In March 2004, we adopted a Code of Ethics and Business Conduct (the “Code of Ethics”) which is binding on the members of the Board of Directors, the executive managers and all employees of our company. Our Code of Ethics was reviewed and ratified by the Board of Directors in May 2006, and was supplemented with additional restrictions applying to the above-mentioned officers, especially persons with access to internal information about the company so as to avoid conflict of interests.

Specifically the code of business conduct and Ethics is a set of rules and procedures reliable to the legislation and regulating the relationship among the Company and its employees, the suppliers, the shareholders and the competitors. It is a part of the Internal Operations Regulation.

Code of Ethics and Business Conduct