The AES Ethics and Compliance Programme is an integral part of our business and culture, helping to define our business practices and corporate expectations worldwide. AES operates under a broad range of economic, political, social and cultural customs and traditions, and an equivalent variety of local, regional and international laws and regulations. Regardless of these challenges, we believe it is our duty and responsibility to conduct business with the highest level of integrity, ethics, and compliance in all situations. As evidence of this commitment, AES has a Code of Conduct and a well-defined process that encourages internal and external stakeholders to bring matters of concern to the company’s attention for prompt resolution. Our people and stakeholders are empowered with a strong sense of ownership and accountability for their work, and we fully expect each person to adhere to our corporate values as described in the Code of Conduct. The AES Ethics and Compliance Programme conducts regular training on a variety of ethics and compliance issues including AES corporate values, the Foreign Corrupt Practices Act and conflicts of interest. In addition, the AES Ethics Champions Programme conducts with the help of up to 30 selected employees (the “Ethics Champions”) twice-yearly employee training sessions using actual AES business issues and problems, so that participants can discuss how AES values and policies are applied in real-world situations and gain deeper understanding of business ethics and the AES Ethics and Compliance Programme.