate,andunderstandabledisclosureinreportsanddocumentsthataretobefiledwith(orareinstrumentaltothefilingofdocumentstobefiledwith)publicauthoritiesandinanyotherpubliccommunication;

-actinfullcompliancewiththenorms,lawsandregulationsthatapplytotheCompany;-actwithmaximumprofessionalobjectivity,avoidingsituationswherehis/herindependentjudgmentmight

beundulyinfluencedbyexternalcircumstances;-treatinformationnotinthepublicdomainorobtainedbyvirtueofhis/herpositionintheCompanywiththe

maximumconfidentiality,avoidinganyuseofsaidinformationtohis/herpersonalbenefitorthebenefitofothers;

-promotethehigheststandardsofintegrityandprofessionalismamongsthis/herownsubordinates;-use Company assets and resources in the most correct and professional manner and only for Company

purposes.

Date

Signature

APPendIX A INTERPRETATIONANDREPORTINGOFvIOLATIONS

APPendIX B CODEOFCONDUCTREqUIREmENTSFORCORPORATEOFFICERS

BoardofDirectors(auditCommittee)

38 39

btsa

dv.c

omIN

B