Code of Ethics

Grupo IP | Código de Ética management and corporate staff, service providers and suppliers, whenever they act on behalf of and represent IP Group companies, they are required to respect and adhere to the ethical principles set out in this Code. 1.3.PRINCIPLES The principles reflect the IP Group’s commitment to society, the desire for continuous improvement and the Group’s culture and are set out below: • Public interest: pursuing the public interest pursuant to which the activities of the organization and its employees are carried out based on the principles that community and citizens’ interests prevail over private interests; • Legality: in the sense that every activity is carried out in compliance with the law; • Transparency and Rigor: reflected in due grounds and justifications for all decision-making processes; • Rational use of resources: guided by high quality standards for public service, following the motto of “economy, efficiency and efficacy” and by the sustainability of the IP Group; • Integrity, loyalty, equity and a team spirit: reflected in employees acting on the basis of criteria of personal honesty and integrity of character, balance and fairness while making decisions, in a 5 loyal, inclusive and cooperative manner; • Social responsibility and an environmental conscience: to promote the economic and social progress of the community where IP Group companies operate and well as to encourage civic participation by the Group’s employees. The abovementioned principles are incorporated into the everyday activities of all employees, who, while achieving their goals, must comply with the following standards of conduct.