November 12, 2012

To our stakeholders:

I am pleased to confirm that Amathus Corporation Ltd reaffirms its support of the Ten Principles of the United Nations Global Compact in the areas of Human Rights, Labor, Environment and Anti-Corruption.

In this annual Communication on Progress, we describe our actions to continually improve the integration of the Global Compact and its principles into our business strategy, culture and daily operations. We also commit to share this information with our stakeholders using our primary channels of communication.

Sincerely yours,

Christou Christos
Chief Executive Officer

Amathus actively supports the Universal Declaration of Human Rights across all its activities and through its relationship with third parties associated with those activities, such as business partners, associates, suppliers and clients. To this respect, we will not carry out any business with any countries or regimes or organizations where human rights abuses are known.

Furthermore we are committed to ensuring that all our employees are treated fairly and with respect and we will not tolerate harassment of any sort.

The protection of human rights is an integral part of our policies and procedures and is incorporated in our Code of Conduct, Employee Manual and New Employee Induction Process. Our Code of Conduct is a non-negotiable requirement and should be strictly followed by all of our employees and third parties we do business with. It contains policies which ensure equal opportunity, non-discrimination and no tolerance of any form of harassment.

Employees are consulted on a regular basis as part of our Investors in People processes and the techniques we have adopted for listening to our employees through an elaborate coaching and personal development process which ensures that employees can voice their opinion and influence outcomes and strategy. Employee representative groups which meet on a regular basis play a key role in this process.

A grievance procedure is also in place to allow employees to bring violations and other incidents to the attention of the top management and our Board of Directors for mediation and resolution at an early stage.

We encourage all of our employees to ensure that our business ethics and practices extend beyond the organization’s own activities to include our business partners, associates, suppliers and clients. Any possible violation by any of our partners, associates, suppliers and clients will lead to the immediate suspension or termination of services.

Amathus has not been subject to any investigations, legal cases or incidents involving human rights violations and has not received any complaint from any of its employees, business partners, associates, suppliers or clients in relation to human rights violations. Nor was the organization involved in any human rights incidences before or during the reporting period.

In Amathus all employees are entitled to form and join trade unions to protect their individual and collective interests. Amathus recognizes and acknowledges the role of union representatives and has an employee representative group that meets regularly to discuss employee related, operational, and strategic issues.

All non-unionized Amathus employees have a contract of employment which clearly states their terms of employment and all employees are issued with an Employee Manual which describes labor rights, including non-discrimination and equal opportunities, the freedom of association and the right to collective bargaining, workplace health and safety, as well as conditions of employment and work (wages, working hours, leave, benefits etc) and grievance and disciplinary procedures.

Amathus is committed not to resort to any form of forced or compulsory labor and will not do business with any organization that uses forced or child labor or where labor abuses are known.

Amathus complies with all relevant health and safety legislation and provides a range of different safety related training to staff as appropriate to their job role.

Amathus has a collective union agreement and meets regularly with union representatives and the employee representative group to discuss employee related and other operational issues. Staff meetings are held on a frequent basis and have been instrumental in decision making and in the development of new products and services.

During 2012, Amathus has implemented the Investors in People standard which advocates the personal development of employees through coaching and training and development. In line with the standard, Amathus has developed Human Resource policies which support best practices and include an equal opportunity and non-discrimination policy, an annual formal appraisal procedure and employee awards and recognition to reward outstanding performance.

Furthermore Amathus has a Health & Safety Policy and a Health & Safety Committee consisting of employees which meets regularly to ensure compliance with the policy and carry out risk assessments and regular safety audits.

Amathus meets all local statutory requirements, has not been involved in any investigations, legal cases or other events relating to the violation of the Global Compact Labor principles and has not been subject to any health & safety statutory notices or prosecutions.

Amathus has successfully completed the Investors in People requirements and has qualified for the standard.

Amathus has an Environmental Policy and a Recycling Policy and a target to reduce waste. In the environmental recycling plan, Amathus has outlined a clear course of action in order to reduce the negative impacts of our organizations’ actions to the environment. Here, the conservation of natural resources, emissions of pollutants, environmental hazards and the conditions of a safe working environment are being described. The aim of the environmental management strategy is to continuously improve the environmental performance of the organization.

The environmental management is part of Amathus’ daily practice. It is integrated in the organizational structure and planning of activities, the responsibilities, practices and procedures. Furthermore, environmental management is central to the processes and resources used within the organization as well as in the development, implementation and review of our environmental policy.

The Environmental Policy is built to both guide and monitor the environmental performance of the organization. It is a continuous cycle of planning, implementation, reviewing and improving environmental performance. It is based upon national, EU and other relevant legislation, the principles of sustainable procurement and waste reduction. Furthermore, the organization supports and encourages employees to use public transport.

Amathus operates in the services industry and has limited exposure to environmental hazards. Nevertheless, the environmental performance is measured through setting responsibilities, objectives, operational procedures, training needs, monitoring and communication systems. All of these factors are taken into consideration during the internal monitoring efforts and audits. The results are communicated and when necessary awareness programs for employees initiated.

Integrity is one of Amathus core values and a vital part in its Code of Conduct. There are strict guidelines for personnel on how to act in case of corruption and personnel are deterred from accepting any form of bribery or extortion. Furthermore, Amathus does not engage with business partners and clients with a record of corruption.

Amathus only accepts assignments which are within our range of expertise and experience and are compatible with our vision and mission. Should an assignment move in a direction that is inconsistent with our vision and mission, we discuss this with the client and, if necessary, withdraw from the assignment.

Activities are closely monitored by the Finance department and the Internal Audit department which ensures strict compliance.

Furthermore, employees are not permitted to accept payment for recommending the services of third parties to a client. Employees are encouraged to communicate instances of corruption and the Code of Conduct outlines the appropriate action to be taken in such instances including termination of services and withdrawal from the assignment.

Amathus has never been involved in any legal cases, rulings or other events related to corruption or bribery.

In addition to the audits by the Internal Audit department, the company is audited annually by external auditors who confirm the accuracy of accounts and the enforcement of internal controls.