C2E CODE OF VALUES AND ETHICS

INTRODUCTION

1.1.1 This Code of Values and Ethics (the "Code of Values and Ethics") has been adopted by the board of directors of C2E As (herafter named as the "Company").

1.1.2 The purpose of the Code of Values and Ethics is to create a sound corporate culture and to preserve the integrity of the Company by helping employees to promote standards of good business practice. Further, the Code of Values and Ethics is intended to be a tool for self-evaluation and a vehicle for development of the Company's identity.

1.1.3 The Code of Values and Ethics applies to all entities controlled by the Company and all employees, directors, officers and agents of the Company (collectively, "Employees"). All Employees are required to read and understand the Code of Values and Ethics. All Employees are encouraged to ask questions regarding the application of the Code of Values and Ethics. Employees may direct such questions to their immediate superior (in the absence of an actual or potential conflict of interest), a member of the executive management of the Company or to a member of the Company's board of directors (the "Board").

1.1.4 Each individual employee is ultimately responsible for their own compliance with the Code of Values and Ethics. Every manager will also be responsible for administering the Code of Values and Ethics as it applies to Employees and operations within each manager's area of supervision.

1.1.5 Violation of the Code of Values and Ethics will constitute grounds for disciplinary action, including, when appropriate, termination of employment.

ETHICS

1.2.1 The Company requires all its Employees to observe high standards of business and personal ethics in the conduct of their duties and responsibilities. Employees must practice fair dealing, honesty and integrity in every aspect in dealing with other Employees, business relations and customers, the public, the business community, shareholders, suppliers, competitors and government authorities.

1.2.2 When acting on behalf of the Company, directors and employees shall not take unfair advantage through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or other unfair dealing practices.

1.2.3 The Company's policy prohibits unlawful discrimination against employees, shareholders, directors, customers and suppliers on account of ethnic or national origin, age, sex or religion. Respect for the individual is the cornerstone of the Company's policy. All persons shall be treated with dignity and respect and they shall not be unreasonably interfered with in the conduct of their duties and responsibilities.

1.2.4 The Company will respect and observe internationally recognized human rights standards.

1.2.5 Employees are expected to adhere to the highest standards of ethical conduct. Employees are obligated to avoid any action that could involve or lead to unlawful behavior. Employees should promptly report to their immediate superior any situation that might compromise the Company's ethical standards.

1.2.6 The Company seeks to establish and maintain a workplace environment in which all Employees can be productive and treated with dignity and respect. The Company will not tolerate any form of harassment or discrimination, including but not limited to sexual harassment, in the workplace.

1.2.7 Employees are expected to comply with all applicable laws and regulations, including those relating to insider trading.

1.2.8 Employees shall avoid conflicts of interest that could interfere with the Company's interests or with the Employees' exercise of independent judgment on the Company's behalf.

1.2.9 Employees shall not use corporate property, information, or position for personal gain. Employees shall not compete with the Company. Employees are prohibited from taking for themselves personally opportunities that are discovered through the use of corporate property, information or position.

1.2.10 The Company strives to protect its assets and ensure their efficient use. Theft, carelessness, and waste have a direct impact on the Company's profitability. Employees are expected to protect the Company's assets and ensure their efficient use.

1.2.11 Employees shall protect the Company's confidential information. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its customers if disclosed.

GENERAL PRINCIPLES

1.3.1 The Company strives to conduct its business in a manner that is socially responsible and that helps to preserve the environment.

1.3.2 The Company expects its suppliers to adhere to the Company's Code of Conduct for Suppliers and to comply with applicable laws and regulations.

1.3.3 Employees shall act with integrity and observe high ethical standards in all business relationships.

1.3.4 Employees shall use good judgment and avoid engaging in any conduct that may bring discredit to the Company.

1.3.5 All Employees shall comply with applicable laws and regulations in all countries in which the Company operates.

REPORTING OF VIOLATIONS

1.4.1 Employees should report any suspected violation of the Code of Values and Ethics, including any violation of laws, rules, regulations or policies, to their immediate superior, a member of the executive management or a member of the Board.

1.4.2 All communications will be taken seriously and, if warranted, any reports of violations will be investigated. The Company will not retaliate or allow retaliation in respect of any reports made by an employee in good faith.

1.4.3 Implementation and monitoring

1.4.3.1 The responsibility for implementing this Code of Values and Ethics in each company lies with the company. The Code of Values and Ethics shall be distributed to all employees, managers, and board members. The Code of Values and Ethics shall also be referred to in the company's employment contracts [and Personnel Handbook].

1.4.3.2 All employees, managers and board members shall carefully read this Code of Values and Ethics.

1.4.3.3 The Board is responsible for updating this Code of Values and Ethics and for developing relevant support material and may also assist the companies in awareness training. The status of the companies' activities related to this Code of Values and Ethics will be reviewed annually as part of the business areas' board meetings and the Company's sustainability reporting.