SA Bias Industries (Pty) Limited including

Flowmax Group and subsidiary companies

Statement of Ethics.

We pride ourselves on our reputation for acting fairly and ethically wherever we do business. Our reputation is built on our values as a company, the values of our employees, the values of the SA Bias Group, and our collective commitment to acting with integrity throughout our organisation.

We condemn corruption and bribery in all its forms, and we take a zero-tolerance approach to it within our business.

Everyone who works for us, or who carries out and performs services on our behalf, are required to adhere to the standards set out in our Anti-Corruption and Bribery policy, as well as our Code of Ethical Guidelines. Our standards are modelled on the standards set out in the UK’s Bribery Act 2010 (“Act”) (and the supporting guidance to the Act). While the Act itself does not apply to all our group (the Ultimate Parent Company being a South African company and not having a demonstrable business presence in the UK), we have identified the Act as the toughest legislation against bribery and corruption. With that, our policies adopt those same tough standards.

The policies identify the risks to bribery that we face, and set out in detail how you should behave and what you should do if you encounter corruption and/or bribery in your work. We expect that you will embrace the policies and their values and apply them in all aspects of your day-to-day work.

The policies are for your benefit as much as for ours. If convicted of a bribery offence, we might get a significant fine and suffer lasting reputational damage. If you are convicted of a bribery offence, you could face a prison sentence. The potential harm done by bribery, both to us and to you, is long term and hugely outweighs any potential short term gain.

Bribery is just not worth the risk.

If you have any doubts about anything at all, refer to the policies or speak to the SA Bias Group Compliance Manager.

Contact:  compliance@sabias.co.za to report a breach of the policy or the

Your details will remain confidential. You may also contact

Mr Gerhard van Vuuren, Compliance Officer, on 00 27 21 7955487.

On behalf of SA Bias Industries (Pty) Limited, Flowmax Limited & all subsidiary Companies

Date: February 2016