At Transnafta, we believe that a reputation for integrity is one of the most important assets any company can possess. We applaud the changes in corporate governance to add more transparency for investors and more accountability for those in positions of financial stewardship. Since 2003 we have set new policies and guide lines to be followed by our staff which include the following:

• Policy Statement on Stockholders’ Rights Plans,
• Policy for Pre-Approval of Audit, Audit Related, Tax and Permissible Non-Audit Services
• Guidelines for Hiring of Employees or Former Employees of Independent Auditor ,
• Policy for Whistleblowing Procedures,
• Corporate Governance Principles, as amended on November 1, 2006,
• Communications from Interested Parties, and
• Policy Concerning Severance Agreements with Senior Executive Officers