Ann: Crusher rectification and first ore shipment, page-45

http://www.cudeco.com.au/governance.asp

"The Board acknowledges the need for continued maintenance of the highest standards of corporate governance practice and ethical conduct by all Directors and employees. A fundamental theme of the Company’s code of ethics is that all business affairs are conducted legally, ethically and with the strict observance of the highest standards of integrity and propriety. The Directors and management have the responsibility to carry out their functions with a view to maximising financial performance of the consolidated entity.

All directors and employees are expected to act with the utmost integrity and objectivity, striving at all times to enhance the reputation and performance of the consolidated entity.

The Company did not comply with ASX Recommendation 3.2 as it does not have a formal written policy regarding trading in company securities by directors, officers and employees, however there is a clear understanding as to when trading is inappropriate."