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Dear Colleagues,

Since the company was set up in 1876, Fiocchi Munizioni S.p.A. success depended on many factors, among which the renewed quality of its products. However our success still depends on many other factors, possibly hardly assessable but anyhow as important for the company image and fame. Above all, one of the most important is our commitment in favour of a fair and correct behaviour in business, entirely compliant with regulations and standards in force.

Fairness and honesty stands out for us when doing business, otherwise we could not be proud of our results.

Fiocchi Munizioni S.p.A. enjoys a very good business standing, which we are very proud of, directly depending on your personal commitment, on the working place and outside.

Profit from the information in the "Code of Ethics" as to better operate in a more and more complex business environment. It represents a useful reference, including guidelines to correctly behave on the workplace in compliance with our company principles and values, such as the company safety and the co-worker mutual respect.

The "Code of Ethics" puts forward a series of guidelines on moral liabilities that Fiocchi Munizioni S.p.A. workers should comply with when dealing with our customers, partners, suppliers and our competitors too. The guidelines do not cover any possible real life event. But as usual Fiocchi Munizioni S.p.A. relies on your commitment and good sense to apply the reported principles under any specific condition. As a general rule, do not forget that any of your action should stand the public opinion judgement.

Our success strictly depends on your operating commitment and our moral standards as well. With your support and hard work Fiocchi Munizioni S.p.A. will not spoil its consistent reputation and will keep on being respected by its customers, commercial partners and the business community as well.


The Chairman

Stefano Fiocchi