:::HBL:::Insertion of the code in website

Vision Financial Investor Relations Social Activities Company Background Certification / Approvals Code of Conduct Legal Disclaimer Environment

NiCad Sintered Plate Silver Start Monoblock NCPP-Ground Starting NCFP-Ground Starting Silver Zinc SS 28300

Pocket Plate NiCad Fiber Plate NiCad SS 28300 - VRLA Silver Zince Aircraft Battries NiCad Sintered Plate High Powered VRLA Sealed Cylinderical NICAD Lithium Thionyl Chloride Thermal Batteries

Pocket Plate NiCad Valve Regulated Pocket Plate Fiber Plate NiCad NiCad Sintered Platic Bonded VRLA Single Cells VRLA Monoblocks X-Cell Generator Starting Unit Tublar Gel VRLA Lead Acid Low Maintenance Thyristor Based Chargers

Pocket Plate NiCad Fiber Plate NiCad Valve Regulated Pocket Plate NiCad Sintered Plastic Bonded VRLA Single Cells VRLA Monoblocks

VRLA 2V Cells Pure Lead Tin Monoblocks Tublar Gel VRLA NiCAD Sintered Plastic Ni-Cd VRPP

HBL Rail HBL Batteries HBL Microwave HBL Electronics

HBL Power Systems Ltd.,
CODE OF CONDUCT FOR BOARD MEMBERS AND SENIOR MANAGEMENT PERSONNEL

7. Insertion of the code in website :

As required by Clause 49 of the listing agreement this code and any amendments thereto shall be posted on the website of the Company.

8. Affirmation of compliance of the code :

In terms of Clause 49 of the listing agreement all Board members and Senior Management Personnel shall within 30 days of close of every financial year affirm compliance with the Code. A proforma of Annual Compliance Report is annexed to this Code as Enclosure - III . The Annual Compliance Report shall be forwarded to the Compliance Officer of the Company .

9. Acknowledgement of receipt of the code :

All Board Members and Senior Management Personnel shall acknowledge the receipt of this code in the acknowledgement form annexed to this Code (Enclosure - IV) indicating that they have received, read and understood, and agreed to comply with the code and send the same to the Compliance Officer. Upon revision of this code, the Board Members and Senior Management Personnel shall acknowledge and execute an understanding of the Code (Enclosure - IV) and an agreement to comply with the code. New Directors will sign such a deed (Enclosure - IV) at the time when their directorship begins.

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