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To ensure maximum benefit to shareholders, the Board of Directors shall give equal weight to the achievement of goals and the means used for their achievement. The Board of Directors has prepared the “Banpu Code of Conduct” which will be distributed to directors, executives and staff to underline the company’s expectation regarding conduct towards fellow staff, shareholders, customers, trading partners, competitors and society in general. The Board of Directors has also established mechanisms and procedures to ensure compliance with the Banpu Code of Conduct. 37

