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| I. | Purpose of this      Code |
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| 1.1 | honest and ethical      conduct; |
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| 1.2 | avoidance of conflicts of      interest, whether actual orapparent; |
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| 1.3 | full, fair, accurate, timely and      understandable disclosure in financial statements, reports and documents      that the Company files with, or submits to, shareholders, securities      authorities, as well as in other public communications made by the      Company; |
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| 1.4 | compliance with various      legislations and regulations applicable to the    Company; |
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| 1.5 | prompt internal disclosure of any      violation of the present code;and |
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| 1.6 | accountability for any failure to      respect the present code. |
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| II. | Honest and Ethical      Conduct |
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| 2.1 | not abuse their position to      obtain advantage for themselves, family members or close associates,      and/or demonstrate abuses ofauthority; |
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| 2.2 | refrain from engaging in      professional conduct that would discredit and/or compromise the integrity      of the Company, including: neglect of duty, deceit, breach of confidence,      corrupt practices, unlawful or unnecessary breaches of      authority; |
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| 2.3 | serve loyally, without      self-interest and free from conflicts with other commitments including      advocacy or interest groups and memberships on boards of other companies      or staffs; and |
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| 2.4 | avoid any conflict of interest      with respect to their fiduciary  responsibilities. |
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| 3. | Precautions,      Rules and Obligations in Case of Conflicts of    Interest |
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| 3.1 | any position or function that he      holds as an officer, director or employee with any other companies,      non-profit organizations and corporations or other public and para-public      organizations orinstitutions; |
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| 3.2 | any business relationship he has      with clients, suppliers or competitors of the Company, other than as a      Financial Reporting Officer of the  Company; |
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| 3.3 | any relationship he has with      persons working for any external auditor of the Company, or any of its      subsidiaries, other than relationships directly and exclusively related to      the performance of the external audit  mandates; |
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| 3.4 | any business relationship that      the companies, organizations and corporations in which (the “Related      Corporations”), whether directly or through a holding or management      company, or through a member of his family or a person that is an      associate , he holds an interest as shareholder, lender, creditor, debtor,      investor, have with the Company, its subsidiaries, as well as with      clients, suppliers or competitors of the Company; notwithstanding the      above, in the event where the only interest with the Related Corporation      is as a shareholder holding less than 1% of the shares of the share      capital of such Related Corporation, no disclosure is      required; |
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| 3.5 | all business relationships he has      with the Company or its subsidiaries, other than as a Financial Reporting      Officer of the Company; |
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| 3.6 | any profit that he, a member of      his family or any other person associated to him   is likely to      derive from a transaction concluded or planned by the Company with a third      party, other than in his capacity as a shareholder of the      Company; |
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| 3.7 | any circumstance or event      relating to him, that is susceptible to make him unable to fulfill his      functions in conformity with his job description and his objectives, the      laws and regulations, or policies of the Company, or that could materially      affect the reputation or the best interest of the Company;      and |
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| 3.8 | any circumstance, fact or event      regarding the Company, a director, an officer, or any other person, that      is likely to materially and negatively affect the reputation or best      interests of the Company. |
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| 4. | Financial      Records and Compliance |
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| 4.1 | All financial data must be      gathered, compiled, and treated by the Financial Reporting Officers with      rigor and integrity, in order to give a fair, true and accurate picture of      the financial situation of theCompany. |
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| 4.2 | All reports and financial      statements must be set out in a complete, fair, accurate, comprehensible      and timely manner. |
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| 4.3 | In the performance of their      functions, the Financial Reporting Officers must comply with the laws and      regulations applicable to the Company, the Generally Accepted Accounting      Principles (GAAP) in the United States of America , the rules prescribed      by the regulatory authorities having jurisdiction over the activities of      the Company and the policies of the  Company. |
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| 4.4 | In any case where a rule, a      principle or a policy is or is likely to be in conflict with another one,      the Financial Reporting Officers must submit the reconciliation or the      suggested choice for the prior approval of their immediate superior and,      in the formulation of such suggestion, must respect the best interests of      those who ultimately rely on the financial data published by the      Company.  All of these conflicts must be reported to the audit      committee, on a timely basis, as well as the interpretation that has been      retained. |
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| 5. | Procedure and      Sanctions |
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| 5.1 | In any case where a more specific      procedure has not been established in the present code or in another      official communication of the Company, any question related with the      application of the present code must be submitted to the attention of the      Chief Financial Officer of the Company or to the person appointed by him      for such purpose. |
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| 5.2 | Any violation of this code must      be brought to the attention of the immediate superior of the Financial      Reporting Officer who has knowledge of such violation and, if this      violation is not corrected by the immediate superior, to the hierarchical      superior of the Financial Reporting Officer's immediate superior and so      on, up the hierarchy of authority, for as long as the violation has not      been corrected and as high as the audit committee, if      necessary. |
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| 5.3 | Every violation to this code      shall be disclosed to the audit committee on a timely      manner. |
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| 5.4 | Any Financial Reporting Officer      who does not comply with this code is subject to disciplinary sanctions      that could go as far as the termination of his      employment. |
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| 5.5 | In no circumstances, and without      restricting the protections granted by law, will the action of raising      questions regarding the applicable procedure for the treatment of      accounting data be considered as a motive for disciplinary sanctions or      the termination of employment of the Financial Reporting Officer who      pointed out the questions. |
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| 5.6 | The rules set out in this code      are not exhaustive and must not be interpreted as a limitation to the      other policies and rules applicable to the employees of the Company, in      general, and to the Financial Reporting Officers, in      particular.  Furthermore, these rules do not limit the rights to      manage and direct the Company, provided that the exercise of these rights      allows for the respect of thiscode. |
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| 6. | Certificate,      Review and Disclosure |
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| 6.1 | Each Financial Reporting Officer      shall sign, on an annual basis, a certificate undertaking to comply with      this code and shall file said certificate with the Corporate Secretary of      the Company. |
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| 6.2 | The Audit Committee shall review      and reassess the adequacy of this code at least annually and otherwise as      it deems appropriate, and propose recommended changes to the Board of      Directors. |
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| 6.3 | All amendments to and waivers of      this code shall be publicly disclosed by the Company in conformity with      applicable legal and regulatory  requirements. |
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