CODE OF ETHICS

All the staff of Vaccaro S.A. is committed to carry out their activity complying with all the
legislations and regulations related to it, both domestically and internationally. The behaviour
of all the staff shall be determined by the following aspects:


  •  PROBITY: Acting with rectitud and honesty, trying to obtain complete satisfaction of its
     customers, leaving aside any personal advantage or profit; the information to be provided to the
     customers or to interested third parties shall always be appropriate, truthful and accurate.
  •  DILIGENCE: Performing its tasks with dynamism and speed, supported by the highest
     competition and commitment with the excellence of its services.

  •  VERACITY: Conducting relations with the customers, adjusting to the material and
     substancial truth of the operations, mainly in those cases in which the information is provided
     by the customers.
  •  CONFIDENCIALITY: Refraining from providing information about the transactions made to
     people outside the Company, taking into account that all the information obtained about the
     customers belongs to their privacy, constitutionally guaranteed.
  •  RESPONSABILITY: Each officer is responsible for its actions and assumes the committment
     of acting according to the legal provisions in force, and to the regulations arising from the
     authorities of the Company.
  •  RESPECT:All the staff of Vaccaro S.A. have the duty and the right of treating and
     being treated with respect and politeness and to act in the same manner with the customers
     and subcontractors.