Code of Ethics

Grupo IP | Código de Ética 10.1. All IP Group employees must strive to strictly comply with this Code of Ethics. 10.2. Failure by any IP Group employee to uphold this Code of Ethics is subject to disciplinary action, without prejudice to the consequences of such conduct in terms of civil, criminal or administrative liability. 23 10. Compliance with the Code of Ethics 11.1. SUBSIDIARITY The standards set out in this Code of Ethics do not substitute or prejudice employees being subject to the duties and obligations laid down in legislation, regulatory standards or other applicable laws, with regard to the matters set out herein. 11.2. INTERPRETATION AND MONITORING 11.2.1. The Legal and Compliance Department is responsible for clarifying any queries that may arise with regard to the interpretation and/or application of the standards set out in this Code of Ethics. 11.2.2. Actions are to be implemented to promote awareness and dissemination, so as to ensure better understanding and practice of this Code of Ethics. 11. Final Provisions