Honesty, integrity and adhering to the highest ethical standards are three of our core values and key to our business success. Our Ethics Committee has Board-level representation, and oversees the development and implementation of our ethics programme.

As reported in 2006, we have adopted a Corporate Code of Conduct (”the code”) for our employees. In 2007 we ensured that this Code was widely circulated, read and signed by management and corporate staff. We have also developed and implemented a training programme for Hikma’s anti-corruption policy in which over 200 managers have been trained and will in turn, train their employees. As a signatory to Partnering Against Corruption Initiatives (PACI), we have made a public commitment to zero tolerance towards all forms of corruption and bribery.

In 2008, we will launch an anti-corruption manual to help employees identify and avoid areas of high risk. This will be supplemented by additional training and broader explanation of our confidential whistleblowing policy, which was previously approved by the Board and implemented.

As part of our commitment to ethical standards, we are working with our suppliers to understand their Human Rights and Environmental Policies. We have started this work by contacting our significant suppliers for each of the key manufacturing sites. Where necessary, we will work with our suppliers to help them meet our requirements.

Targets for 2008:

• Undertake regular training on anti-corruption policies and procedures at our main manufacturing sites.
• Launch an anti-corruption manual and provide training on whistleblowing.