TSG has defined the following code of ethics, which sets out the principles and rules within which to develop the company politics.

A) MORAL INTEGRITY

Moral integrity is the foundation for a trusting relationship with the customer. Following this assumption, TSG declares that it will:

• Respect the law
• Work honestly, with diligence and with a sense of responsibility
• Not accept responsibilities or fulfill requests which may involve the company in illegal activities or doubtful morality

B) COMPETENCE

TSG understands the importance of providing services which fulfill the customer’s expectations and the highest market standards; to this aim, TSG declares that it will:

• Only provide services for which it has the necessary know-how and experience to fulfill
• Continuously update its knowledge and skills through continuous professional training in order to maintain its professional competence at a high level
• Aim to constantly improve the quality of its services

C) PRIVACY

Depending on the type of request received from the customer, TSG will have access to reserved information, the incorrect use of which may have quite relevant negative consequences; consequently TSG declares that it will:

• Treat the information and any documents that come into its possession through the relationship with its customer with the greatest care
• Use such information correctly, avoiding its unsuitable divulgence which may damage the customer or other parties involved
• Not use such information to its own personal advantage

D) OBJECTIVITY

In all cases where an evaluation is required, it must be made using the highest level of professional objectivity; to this end, TSG declares that it will:

• Carefully formulate its judgement, making the basis of knowledge and competence on which it is founded adequately clear to the interested parties
• Avoid that any situations where there is a conflict of interests, even potential, compromise, in any way, TSG's sense of judgement

E) SUSTAINABILITY

The sustainability of the proposed solutions, in the field of the professional services offered is an essential element in:

• Maintaining adequate professional dignity
• Helping the customer to develop its initiatives in a correct way, respecting ethical values

To achieve such results, TSG declares that it will exclude from any proposals made to the customer:

1. Any form of under-age or forced labor
2. Any situation:

• Which discriminates or which damages the personal dignity of the workers
• Which violates the rights of the workers to a free trade union
• Which is characterized by excessively long working hours or conditions of payment which are not adequate for the lives of the workers

• Processes and working procedures which may determine working conditions that are not safe and healthy
• rocesses and working procedures which may result in damage to the environment

Noted: 01/05/2010
Chairman of the Board and CEO
Dr. Rubar S. Sandi