The following rules of ethics have been developed by the Board of Directors for the Company and its employees. These rules of ethics have been announced to Company employees and publicized on the website in accordance with the Company’s information policy.

Our Board of Directors believes that the capital markets are, first and foremost, based on trust and therefore rules of ethics are of high importance, and on top these rules of ethics lie the supremacy of the law and the defense of this supremacy. The Company’s General Manager, the Chief Financial Officer and Accounting Finance Executives are assumed to:

• draw up complete, fair, true, timely and understandable disclosures in all reports and documentation publicized or submitted to the authorities of the capital market where the Company is a member thereof;

• comply with all the laws, regulations and principles binding the Company individually and the Company’s relations with its shareholders;

• ensure compliance with the essence as well as the letter of these rules of ethics; and to expend effort to promote the development of a company culture which forms the basis of compliance with laws and company policies in all activities.

In addition to these,

Individuals within the Company who are in a position to possess knowledge regarding the financial statements, which nevertheless is not yet public, are expected to keep such information confidential in accordance with the rules of ethics.

Our employees:

• are honest and reliable people who give due care to, and make no compromise on ethical and moral values;.

• perform their duties in their units or departments for the benefit of the Company zealously and objectively in a disciplined and careful manner, in compliance with the principles of confidentiality;

• fulfill their duties in the best possible manner to enhance the Company’s profitability and market share;

• are always reasonable and considerate in their language, manners and the way they are attired;

• are aware of the significance of proper relations between subordinates – top management and customers in business life, and organize themselves accordingly;

• have a positive impact on the people they address both within and outside the Company with their respectful, moderate, modest, active and positive attitudes;

• meticulously comply with the laws, professional principles and the concerned regulations;

• take the most effective, sound and appropriate decisions for the Company by evaluating different ideas, perspectives and suggestions with a conciliatory attitude;

• refrain from political, religious, ethnic arguments involving discrimination; and all unlawful activities;

• possess the knowledge and experience that the job they are performing requires, and demonstrate continuous effort to develop their general knowledge, professional knowledge and skills. Employees should fulfill their responsibilities in the best possible manner with all these qualifications and values.