Finance

Introduction

This Code is based on the following basic assumptions:

-Ethics among shareholders, owners, directors and management are a

necessary element for companies in the 21st century to adequately meet

their objectives, to the degree that Ethics are a key requisite in guaranteeing

and balancing the rights and interests of all stakeholders involved:

employees, clients, shareholders, suppliers and business partners and the

society at large.

-Ethics presuppose rigorous compliance in and by the company with

applicable legislation, as well as with the Articles of Incorporation and

Regulations for internal operations, where they exist.

-Ethics within the company require that shareholders and owners become

guarantors of compliance in respect of obligations for directors and

management.

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Even though this Code has been created with the intention of being

applicable in general to all companies, it should also be understood within

a general and basic framework subject to adaptation to the specific

circumstances of each business; thereby ensuring that it contemplates

application of the principles of ethics and sustainable development in

accordance with the specific activity of the company involved.

-Ideally, the Board of Directors is responsible for drawing up the Code of

Ethics for the company and the General Shareholders' Meeting for

approving that Code. Should, however, the Board also proceed with

approval, that decision must be ratified by the Shareholders' Meeting.

CODE OF ETHICS

Shareholders and Owners

In the exercise of their ownership rights, they should:

-Configure their company as an instrument at the service of creating wealth, making their indisputable

objective of obtaining a profit compatible with sustainable, environmentally sound social development,

making certain that all activities are carried out in an ethical and responsible manner.

-Configure the company as a medium and long-term entity, not compromising its continuity through an

interest in short-term enrichment.

-Exercise voting rights at the General Shareholders' Meetings on an informed and responsible basis and,

in doing so, always demand ethical behaviour from the company, including approval of the Code of Ethics

and orchestrating effective application thereof.

-Search for a fair balance between capital and work, in such a fashion that, through their salaries, workers

receive just compensation for their work.

-Appoint as directors and management persons who meet the requisites established regarding adequate

preparation and experience, and who carry out management functions in a professional, ethical and

responsible manner.

-Define and defend the mission and values of the company in accordance with its Code of Ethics.

Directors and Management

In the exercise of their administrative and management functions, they should:

A) In relation to Management functions:

-Carry out their activities in a professional, ethical and responsible manner.