GONTERMANN-PEIPERS (INDIA) LIMITED

Code of Conduct for Directors and Senior Management Executives.

The Company has a strong commitment to professionalism and a healthy way of doing business in a competitive environment operating out of healthy business and personal attitudes. We believe that this organisation has been handed to us by the various stakeholders in "trust" and we as professional managers are the "trustees" of those stakeholders. It is therefore our responsibility to ensure that the organisation is managed in a manner that protects and furthers the interests of our stakeholders. We recognise society as an important stakeholder in this enterprise and therefore it is part of our responsibility to practise good corporate citizenship.

The Board of Directors of the Company wishes to document a Code of Conduct for all directors and as well as for all senior management executives.