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CODE OF ETHICS

Message of the CEO

REALTY RESALES is committed and commits its employees to conduct its business in accordance with high ethical standards and in compliance with applicable laws. This is not only crucial in order to preserve REALTY RESALES’s and its employees’ reputation and to prevent potential civil and criminal sanctions, but also reflects our values, and is therefore in the best interest of REALTY RESALES, its employees, customers, and other stakeholders. Since the business world is becoming increasingly complex, involving many laws and regulations which govern our business decisions, REALTY RESALES’s Code of Business Conduct (“Code”) is an important guide for you in order to satisfy our high expectations on your standards of behavior. Please read the contents carefully since you have a personal responsibility to maintain the high ethical standards inherent in working for REALTY RESALES. This means asking for advice when in doubt, participating in relevant trainings and reporting situations which may be in conflict with applicable laws or ethical standards.

JUAN CARLOS ORTEGA ALVAREZ

CEO


 

1.Basic Principles
1.1 The purpose of this Code is to provide guidance for business behavior in critical areas relating to the business activities of REALTY RESALES. The Code does not cover every situation where compliance or ethical behavior may be required, but rather sets forth minimum standards and a spirit which are fundamental to the way we conduct our business.
1.2 Some of REALTY RESALES’s basic values and principles include the following:
a) We respect and comply with all applicable laws and regulations as well as with internal regulations, directives and guidelines. This means:
• We do not give or take bribes. We avoid giving or receiving gifts which could create a conflict, violate the standards of those we are dealing with or violate the law.
• We do not participate in any acts or omissions which could be considered violations of applicable competition and antitrust laws, such as the written or verbal exchange of sensitive data with competitors.
• We avoid conflicts of interest and disclose potential conflicts as early as possible.
• We protect our confidential and proprietary information from unauthorized use.
• We respect and secure our know-how and intellectual property rights.
b) We conform to the locally accepted standards of good corporate citizenship in each country in which we do business.
c) We promote and sustain a work environment that fosters mutual respect, openness and individual integrity, and we support and respect the protection of internationally proclaimed human rights.
d) We report all incidents which in our good faith judgment raise concerns of misconduct or violations of laws, regulations or Company policy. Reports can be submitted to the following persons or departments
• Supervisor or Director
• Company, division compliance officer
• Company legal counsel  
• REALTY RESALES ombudspersons
 
1.3 Useful information can be found on the REALTY RESALES Intranet.
 
2. Accuracy and Completeness of Records
2.1 We keep accurate and complete business records. All our business transactions must be fully and fairly recorded in accordance with REALTY RESALES’s accounting and financial reporting principles, and records are retained or destroyed in accordance with the record retention program of the REALTY RESALES Company with which you are employed or with which you entered into an agreement (“Company”).
2.2 False or misleading entries must not be made in the books and records of REALTY RESALES or any of its subsidiaries for any reason, and no employee shall engage in any arrangement which results in such a prohibited act.
 
3. Antitrust and Unfair Competition
3.1 Fair competition is a fundamental principle of the free enterprise system and is fully supported by REALTY RESALES. Therefore, REALTY RESALES requires full compliance with applicable antitrust and competition laws, which among others include laws prohibiting unfair trade practices and restraints of trade (collectively, “Antitrust Laws”).
3.2 All employees of REALTY RESALES must abide by all applicable Antitrust Laws, irrespective of whether enacted by a supranational, national or local body, and must not engage in any anti-competitive practices.
3.3 Antitrust Laws address the business practices with suppliers, customers and competitors. Although Antitrust Laws vary from country to country, they typically address at least the following prohibited actions: a) Price Fixing Agreement (whether formal or otherwise) with one or several competitor(s) to fix or otherwise affect prices, terms, or conditions of sales. b) Market/Customer Allocation Agreement (whether formal or otherwise) with one or several competitors to divide up markets and/or customers c) Bid rigging Agreements (whether formal or otherwise) with one or several competitor(s) to refrain from bidding, to bid at a certain price, or to submit a bid that is known to be less favorable than a competitor’s bid. d) Sharing of sensitive information Obtaining or providing sensitive information (e.g. relating to current or future prices, profit margins or costs, bids, market shares, distribution practices, terms of sales, production plans) from and or to competitors at meetings of trade, professional associations or elsewhere.
3.4 All agreements with competitors or any third parties which contain clauses which may have a negative effect on competition (e.g. exclusivity, pricing, territorial restrictions, price discrimination, non-compete, and exchange of sensitive technical or business information) must be reviewed and approved by an in-house lawyer to ensure legal compliance with the Antitrust Laws.
3.5 If you have any questions regarding compliance with any aspect of the Antitrust Laws please consult our Antitrust/Competition Law Guidelines on the REALTY RESALES Intranet (see Article 1.3 above) and/or consult an in-house lawyer.
 
4. Conflicts of Interest
4.1 All REALTY RESALES employees have a duty to ensure that their outside interests do not interfere with their obligations to the Company. Therefore, you should avoid situations in which your own (direct or indirect) personal interests, outside activities, relationships or financial interests conflict or even appear to conflict with the interests of REALTY RESALES.
4.2 In case of a potential conflict of interest or the appearance of a conflict, you must inform your line agent, local compliance officer or an in-house lawyer to enable REALTY RESALES to determine whether a conflict exists and how to best resolve the situation in a fair and transparent manner.
4.3 Examples of Potential Conflicts a) Family members and close personal relationships: Contracting with a business managed by a close friend or family member.
b) Outside employment/assignments: Acting as a consultant, director or officer to a supplier, customer or competitor of REALTY RESALES. c) Significant ownership interests: Being invested in companies which have or seek to have business relations with REALTY RESALES or which act as competitors of REALTY RESALES.
4.4 REALTY RESALES respects potential contractual obligations of its employees with their former employers and refrains from creating conflict of interests.
 
5. Employment Issues
5.1 REALTY RESALES is committed to providing fair and non-discriminating employment practices which include providing equal employment opportunities in compliance with applicable laws.
a) REALTY RESALES respects different cultural backgrounds and is committed to complying with all employment and labor laws including those related to the elimination of all forms of forced and compulsory labor (including child labor) and the prohibition against all forms of discrimination in employment under applicable laws.
b) REALTY RESALES encourages its employees to balance work, family, and personal development commitments.
c) Hiring and promotion at REALTY RESALES is based on personal skills, abilities and performance. REALTY RESALES is firmly committed to diversity and provides equal employment opportunities to all employees without regard to gender, race, color, age, religion, national origin or other discriminatory factors.
d) Employees’ complaints are reviewed, investigated and responded to in a timely fashion.
e) REALTY RESALES fosters open and regular communication between agents and their teams.
5.2 Ideas and inventions created by REALTY RESALES employees are one of REALTY RESALES’s most important assets which must be safeguarded in every case. Detailed information related thereto is available in the REALTY RESALES Information Technology Usage Policy which can be found on the REALTY RESALES Intranet (see Article 1.3 above).
5.3 REALTY RESALES has adopted a policy of zero tolerance with respect to unlawful employee harassment (including gestures, language and physical contacts) having a sexual, coercive, misusing or exploiting connotation, and requires all employees to follow the rules regarding sexual or other forms of harassment in force in the countries where they work or do business, and to behave with respect.
5.4 It is REALTY RESALES’s policy to create a safe working environment for its employees. Workplace violence, including threats, threatening behavior, intimidation, assaults and similar conduct, will not be tolerated. Any threats or concerns about safety or the safety of others should be immediately reported to the supervisor, human resources agent, local compliance officer.
5.5 All REALTY RESALES employees are expected to make judgments in the conduct of their business unimpaired by drugs or alcohol. Drugs and Alcohol can severely endanger the safety of others and the distribution and use of illegal drugs and alcohol during work is strictly prohibited no matter where the location.
5.6 The wages REALTY RESALES pays are adequate to the work delivered, and REALTY RESALES grants the minimum wages prescribed by law.
 
6. Bribery, Corruption, Business Accommodations
6.1. General REALTY RESALES strictly forbids paying bribes, irrespective of whether the recipient is a public official or an employee of a private customer. Bribery is broadly defined and understood as a direct or indirect offer or acceptance of any gift, loan, fee, reward or other advantage to or from any person in order obtain or reward favorable treatment in the conduct of one’s business.
6.2. Government Contracts
a) REALTY RESALES strictly complies with all applicable anti-corruption and anti-bribery rules and strictly prohibits any REALTY RESALES employee or agent or other third party intermediary from making improper payments, or granting improper advantages to public officials which include all civil servants and officials of government branches or agencies, as well as employees of corporations which are mainly held or controlled by public entities.
b) Sales to federal, state and local government, or to companies owned or controlled by a government, have strict regulations which must be complied with. Therefore, all responses to bid requests submitted to any government agency or government owned or controlled company must be reviewed by a person familiar with compliance requirements relating to such bids.
c) Care must also be taken not to discuss anything relating to employment arrangements between the Company and any government employees, unless the matter has first been reviewed and approved by the human resources department or the applicable in-house lawyer.
6.3. Political Contributions REALTY RESALES does not allow making political contributions. The only exception can be made in Latvia, where any political contribution requires prior approval by the CEO.
6.4. Business Accommodations Reasonable and limited expenditures for gifts, entertainment, customer travels and living expenses may be allowed, provided they are directly related to the promotion of products or services or the execution of a contract and provided these benefits will not create a conflict of interest for REALTY RESALES or REALTY RESALES’s business partners, or violate the applicable law or the internal rules of our business partners.
 
7. Cooperation with Third Parties
7.1 All reasonable efforts shall be made to ensure that contracts with third parties involved in the sale of products and or services of REALTY RESALES, such as consultants, agents and distributors, contain written provisions stating that such third parties undertake to comply with the respective principles contained in this Code.
7.2 Within its organization, REALTY RESALES strictly applies the laws prohibiting the use of third parties, such as but not limited to agents, consultants or other service providers to circumvent legal requirements as stipulated in applicable anti-corruption and anti-bribery laws.
7.3 REALTY RESALES refrains from cooperating with business partners who violate fundamental human rights, such as using forced and compulsory labor or child labor.
7.4 REALTY RESALES fosters the application of the principles set forth in this Code by its suppliers.
 
8. International Trade Restrictions and Boycotts The ability of REALTY RESALES to trade in the world market is restricted by regulations issued by various countries and international organizations such as the United Nations. The mere disclosure of technology may be considered an export. It is the policy of REALTY RESALES to comply fully with the prohibitions and requirements of all applicable international trade laws and regulations, and all employees involved in these areas should be familiar with the local and international laws and regulations affecting their business.
 
9. Fraud and Theft
9.1 It is REALTY RESALES’s policy to ensure that incidents of fraud, embezzlement and theft relating to a REALTY RESALES Company are promptly investigated, reported and, where appropriate, individuals are prosecuted and terminated from employment.
 
10. Responsibilities and Consequences of Infringements of this Code
10.1 Compliance is the responsibility of each employee.
10.2 REALTY RESALES expects its employees to report all incidents that in their good faith judgment may involve violations of laws, regulations or ethical values. Such reports should be made through the channels mentioned in Article 1.2 d hereof.
10.3 The Presidents of all REALTY RESALES legal entities are responsible for exercising due diligence to ensure that their respective Company’s employees comply with the rules of this Code, as well as the laws relevant for their businesses, and that their employees regularly participate in trainings necessary for their functions.
10.4 REALTY RESALES is dedicated to building an open working environment and ethical culture where employees are able to develop relationships based on trust and not sanctions. However, when necessary, REALTY RESALES will not hesitate to take adequate measures, including termination of employments, to ensure the proper implementation of and compliance with this Code, the applicable laws and the respect of ethical principles embodied in our Code.
 
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