PRINCIPLES OF BUSINESS CONDUCT

These principles set out the standards which guide the holding company and its employees in the conduct of business. These are applied to all PSS's operations in every country in which we operate and to all of our employees.

We will comply with all laws and regulations applicable to our businesses and to our relationships with our stakeholders – our investors, employees, and the communities in which we do business.

We will fully, accurately, timely, and consistently disclose in readily understandable language to appropriate regulators, our stakeholders, and the public, material information about the holding company and its performance.

We will not offer, pay nor accept bribes or condone anti-competitive market practices and will not tolerate any such activities by our employees.

We prohibit employees from trading shares illegally when they have unpublished, price-sensitive information.

We require our employees to perform their duties conscientiously, honestly, and with due regard for the avoidance of conflicts between any personal, financial or commercial interests and their responsibilities to the holding company.

We will take all reasonable steps to identify and monitor risks to the holding company and its stakeholders, to safeguard our assets, and to detect and prevent fraud.

We will promote the application of our principles by those with whom we do business with and their willingness to accept these principles will be an important factor in our decisions to enter into, and to remain in such relationships.

We encourage employees to take personal responsibility for ensuring that our conduct complies with our principles. No employee will suffer for bringing to the management's attention the violations of these principles or any other legal or ethical concern. Although employees are encouraged to discuss concerns with their direct managers, they should, in any event, inform the Group Internal Audit Manager regarding these concerns.

If an employee acts in contravention of these principles, the holding company will take the appropriate steps in terms of the procedures in place for fair disciplinary action. This action may, in cases of severe breaches, include dismissal without benefits.