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CORPORATE GOBERNANCE

Letter from the Chairman

José Ramón Alvarez Ribalaygua

Dear friends and partners,

As you all know, Plásticos Vanguardia, S.A. was acquired by the Armando Alvarez Group in 1985. Its main corporate object is the conversion of blow moulded plastic materials, and it is noted for its quality and customer service.
Founded in 1964, the Armando Alvarez Group comprises several companies that joined us throughout the Group's history. These are independent companies that form part of the same Group, and work under the same philosophy, ethics, and respect for the commonly accepted rules and principles.

Times change, and having fully reached its corporate consolidation, the Armando Alvarez Group wishes to prove its definitive and formal commitment, within the framework required by company activity at any given time, to the corporate standards for conduct established nationally and internationally. These mainly follow the recommendations given by the Organisation for Cooperation and Economic Development. By applying these recommendations and the Corporate Government rules and principles, risks can be prevented and bigger goals can be met in future services provided to shareholders and in general to the national and international industry.

Aligned with the commitment to compliance with corporate rules and ethics, the Group has established:

Beyond mere compliance with legal obligations, we are working towards a better future for people, for our clients, our employees and for society in general.

These rules, approved by the Board of Administration that I chair, are a formal expression of this commitment.

José Ramón Alvarez Ribalaygua
Chairman