If you are uncertain about something, ask yourself the following questions before taking a course of action:

• Am I authorized to do this?
• Is it legal and compatible with Fibercord’s values and Code of Business Conduct?
• Is it ethical?
• Would I like to read about it on the media?
• Am I setting a good example?
• Will I give a good image of myself and of Fibercord?

If the answer to any of these questions is ‘No’ then do not do it.

About the Code of Business Conduct

The Code of Conduct guides our daily interactions at work. Moreover, it reflects our corporate values and the norms necessary for a proper conduct. The Code of Conduct is meant for anyone who is part of Fibercord: employees in all ranks, suppliers and contractors. We include our suppliers and contractors since compliance with the Code is a condition for doing business with Fibercord.

The employees of Fibercord are responsible for showing integrity, respect and honesty by means of compliance with the provisions contained in the Code of Conduct, the Business Policy and all applicable laws.

In order to ensure compliance with the Code of Conduct, employees must display a good judgment and look for orientation when doubts arise. Each of us is responsible for our decisions and for the compliance with the Code.

We must be aware that no Code of Conduct can accurately conform to every situation we may find in the workplace. We may have some questions related to the applicability of the norms of conduct on certain situations. In case of doubt about specific situations regarding our daily private activities or in behalf of the company, it is important that we ask our Supervisor, Boss, Manager, Human Resources representative or CEO for guidance.

Information in the Code:

• Guides employees and ensures that their corporate and business conduct is consistent with the ethical standards of the Company.

• Improves the understanding of the Company’s ethical standards among customers, suppliers and other business relations outside the Company.

The terms ‘Fibercord’, ‘Company’ and ‘Business’ are used to refer to Fibercord Sociedad Anónima.

Message from Nicolás Santos

Berazategui, Buenos Aires

Dear Colleague,

Costumer trust in businesses is, nowadays, a necessary and vital condition for success in business relationships. Fibercord’s success is closely linked to its reputation and it is our duty to protect such reputation.

We, Fibercord employees, are committed to our values and principles when performing our business activities. Integrity, honesty and respect in every aspect of our daily activities are the basic values of our Company. It is about acting with honesty, about being aware that we are doing the right thing, and about treating each other fairly and with respect. It is more than just complying with legal norms.

Knowing and understanding the Code of Conduct as well as the values on which it has been built and complying with those values is a responsibility shared among all employees at Fibercord, including the Board of Directors.

Ethical responsibility is probably the only one that cannot be handed over to others. Ethical responsibility is a personal responsibility resting with each of us and also being common to us all.

Every day, we all make decisions with social, economic and ethical implications. As a member of the Fibercord team, it is important that you read, understand and respect our Code of Business Conduct in every aspect.

Let us assume the responsibility for our actions and decisions and question the conducts that do not comply with the Code and our values.

Fibercord’s reputation is in our hands. Thank you all for your continuous commitment to our values and to the business ethics necessary to keep on shaping our Company’s reputation.

Interpersonal relations

We are responsible for treating each other with respect and dignity

Acting with integrity

Integrity, honesty and respect are Fibercord’s fundamental values in every aspect of its processes and business interactions. Each and every Fibercord employee must act with integrity, honesty and respect when interacting with other employees, communities, suppliers and customers.

Integrity means doing the right thing. When we act with integrity we reflect the Business’s integrity and reputation. The Code of Business Conduct will guide us. It defines how employees must behave as Fibercord representatives. The Code sets forth our responsibilities towards the Business, each other, the customers, the suppliers, the communities and the government.

1. Confidentiality

We must all comply with the law, act with integrity and honesty in every aspect and be responsible for our actions.

Private and confidential information includes the information that could put Fibercord at a competitive disadvantage: trade secrets, financial information and other kind of information that has not been publicly disclosed, employee’s personal information and information in the context of the ‘confidentiality agreement’ signed by third parties.

Fibercord employees shall protect the privacy and confidentiality of the information of the customers, employees and other individuals and companies related to Fibercord. Fibercord employees protect the confidential information related to the activities; use this information only for business purposes; and share it only with the corresponding authorized parties.

Fibercord strictly prohibits negotiations based on confidential information or any financial or commercial profit, including stock trading operations, made by means of disclosure of Fibercord’s confidential information. When disassociated from the company, Fibercord employees will not be allowed to keep any copies of regulations, projects, confidential documents, etc., that were in their power due to their former position.

2. Conflict of Interest

Fibercord employees assume the responsibility for avoiding situations and relationships involving an actual or potential conflict of interest. Fibercord employees shall not use their position to obtain benefits for themselves or their relatives, through the individuals and companies with which Fibercord has business relations. Fibercord employees shall not participate in any business activity directed to achieving a financial personal benefit outside Fibercord. Fibercord employees shall not use Fibercord’s name, power and identity to obtain any personal benefit.

In case of potential conflict of interest, when we think that the relevant parties’ interests can be duly protected by means of legal methods and ethical practices, we will adopt such methods and practices. When in doubt, we can ask our supervisor, manager or Human Recourses Department for advice.

3. Fibercord’s responsibilities

In addition to legal liabilities, Fibercord considers the following responsibilities of utmost importance in relation to customers, employees, communities, suppliers and business partners, interested parties, competition, humanity and Fibercord’s name.

• Legal liabilities

Fibercord employees perform activities and follow procedures both of national and international character within our legal framework and international laws. Employees also provide regulatory agencies and authorities with all the required information in a clear, accurate, complete and timely manner.

When following all procedures and performing all activities, Fibercord employees shall seek no benefit from public agencies and organizations, administrative entities, non-governmental organizations or political parties and shall also keep distance from all of them. Fibercord employees shall fulfill their obligations with responsibility.

• Responsibility towards the customers

Fibercord employees adopt a customer-satisfaction-centered and proactive approach in order to meet the customer’s needs and requirements accurately and timely. Fibercord employees provide timely services under the stipulated conditions and engage with customers with respect, honor, justice, equality and politeness.

• Responsibility towards the employees

Fibercord allows its employees to exercise their personal rights fully and correctly. Fibercord treats its employees honestly and equally and guarantees a non-discriminatory, safe and healthy workplace. Fibercord allows for and encourages the personal development of their employees. Moreover, with social awareness, it supports their participation in appropriate community and social activities and respects and ensures a balance between their private and professional lives.

• Responsibility towards the shareholders

In order to avoid unnecessary or unmanageable risks and for the purpose of generating partner value, Fibercord pays utmost attention to the company’s continuity and does everything to achieve a sustainable profit. Fibercord acts with budgetary discipline and responsibility and manages the company’s resources and assets and the professional work schedule efficiently and economically. Fibercord works to increase competitiveness and to invest in areas with a growth potential that offers the highest efficiency of the resources allocated. Fibercord offers clear, accurate, complete and timely information to the public and to its shareholders regarding the company’s financial balances, strategies, investments and risk profile.

• Responsibility towards suppliers/business partners

We act respectfully and honorably as it is expected from a good customer and we commit to fulfilling our obligations timely. We carefully protect the confidential information belonging to individuals, organizations and business partners.

• Responsibility towards competition

Fibercord competes effectively only in legal and ethical areas and avoids unfair competition.

Fibercord encourages the development of a competitive structure conducted within the society.

• Responsibility towards the Environment, the Community, the Society and Humanity

Fibercord is committed to run its business respecting and protecting the environment for the sake of all communities, including the employees, the customers, the shareholders and the public. Fibercord will implement those strategies that create successful businesses and that achieve the highest benefit for all interested parties without jeopardizing the ability of future generations to satisfy their necessities.

Fibercord will constantly improve its practices taking into account the technological developments and the competence in safety, health and environmental science.

For Fibercord, the preservation of democracy, human rights, charity and educational activities, and the eradication of crime and corruption are of utmost importance. Fibercord employees shall act with interest and sensitivity within their area of specialty. Fibercord employees shall not give nor take bribes or gifts in the form of products, services, etc. which are not within reasonable and acceptable limits.

• Responsibility towards the name ‘Fibercord’

Business partners, customers and communities trust in Fibercord due to its integrity and professional competence. Fibercord does everything to keep its reputation at the highest level.

Fibercord provides its services within the context of the business policy, the professional norms, its commitments and codes of ethics, and fulfills its obligations.

Fibercord provides services within the areas in which it is considered to be professionally competent and seeks to work together with customers, business partners and employees who show integrity and legitimacy. Fibercord does not work with anyone who undermines the social ethics, harms the environment or damages the public health.

Fibercord employees will not give their personal opinion. Otherwise, they will communicate the company’s view in public and in the areas in which they represent the company.

When facing a difficult situation that may put Fibercord at risk, employees must first consult the proper staff following the proper technical and administrative consultation procedures.