The Council of the Cyprus Stock Exchange (CSE) at September 2002 issued the Code of Corporate Governance for the Cyprus Stock Exchange. The aim of the Code is to strengthen the monitoring role of the Board of Directors, to protect small shareholders, to adopt greater transparency and to provide timely information, as well as to sufficiently safeguard the independence of the Board of Directors in its decision - making. The Code is voluntary for the listed companies. Listed Companies have an

obligation to include in their Board of Directors’ annual report to shareholders, a report on corporate governance as follows: The company should state in the first part of the report whether the principles of the Code are being implemented. The company should confirm in the second part of the report that it complies with the principles of the code and, in the event that it does not, should give explanations as to why not.