Code of Ethics

Grupo IP | Código de Ética 4. 4. Transparency and Preventing Corruption 13 Group Employees must behave in accordance with high standards of integrity, avoiding any involvement in situations that could harm the credibility of the IP Group or reflect negatively on the honesty of the IP Group’s employees. 4.1. Thus, in the context of their activities and professional relationships, employees of the IP Group: • Must refuse, for themselves or for third parties, any offers of gifts, entertainment, benefits, recompense or remuneration that, individually or jointly, total, during the course of a year, an estimated value equal to or higher than € 150 (one hundred and fifty euros). • May accept invitations addressed to them in the context of their professional functions, for official events or from national or foreign public entities. • They may accept invitations from private entities addressed to them within the scope of their professional duties, for events up to a maximum estimated value of € 150 (one hundred and fifty euros) provided that the invitations are: • IP Group employees are required to communicate any situation potentially involving a conflict of interest of which they are aware, pursuant to the Policy for the Communication of Irregularities; • Employees who face a possible situation liable to involve a conflict of interest while performing their duties, namely, decision making processes that directly or indirectly involve entities with which they had or have professional ties, entities of which they are members or staff of the respective corporate departments, must declare they are impeded from acting and immediately communicate this fact to their superior; • IP Group employees who have family or equivalent relations must not carry out their professional activities in a hierarchical or functional relationship and must inform their superiors of this fact and cooperate with the company to implement the necessary measures to remedy such situations.