Letter from the Chairman

Dear friends and partners,

Founded in 1964, the Armando Alvarez Group comprises several companies that joined us throughout the Group's history. These are independent companies that form part of the same Group, and work under the same philosophy, ethics, and respect for the commonly accepted rules and principles.

Times change, and having fully reached its corporate consolidation, the Armando Alvarez Group wishes to prove its definitive and formal commitment, within the framework required by company activity at any given time, to the corporate standards for conduct established nationally and internationally. These mainly follow the recommendations given by the Organisation for Cooperation and Economic Development. By applying these recommendations and the Corporate Government rules and principles, risks can be prevented and bigger goals can be met in future services provided to shareholders and in general to the national and international industry.

Aligned with the commitment to compliance with corporate rules and ethics, the Group has established:

· A Good Governance Code for Directors, which is the code of conduct for Group company management activities.

· A Corporate Code of Conduct, that is a public written statement of a set of principles/values in company conduct, as well as for the conduct of its executives and employees.

· An Ethics Code for Suppliers that contains the behaviours expected from our suppliers.

· A Tax Strategy to manage these issues responsibly and with transparency in order to prevent and reduce tax risks and reputation hazards.

Beyond mere compliance with legal obligations, we are working towards a better future for people, for our clients, our employees and for society in general.

These rules, approved by the Board of Administration that I chair, are a formal expression of this commitment.

José Ramón Alvarez Ribalaygua

Chairman