Code of Ethics

PricewaterhouseCoopers (PwC) is one of the world’s pre-eminent professional services organisations*. As professional advisers we help our clients solve complex business problems and aim to enhance their ability to build value, manage risk and improve performance.
As business advisors we play a significant role in the operation of the world’s capital markets. We take pride in the fact that our services add value by helping to improve transparency, trust
and consistency of business processes. In order to succeed, we must grow and develop, both as individuals and as a business. Our core values of excellence, teamwork and leadership help us to achieve this growth.

We conduct our business within the framework of applicable professional standards, laws, and regulations together with PwC policies and standards. However, we also acknowledge that these standards, laws, regulations and policies do not govern all types of behaviour. As a result, we also have a Code of conduct for all PwC people and firms. This Code is based on our values and it takes them to the next level demonstrating our values in action and contributing to the PwC Experience. The Code also provides a frame of reference for PwC firms to establish more specific supplements to address territorial issues.

Each of us at PwC has an obligation to know and understand not only the guidelines contained in the Code, but also the values on which they are based. Knowing and understanding are not
enough. We also have an obligation to comply with the letter and spirit of this Code and to help others do the same. As individuals we are encouraged to raise any issues and concerns
through appropriate channels.

While the Code provides a broad range of guidance about the standards of integrity and businessconduct, no code can address every situation that individuals are likely to encounter. As a result, this Code is not a substitute for our responsibility and accountability to exercise good judgment and obtain guidance on proper business conduct. We are encouraged to seek additional guidance and support from those designated as responsible for business conduct matters. The strength in our organization is the strength in our collective knowledge and the sharing of that knowledge and experience.

*The PricewaterhouseCoopers network includes any entity which is authorized to carry on business under a name which includes all or part of the PricewaterhouseCoopers name, is a direct or indirect affiliate or subsidiary of a PricewaterhouseCoopers entity or is otherwise within (or associated or connected with an entity within) or is a correspondent firm of the worldwide network of PricewaterhouseCoopers firms, where "entities" or an "entity" includes partnerships, firms, corporations or other entities wherever located.