We, the officers and employees of the Company, have affirmed our commitment to the existing "Management Philosophy". In order to meet the challenges of an ever changing business environment, and to enhance the trust and confidence of all the stakeholders in our Company and the respect of society, we hereby set out the Code of Conduct of the Company which is based upon the "Management Philosophy".

The Company recognizes the following areas of responsibility:

1. Responsibility to shareholders

   To protect shareholders' investment, and provide an appropriate return.

2. Responsibility to customers

   To win and maintain customers by developing and providing products and services which offer value in terms of price, quality, safety and environmental impact, which are supported by technological, environmental and commercial expertise.

3. Responsibility to employees

   To respect the personalities and individuality of its employees, to provide its employees with safe conditions of work and good terms and conditions of service, to promote the development and best use of human talent and to encourage the full participation by its employees in their work and the application of these principles.

4. Responsibility to contractors

   To seek mutually beneficial relationships with contractors (including joint ventures) and to endeavor to promote the application of these principles in so doing. The degree to which these principles are promoted will be a consideration in the decision to enter into or remain in such relationships.

5. Responsibility to society

   To conduct business as a responsible member of society, to observe laws, to respect fundamental human rights and give proper regard to health, safety, security and the environment consistent with the aim of contributing to sustainable development.

The Company asserts that sound profitability is essential to discharging these responsibilities and staying in business. It is a measure both of efficiency and of the value that customers place on the Company's products and services. Profits are essential to the allocation and maintenance of corporate resources and to support the continuing investment required to maintain stable future energy supplies to meet consumer needs.
Without profits and a strong financial foundation it would not be possible to fulfill the responsibilities outlined above. Criteria for investment decisions are not exclusively economic in nature but also take into account other issues, such as social and environmental considerations.

The Company sets out and observes necessary company rules, and it insists on honesty, integrity and fairness in all aspects of its business. The same is expected in its relationships with all those with whom the Company does business.
The offer, payment, soliciting and acceptance of bribes in any form whatsoever are unacceptable practices. Employees must avoid conflicts of interest between their private financial activities and their part in the conduct of the Company'
s business. All business transactions on behalf of the Company must be reflected accurately and fairly in the accounts of the Company in accordance with established procedures and be subject to audit.

The Company acts in a socially responsible manner within the laws in pursuit of its business objectives.
The Company does not make payments to political parties, organizations or their representatives or take any part in party politics. However, it shall not be prevented from making its position known on any matter which affects its interests, the interests of its employees, its customers or its shareholders.

Consistent with the aim of contributing to sustainable development, the Company has a systematic and continuous approach to health, safety, and environmental management. To this end, the Company manages these matters as any other critical business activity, it sets targets for improvement, and measures, appraises and reports performance.

The Company, as a responsible member of a society, positively makes contributions to the community. The most important contribution that a company can make to society is in performing its basic activities as effectively as possible.

The Company seeks to compete freely and fairly in compliance with competition laws.