<SEC-DOCUMENT>0001663577-22-000612.txt : 20221102
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ACCESSION NUMBER:		0001663577-22-000612
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20221031
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20221102
DATE AS OF CHANGE:		20221102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			iQSTEL Inc
		CENTRAL INDEX KEY:			0001527702
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				452808620
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-55984
		FILM NUMBER:		221352910

	BUSINESS ADDRESS:	
		STREET 1:		300 ARAGON AVENUE, SUITE 375
		CITY:			CORAL GABLES
		STATE:			FL
		ZIP:			33134
		BUSINESS PHONE:		(954) 951-8191

	MAIL ADDRESS:	
		STREET 1:		300 ARAGON AVENUE, SUITE 375
		CITY:			CORAL GABLES
		STATE:			FL
		ZIP:			33134

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PURESNAX INTERNATIONAL, INC.
		DATE OF NAME CHANGE:	20151124

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PURE SNAX INTERNATIONAL, INC.
		DATE OF NAME CHANGE:	20150813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	B-MAVEN, INC.
		DATE OF NAME CHANGE:	20110810
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><b>WASHINGTON, D.C. 20549<br />
____________________</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><span style="font-size: 14pt"><b>FORM <span id="xdx_90A_edei--DocumentType_c20221031__20221031_zjBati3IOXw8"><ix:nonNumeric contextRef="From2022-10-31to2022-10-31" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>PURSUANT TO SECTION 13 OR 15(d) OF</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>THE SECURITIES EXCHANGE ACT OF 1934<br /> <br /> </b>Date
of Report (Date of earliest event reported): <span id="xdx_90F_edei--DocumentPeriodEndDate_c20221031__20221031_zLgBRelp22F2"><ix:nonNumeric contextRef="From2022-10-31to2022-10-31" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">October
31, 2022</ix:nonNumeric></span></p>

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<span style="font-size: 16pt"><span style="text-decoration: underline"><span id="xdx_90C_edei--EntityRegistrantName_c20221031__20221031_zXjwttt1mK4f"><ix:nonNumeric contextRef="From2022-10-31to2022-10-31" name="dei:EntityRegistrantName">iQSTEL Inc.</ix:nonNumeric></span></span></span><br />
(Exact name of registrant as specified in its charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">________________________________________________</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed since last
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <td style="width: 96%; font-family: Courier New, Courier, Monospace"><span style="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-family: Courier New, Courier, Monospace">&#160;</td>
    <td style="font-family: Courier New, Courier, Monospace">&#160;</td></tr>
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    <td style="font-family: Courier New, Courier, Monospace"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_edei--SolicitingMaterial_c20221031__20221031_zvO2SQJtKA68"><ix:nonNumeric contextRef="From2022-10-31to2022-10-31" format="ixt:booleanfalse" name="dei:SolicitingMaterial">[ ]</ix:nonNumeric></span></span></td>
    <td style="font-family: Courier New, Courier, Monospace"><span style="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-family: Courier New, Courier, Monospace">&#160;</td>
    <td style="font-family: Courier New, Courier, Monospace">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-family: Courier New, Courier, Monospace"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_edei--PreCommencementTenderOffer_c20221031__20221031_zhkUJuAxb1Gb"><ix:nonNumeric contextRef="From2022-10-31to2022-10-31" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">[ ]</ix:nonNumeric></span></span></td>
    <td style="font-family: Courier New, Courier, Monospace"><span style="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-family: Courier New, Courier, Monospace">&#160;</td>
    <td style="font-family: Courier New, Courier, Monospace">&#160;</td></tr>
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    <td style="font-family: Courier New, Courier, Monospace"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_edei--PreCommencementIssuerTenderOffer_c20221031__20221031_zWDyEc5khZ6k"><ix:nonNumeric contextRef="From2022-10-31to2022-10-31" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">[ ]</ix:nonNumeric></span></span></td>
    <td style="font-family: Courier New, Courier, Monospace"><span style="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging growth company&#160;&#160;&#160;<span id="xdx_90D_edei--EntityEmergingGrowthCompany_c20221031__20221031_zvWfG1iPN5Sk"><ix:nonNumeric contextRef="From2022-10-31to2022-10-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">[ ]</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.&#160;&#160;&#160;&#160;&#160; [ ]</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>SECTION 8 &#8211; Other Events</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Item 8.01 Other Events</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On October 31, 2022, our Board of Directors approved and adopted a Code
of Business Conduct and Ethics (the &#8220;Code of Ethics&#8221;). The Code of Ethics is applicable to all directors, officers and employees
of our company, our company&#8217;s subsidiaries and any subsidiaries that may be formed in the future. The Code of Ethics addresses such
individuals&#8217; conduct with respect to, among other things, conflicts of interests; compliance with applicable laws, rules, and regulations;
full, fair, accurate, timely, and understandable disclosure; competition and fair dealing; corporate opportunities; confidentiality; insider
trading; protection and proper use of our assets; fair treatment; and reporting suspected illegal or unethical behavior. The description
of the Code of Ethics is a summary and is qualified in its entirety by reference to the Code of Ethics, a copy of which is attached hereto
as Exhibit 14.1. The Code of Ethics will also be posted on our website at http://iqstel.com/.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>SECTION 9 &#8211; Financial Statements and Exhibits</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Item <span style="text-transform: uppercase">9.01 </span>Financial Statements
and Exhibits</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><b>&#160;</b></p>

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    <td style="font: 10pt Courier New, Courier, Monospace; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif"><b>Exhibit No.</b></span></td>
    <td style="font: 10pt Courier New, Courier, Monospace; width: 85%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif"><b>Description</b></span></td></tr>
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    <td style="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif">14.1</span></td>
    <td style="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt"><a href="ex14_1.htm"><span style="font-family: Times New Roman, Times, Serif">Code of Ethics</span></a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b></b></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>iQSTEL Inc.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="text-decoration: underline">/s/ Leandro Iglesias</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Leandro Iglesias<br />
Chief Executive Officer</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: November 2, 2022</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>4
<FILENAME>iqst-20220929_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
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    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 1pt 111.05pt 0 89.1pt; text-align: center">Code of <FONT STYLE="letter-spacing: -0.15pt">Business
Conduct and </FONT>Ethics <FONT STYLE="letter-spacing: -0.15pt">&ndash; The Code</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 1pt 111.05pt 0 89.1pt; text-align: center">iQSTEL</P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0; text-align: center"><B>TABLE OF <FONT STYLE="letter-spacing: -0.1pt">CONTENTS</FONT></B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="width: 90%; text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">1.&nbsp;&nbsp;&nbsp;Identification</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">1.1.&nbsp;&nbsp;&nbsp;Objective</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">1.2.&nbsp;&nbsp;&nbsp;Scope</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">1.3.&nbsp;&nbsp;&nbsp;Area of dissemination</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">2.&nbsp;&nbsp;&nbsp;Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.&nbsp;&nbsp;&nbsp;Development</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.2.&nbsp;&nbsp;&nbsp;Guiding principles of the IQSTEL, Inc</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.&nbsp;&nbsp;&nbsp;Conduct guidelines for the guiding principles of the IQSTEL, Inc</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.1.&nbsp;&nbsp;&nbsp;We base our activity on the ethical principles of integrity, honesty and transparency, always maintaining a conduct
based on good faith</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.&nbsp;&nbsp;&nbsp;We comply with the applicable legislation and the IQSTEL, Inc&rsquo;s internal regulations</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.1.&nbsp;&nbsp;&nbsp;Equal Opportunity and Diversity</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.2.&nbsp;&nbsp;&nbsp;Compliance with Government and Industry Regulations</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.3.&nbsp;&nbsp;&nbsp;Insider Trading</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.4.&nbsp;&nbsp;&nbsp;Prohibition against Short-term or Speculative Transactions</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.5.&nbsp;&nbsp;&nbsp;Free and Fair Competition</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.6.&nbsp;&nbsp;&nbsp;Conflicts of Interest</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.7.&nbsp;&nbsp;&nbsp;Fight against corruption</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.9.&nbsp;&nbsp;&nbsp;Prevention of money laundering and the financing of terrorism</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.10.&nbsp;&nbsp;&nbsp;Compliance with accounting and financial regulations</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.11.&nbsp;&nbsp;&nbsp;Compliance with tax regulations</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.12.&nbsp;&nbsp;&nbsp;Protection of personal data</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.13.&nbsp;&nbsp;&nbsp;Protection of intellectual and industrial property</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.14.&nbsp;&nbsp;&nbsp;Protection of fair competition</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.2.15.&nbsp;&nbsp;&nbsp;Environmental protection</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.3.&nbsp;&nbsp;&nbsp;We avoid any personal situations involving the people subject to this Code which could directly or indirectly
clash with the interests of any of the IQSTEL, Inc companies</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.4.&nbsp;&nbsp;&nbsp;We handle information with the utmost care</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.5.&nbsp;&nbsp;&nbsp;We use and protect the Company&rsquo;s assets in an appropriate manner</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.6.&nbsp;&nbsp;&nbsp;We ensure equal opportunities and we do not discriminate against IQSTEL, Inc stakeholders</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.6.1.&nbsp;&nbsp;&nbsp;Relationship with employees</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.6.2.&nbsp;&nbsp;&nbsp;Customer relations</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.6.3.&nbsp;&nbsp;&nbsp;Relationship with suppliers</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.6.4.&nbsp;&nbsp;&nbsp;Relationship with government bodies</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.6.5.&nbsp;&nbsp;&nbsp;Relationship with partners</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.3.7.&nbsp;&nbsp;&nbsp;We guarantee freedom from reprisal for anyone who submits a query/notification in good faith</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.4.&nbsp;&nbsp;&nbsp;Knowledge of and training related to the IQSTEL, Inc Code of Ethics</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.5.&nbsp;&nbsp;&nbsp;Compliance with the IQSTEL, Inc Code of Ethics</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.6.&nbsp;&nbsp;&nbsp;Reporting Procedures</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.7.&nbsp;&nbsp;&nbsp;Internal control</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">22</TD></TR>
</TABLE>

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<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Identification</FONT></TD></TR></TABLE>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">IQSTEL, Inc. values honesty, integrity and
adherence to the highest ethical standards. Each of us has a responsibility for upholding these values and maintaining a commitment to
basic principles of business ethics and good judgment. This Code of Business Conduct and Ethics (the &ldquo;Code&rdquo;) has been developed
as a guide to our adherence to these legal and ethical responsibilities. This Code is designed to deter wrongdoing and to promote:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">honest and ethical conduct,
including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">full, fair, accurate, timely
and understandable disclosure in reports and documents we file with or submit to the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
and in our other public communications; </FONT></TD></TR>
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<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">compliance with applicable
laws, rules and regulations; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">the prompt internal reporting
of violations of this Code; and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">accountability for adherence
to this Code. </FONT></TD></TR>
                               </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0pt; text-align: justify; background-color: white">This Code
of Business Conduct and Ethic is a document that form part of the Governance Structure of IQSTEL</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">This Code applies to all directors, officers
and employees of IQSTEL, Inc., its subsidiaries and any subsidiaries it may form in the future (collectively, &ldquo;IQST&rdquo; or the
&ldquo;Company&rdquo;).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">This Code should help guide your conduct in
the course of our business. Many of the principles described in this Code, however, are general in nature, and the Code does not cover
every situation that may arise. Use common sense and good judgment in applying this Code. If you have any questions about the Code, or
are unsure about whether an action or inaction that you intend to take is permitted under the Code, please contact our Chief Financial
Officer.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">We are committed to continuously reviewing
and updating our policies and procedures. We therefore reserve the right to amend, alter or terminate this Code at any time and for any
reason, subject to applicable law.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Part of your job and ethical responsibility
is to help enforce this Code. You should be alert to possible violations and report them pursuant to the &ldquo;Reporting Procedures&rdquo;
described below.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Violations of law, this Code or other Company
policies or procedures can lead to disciplinary action up to and including employment termination.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The content of this Code respects both constitutional
and labor rights.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">1.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Objective</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 5.1pt; text-align: justify">This code aims <FONT STYLE="letter-spacing: -0.25pt">to:</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Establish general conduct and behavior <FONT STYLE="letter-spacing: -0.1pt">guidelines.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.85pt">Define an ethical framework of reference, which must be complied with and should
govern the working and professional behavior of those subject to it.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.95pt">Create a code of conduct for those stakeholders that come into contact with any
of the IQSTEL, Inc companies (employees, suppliers, customers, shareholders, partners, <FONT STYLE="letter-spacing: -0.1pt">etc.).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">1.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Scope</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">The Code applies <FONT STYLE="letter-spacing: -0.25pt">to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left; padding-right: 26.85pt">All the employees, including the directors, of all the IQSTEL, Inc companies (&quot;<B>People
Subject to The Code</B>&quot;).</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left; padding-right: 26.85pt">All the administrators of the administrative bodies of the IQSTEL, Inc companies
(&quot;<B>People subject to The Code</B>&quot;).</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">The different stakeholders dealt with by each of the IQSTEL, Inc <FONT STYLE="letter-spacing: -0.1pt">companies.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 11.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">1.3.</FONT></TD><TD STYLE="text-align: justify">Area of <FONT STYLE="letter-spacing: -0.1pt">dissemination</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.95pt 0pt 5.1pt; text-align: justify">The code&rsquo;s area of dissemination
includes all the People Subject to the Code as defined in the section entitled Scope, who in turn will introduce the Code to the different
stakeholders with whom they deal in each of their areas.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Definitions</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify"><B>Shareholder</B>: Holder of
one or a number of shares and/or holdings in a trading company and as such a partner of said company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"><B>IQSTEL, Inc Assets</B>: The
IQSTEL, Inc&rsquo;s assets are made up of movable and immovable property and rights: shares and/or holdings, money, land, equipment, vehicles,
tools, computer equipment, software, brands, domains, industrial and intellectual property, information regarding the company, the knowledge
and outcome of employees&rsquo; work, etc.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><B>Good faith:</B> Belief by the People
Subject to the Code that they are acting <FONT STYLE="letter-spacing: -0.1pt">correctly.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify"><B>IQSTEL, Inc Code</B>: The
IQSTEL, Inc Code is the fundamental regulation which governs the IQSTEL, Inc, by establishing general conduct guidelines which must be
followed by all those people included in the scope of this document. No internal regulations of IQSTEL, Inc companies may go against the
Code&rsquo;s stipulations.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.95pt 0pt 5.1pt; text-align: justify"><B>Query</B>: The presentation
of any doubt/concern related to the behavior of the People Subject to the Code or of IQSTEL, Inc stakeholders as regards compliance with
the IQSTEL Code and, where applicable, its internal implementing regulations.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.95pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/98% Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify"><B>IQSTEL, Inc</B>: Companies
over which IQSTEL Inc., has or may have direct or indirect control, this consisting of:</P>

<P STYLE="font: 11pt/98% Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Holding the majority of the voting <FONT STYLE="letter-spacing: -0.1pt">rights,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.95pt">The power to appoint or dismiss the majority of the members of the Board of Directors,
<FONT STYLE="letter-spacing: -0.3pt">or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.7pt">Holding the majority of the voting rights by virtue of agreements made with third
<FONT STYLE="letter-spacing: -0.1pt">parties.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify"><B>Stakeholders</B>: Entities
or individuals which may be significantly affected by the activities of any IQSTEL, Inc company and whose actions may affect the organization&rsquo;s
ability to successfully develop its strategies and achieve its objectives. Suppliers, subcontractors, customers, shareholders/partners,
employees, investors, government bodies and non-profit organizations are all IQSTEL, Inc stakeholders.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify"><B>Confidential information</B>:
Information, principally written or verbal, containing, but not limited to, technical, financial and commercial information, models, names
of possible customers or partners, proposed commercial operations, reports, plans, market projections, data, analysis, work papers, compilations,
comparisons, studies or other documents whose disclosure could directly or indirectly damage the owner of said information.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"><B>Inside information</B>: Non-public
information of a specific nature that refers directly or indirectly to Affected Values, to the Company, to Group companies, or to values
or issuers affected by legal or financial operations under study or negotiation by the IQSTEL, Inc and which, if made or having been made
public, could <FONT STYLE="letter-spacing: -0.1pt">significantly influence or have influenced its value in a market or organized procurement
system.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.95pt 0pt 5.1pt; text-align: justify">It is deemed that a piece of
information can significantly influence the value when it is information that a reasonable investor could use as part of the basis for
their investment <FONT STYLE="letter-spacing: -0.1pt">decisions.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.95pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">The IQSTEL Inc, Internal Conduct
Regulation for Matters related to the Stock Market (hereinafter the ICR), which applies to all the People Subject to the Code, known in
the ICR as the People Affected, elaborates on the concept of inside information, the ban on the Use of Non-Public Information and the
Safeguarding of Inside Information.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><B>Legislation</B>: Regulations issued
by any public <FONT STYLE="letter-spacing: -0.1pt">authority.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.6pt 0pt 5.1pt; text-align: justify"><B>Internal regulations</B>: Procedures,
guides, instructions and any documentation that are self- imposed by the IQSTEL, Inc companies which implement the IQSTEL, Inc conduct
guidelines established in the Group&rsquo;s Code.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.6pt 0pt 5.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify"><B>Notifications</B>: The communication
by the People Subject to The Code or by stakeholders of cases of non-compliance with the Code and, where applicable, its internal implementing
regulations.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><B>Related persons:</B> The ICR defines
related persons <FONT STYLE="letter-spacing: -0.25pt">as:</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.25pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">i)</FONT></TD><TD STYLE="text-align: justify; padding-right: 27.1pt">Spouses or any person connected by an emotional relationship akin to marriage,
unless they only affect their private assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="letter-spacing: -0.05pt">ii)</FONT></TD><TD STYLE="text-align: justify">Dependent <FONT STYLE="letter-spacing: -0.1pt">children.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">iii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.85pt">Other relatives who live with them or are dependent on them at least a year before
the date on which the transaction is carried out.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">iv)</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.7pt">Companies or legal entities in which they hold an executive management position,
for which they are responsible for the management thereof, which they have created for their own benefit, which have economic interests
equivalent to their own or which they effectively control under the terms set forth in the Stock Market <FONT STYLE="letter-spacing: -0.2pt">Law.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="letter-spacing: -0.05pt">v)</FONT></TD><TD STYLE="text-align: justify">Intermediaries or people with whom they act in <FONT STYLE="letter-spacing: -0.1pt">concert.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">vi)</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.8pt">Other persons or entities who are deemed to be such in the legal provisions in
force at any time.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"><B>IQSTEL Internal Conduct Regulation
for Matters Related to the Stock Market: </B>Governs the conduct of the people affected by the ICR and, in turn, by the IQSTEL, Inc Code
of Ethics, when they carry out actions affected by the Stock Market Law.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"><B>Information and communication
systems</B>: These include IT systems, internet, email and telephones, as well as any other information and communication technology currently
provided by the IQSTEL, Inc or which it provides in the future (video conferencing, unified messaging, telepresence, etc.).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify"><B>Partner/investor: </B>A person
who holds a partnership agreement with another person, and who in turn provides capital, services or professional expertise in order to
receive a share of the <FONT STYLE="letter-spacing: -0.1pt">profits.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font-size: 11pt; letter-spacing: -0.05pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Development</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt/25.4pt Calibri, Helvetica, Sans-Serif; margin: 0pt 332.9pt 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><B>3.1.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="letter-spacing: -0.1pt">Responsibilities</FONT></B></P>

<P STYLE="font: 11pt/25.4pt Calibri, Helvetica, Sans-Serif; margin: 0pt 332.9pt 0pt 5.1pt; text-align: justify; text-indent: 0in"><B><FONT STYLE="letter-spacing: -0.1pt"></FONT><U>IQSTEL Board of Directors</U></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 5.1pt">The duties of the IQSTEL Board of Directors <FONT STYLE="letter-spacing: -0.1pt">include:</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 5.1pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 5.1pt"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.9pt">The approval of the IQSTEL, Inc Code of Ethics as well as any substantial modifications
made thereto.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.8pt">The creation of the IQSTEL, Inc Corporate Ethics and Compliance Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt"><B><U>Ethics and Compliance <FONT STYLE="letter-spacing: -0.1pt">Committee</FONT></U></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt">Established at the corporate headquarters of IQSTEL,
it is the highest body for ensuring compliance with the IQSTEL, Inc Code and, where applicable, its internal implementing regulations.
This Committee is the consultative, management and executive body for all matters related to the IQSTEL, Inc Code. Its members will comprise,
as a minimum, a Legal Department representative, the Internal Auditor and a Human Resources representative. They will be overseen by a
Chairperson and, so that they may fulfill their function, will meet <FONT STYLE="letter-spacing: -0.1pt">periodically.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify">All the members of the Ethics and Compliance
Committee will be obliged <FONT STYLE="letter-spacing: -0.25pt">to:</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Act according to independent and equitable <FONT STYLE="letter-spacing: -0.1pt">criteria.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Maintain the confidentiality of all information and actions carried <FONT STYLE="letter-spacing: -0.2pt">out.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/98% Calibri, Helvetica, Sans-Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 27.1pt">Ensure that reprisals are not taken against employees or third parties implicated
in the <FONT STYLE="letter-spacing: -0.1pt">query/notification.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">Queries/notifications will only
be revealed outside of the corresponding IQSTEL, Inc Ethics and Compliance Committee when strictly necessary (e.g. when legally required),
and safeguards will always be in place to maintain confidentiality.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"><U>The Ethics and Compliance Committee
</U>will be responsible for:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left; padding-right: 26.9pt">Ensuring compliance with the IQSTEL, Inc Code of Ethics and, where applicable, its
implementing rules, proposing any corrective measures that may be necessary.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left; padding-right: 26.85pt">Resolving all queries and notifications it receives regarding the IQSTEL, Inc Code
of Ethics and, where applicable, its internal implementing regulations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Periodically monitoring the outcome of the queries and/or notifications submitted to <FONT STYLE="letter-spacing: -0.25pt">it.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.75pt">Coordinating the roll-out of the IQSTEL, Inc Code of Ethics, the Crime Prevention
Regulation and internal regulations in terms of training and communication.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Monitoring the notifications submitted and declarations of conflicts of <FONT STYLE="letter-spacing: -0.1pt">interest.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.75pt">Drafting and modifying the IQSTEL, Inc Code of Ethics and its implementing <FONT STYLE="letter-spacing: -0.1pt">regulations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.7pt">Reporting
to IQST&rsquo;s Code of Ethics (See 3.5 Reporting Procedures) <FONT STYLE="font-size: 8pt">&nbsp;</FONT>on any serious and urgent incidents
that arise in the application of the IQSTEL, Inc Code of Ethics and the IQSTEL, Inc Prevention of Corruption <FONT STYLE="letter-spacing: -0.1pt">regulation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"><U>The Ethics and Compliance Committee</U>,
when deemed necessary, <U>could designate persons responsible from the different companies within the IQSTEL, Inc</U> who, functionally
reporting to the Ethics and Compliance Committee, will take on information and monitoring duties on those behavior which could be deemed
susceptible to generate any kind of responsibility for the IQSTEL, Inc.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify"><U>The Ethics and Compliance Committee
shall be provided of sufficient resources and budget <FONT STYLE="letter-spacing: -0.1pt">allocation.</FONT></U></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify"><U><FONT STYLE="letter-spacing: -0.1pt"></FONT></U></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">IQSTEL Telecom governing bodies
must consider and evaluate the resources required by the Ethics and Compliance Committee with the objective of meeting their responsibilities,
as well as defining, approving and monitoring the budget item allocated to the Ethics and Compliance Committee for the performance of
its duties.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt"><B><U>IQSTEL, Inc Directors with People Management <FONT STYLE="letter-spacing: -0.1pt">functions</FONT></U></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">The team of employees working under the IQSTEL, Inc Directors
with People Management (hereinafter HR) functions will be responsible for:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left; padding-right: 27pt">Providing the People Subject to the Code with the IQSTEL, Inc Code and, where applicable,
its implementing rules.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left; padding-right: 26.9pt">Ensuring that the IQSTEL, Inc Code and its implementing rules are received by the
People Subject to the Code, by facilitating confirmation of its receipt.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><B><U>Obligations of People Subject
to the <FONT STYLE="letter-spacing: -0.2pt">Code</FONT></U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.75pt">All those who are subject to the Code must notify the corresponding Ethics and
Compliance Committee of any cases of non-compliance with the IQSTEL, Inc Code of Ethics and, where applicable, its implementing regulations
of which they become aware.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.75pt">The People Subject to this Code must contribute to the creation of a culture of
compliance with the IQSTEL, Inc Code of Ethics and the rules applicable to the IQSTEL, Inc. In order to do so, they must both comply with
the rules applicable to the IQSTEL, Inc and encourage other IQSTEL, Inc employees to do the same.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.85pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">3.2.</FONT></TD><TD STYLE="text-align: justify">Guiding principles of the IQSTEL, Inc</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left; padding-right: 26.8pt">We base our activity on the ethical principles of integrity, honesty and transparency,
always maintaining a conduct based on good faith.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left; padding-right: 26.7pt">We comply with all the applicable legislation in the countries in which the IQSTEL,
Inc operates as well as with the IQSTEL, Inc&rsquo;s internal regulations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/98% Calibri, Helvetica, Sans-Serif; margin-top: 0.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left; padding-right: 26.85pt">Ethical conduct and compliance with rules take precedence over the IQSTEL, Inc&rsquo;s
<FONT STYLE="letter-spacing: -0.1pt">results.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left; padding-right: 27pt">The applicable legislation shall prevail whenever there is a conflict between the latter
and the internal regulations which apply to the IQSTEL, Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left; padding-right: 26.9pt">We avoid any personal situations involving the People Subject to this Code directly
or indirectly clashing with the interests of any of the IQSTEL, Inc companies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13.95pt Calibri, Helvetica, Sans-Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">We handle information with the utmost <FONT STYLE="letter-spacing: -0.1pt">care.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.8pt">We use and protect the company&rsquo;s assets in an appropriate manner and we believe
that people are the most important asset.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.9pt">We ensure equal opportunities and we do not discriminate against the People Subject
to the Code.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.85pt">We guarantee freedom from reprisal for anyone who submits a query/notification
regarding non-compliance with the IQSTEL, Inc Code and its implementing regulations, whenever the aforesaid are made in good faith.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13.95pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">We protect the <FONT STYLE="letter-spacing: -0.1pt">environment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">We encourage political <FONT STYLE="letter-spacing: -0.1pt">neutrality</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">3.3.</FONT></TD><TD STYLE="text-align: justify">Conduct guidelines for the guiding principles of the IQSTEL, Inc</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 27.15pt">We base our activity on the ethical principles of integrity, honesty and transparency,
always maintaining a conduct based on good faith</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">All those who are subject to
the Code should act responsibly, proactively and efficiently to ensure that the IQSTEL, Inc&rsquo;s objectives are pursued with perseverance,
drive and enthusiasm, providing a clear added value for the IQSTEL, Inc and its shareholders. The proactive, responsible and efficient
conduct of those who are subject to this Code should be carried out with integrity, honesty and transparency, always maintaining a conduct
based on good faith and conveying a sense of credibility to all those subject to the Code and our <FONT STYLE="letter-spacing: -0.1pt">stakeholders.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">The People Subject to the Code may
not obtain benefits or payments associated with the performance of their duties or positions from third parties other than IQSTEL or its
Group, unless they are acts of mere courtesy.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">Relations with institutions, agencies
and government bodies must adhere to the notion of institutional respect and be conducted with utmost cooperation and strict compliance
with their resolutions. Notifications, requests for information and other requests should be handled with diligence and within the time
limits established therefor.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"></P>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">We comply with the applicable legislation and the IQSTEL, Inc&rsquo;s
internal regulations</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">All those who are subject to the Code
of Ethics <FONT STYLE="letter-spacing: -0.2pt">must:</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.85pt">Comply with the laws in force in the countries in which the IQSTEL, Inc carries
out or attempts to carry out its business activities. As such, the IQSTEL, Inc encourages all those who are subject to this Code to have
knowledge of the legislation and internal regulations which are applicable to the IQSTEL, Inc&rsquo;s activities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.75pt">Have knowledge of the legislation and IQSTEL, Inc internal regulations which affect
their work and may not, under any circumstances, engage in acts that could jeopardize compliance with the rule of law. A lack of knowledge
of the legislation and of the regulations which are applicable to the IQSTEL, Inc, as well as the argument that said type of non-compliance
is widespread within the Group, are not justified grounds for <FONT STYLE="letter-spacing: -0.1pt">non-compliance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.7pt">Under no circumstances should employees follow orders from their immediate superior
who contravenes the applicable legislation and/or regulations.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.1.</FONT></TD><TD STYLE="text-align: justify">Equal Opportunity and Diversity</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">IQST
is fully committed to equal employment opportunity and compliance with the letter and spirit of the full range of fair employment practices
and nondiscrimination laws, including all wage and hour laws. In addition, we believe that diversity is critical to our success. IQST
seeks to hire, develop and retain the most talented individuals from a diverse candidate pool</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48.3pt; text-align: justify; text-indent: -0.6in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.2.</FONT></TD><TD STYLE="text-align: justify">Compliance with Government and Industry Regulations</TD></TR></TABLE>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">You
must comply with all applicable federal, state and local laws, regulations, rules and regulatory orders applicable to our business. Each
employee, director, agent, contractor and consultant must acquire appropriate knowledge of the requirements of his or her locale relating
to his or her duties sufficient to enable him or her to recognize potential dangers and to know when to seek advice from our legal counsel.
Violations of laws, regulations, rules and orders may subject the employee, director, agent, contractor or consultant to individual criminal
or civil liability, as well as to discipline by IQST. These violations may also subject IQST to civil or criminal liability and/or the
loss of business.</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.3.</FONT></TD><TD STYLE="text-align: justify">Insider Trading</TD></TR></TABLE>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">All
employees are required to comply with the federal laws and the Code regarding the disclosure and use of material non-public information.
Anyone who possesses material non-public information and who buys or sells stock or other equity securities of IQST or any other public
company, or &ldquo;tips&rdquo; another investor, may be liable for damages, civil and criminal penalties and may also be subject to disciplinary
action by IQST. It is illegal to trade in securities based on inside information. Inside information is any information about IQST or
another company that has not reached the public and is likely to be considered important by investors in deciding whether to buy or sell
publicly traded securities. Examples include news about IQST&rsquo;s financial results before it is formally released, planned actions
regarding IQST stock, and unannounced senior management changes. Inside information also includes non-public information about other companies
that you receive in the course of your employment. Employees who have access to inside information hold special positions of trust and
confidence and must not abuse this trust. Never trade in securities or other property based on inside information, or &ldquo;tip&rdquo;
others who might make an investment decision based on this information. Trading under such circumstances is illegal, whether you trade
for your own benefit or for the benefit of others. Do not take advantage of inside information when buying or selling IQST stock, options
in IQST stock, or the stock of any supplier or customer of IQST or one of its subsidiaries. This applies whether you act directly or through
someone else, such as a family member. Stricter standards apply to officers and certain other manager-level employees. Contact our Chief
Financial Officer or legal counsel if you have any doubts about the information you use to help make buying or selling decisions. For
more information regarding compliance with IQST&rsquo;s insider trading policy, see our &ldquo;<U>Procedures and Guidelines Governing
Insider Trading and Tipping</U>.&rdquo;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.4.</FONT></TD><TD STYLE="text-align: justify">Prohibition against Short-term or Speculative Transactions</TD></TR></TABLE>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">All
directors, officers, and holders of greater than 10% of the Company&rsquo;s securities are prohibited from engaging in short-term or speculative
transactions involving Company securities, such as publicly traded options, short sales, puts, and calls, and hedging transactions. This
prohibition also applies to holding Company securities in a margin account and &ldquo;short sales against the box&rdquo;, which are sales
of Company securities where a person does not deliver the shares he or she owns to settle the transaction but instead delivers other shares
that his or her broker has borrowed from others. Notwithstanding the foregoing, the Company&rsquo;s Board of Directors may waive this
policy on a case-by-case basis if: (i) the Board of Directors forms the opinion that such waiver is not adverse to the interests of the
Company or its shareholders; (ii) where the director, officer, or 10% holder seeking such waiver has demonstrated to the satisfaction
of the Board of Directors that he or she has sufficient assets to pay the obligation without resort to Company securities; and (iii) the
director, officer, or 10% holder seeking such waiver otherwise is in compliance with Section 16(c) of the Securities Exchange Act of 1934,
as amended. All other employees must obtain the specific prior written authorization of the Chief Executive Officer and the Chief Financial
Officer before engaging in short-term or speculative transactions involving Company securities. Additionally, any executive officer or
member of the Board of Directors shall seek approval of the Board of Directors prior to any pledge of the Company&rsquo;s securities,
such approval to be included in the minutes of the meetings of the Board of Directors or consent resolutions</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.5.</FONT></TD><TD STYLE="text-align: justify">Free and Fair Competition</TD></TR></TABLE>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">IQST
is committed to obeying both the letter and spirit of laws designed to encourage and protect free and fair competition, which generally
address the following areas: pricing practices (including price discrimination), discounting, terms of sale, promotional allowances, product
bundling, termination, and many other practices.</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">Competition laws also govern, usually quite
strictly, relationships between IQST and its competitors. As a general rule, contacts with competitors should be limited and should always
avoid subjects such as prices or other terms and conditions of sale, customers and affiliates. Employees, directors, agents, contractors
or consultants may not knowingly make false or misleading statements regarding IQST&rsquo;s competitors or the products of its competitors,
customers or suppliers. Participation with competitors in a trade association is acceptable when the association has been properly established,
has a legitimate purpose, has limited its activities to that purpose and such participation has been approved by a supervisor.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">You should never enter into an agreement or
understanding, written or oral, express or implied, with any competitor concerning prices, discounts, other terms or conditions of sale,
profits or profit margins, costs, rebates, referrals, allocation of product or geographic markets, allocation of customers, or boycotts
of customers or suppliers, or even discuss or exchange information on these subjects. In some cases, legitimate joint ventures with competitors
may permit exceptions to these rules, but our Chief Financial Officer must review all such proposed ventures in advance. These prohibitions
are absolute and strict observances are required. Collusion among competitors is illegal, and the consequences of a violation are severe.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Although
the spirit of these laws, known as &ldquo;antitrust,&rdquo; or &ldquo;competition,&rdquo; or &ldquo;consumer protection&rdquo; or &ldquo;unfair
competition&rdquo; laws, is straightforward, their application to particular situations can be quite complex. To ensure that IQST complies
fully with these laws, each of us should have a basic knowledge of them and should involve our Chief Financial Officer early on when questionable
situations arise.</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.6.</FONT></TD><TD STYLE="text-align: justify">Conflicts of Interest</TD></TR></TABLE>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Each
of us has a responsibility to IQST, its stockholders and each other. Although this duty does not prevent us from engaging in personal
transactions and investments, it does demand that we avoid situations where a conflict of interest might occur or appear to occur. IQST
is subject to scrutiny from many different individuals and organizations. We should always strive to avoid even the appearance of impropriety.</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">Two factors that will be considered when determining
whether a conflict of interest exists are: (1) whether the employee or director is or could be in a position to influence IQST&rsquo;s
relationship with the competitor, partner, affiliate, or customer; and (2) whether the judgment of the employee or director could be affected,
or could appear to be affected, as it relates to the competitor, partner, affiliate, or customer because of the significance of the personal
interest of the employee or director. Conflicts of interest may also arise when an employee, officer or director (or his or her family
members) receives improper personal benefits as a result of the employee&rsquo;s, officer&rsquo;s or director&rsquo;s position at IQST.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Without
limiting the general scope of this policy, the following relationships and courses of conduct will be considered to involve conflicts
of interest unless in special circumstances they are specifically approved and compliance with this policy is waived (i) in the case of
a director or executive officer, by our Board of Directors, and (ii) in all other cases, by our Chief Financial Officer:</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-weight: normal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Making personnel decisions based on family or social relationships rather
than based on objective job-related criteria.Initiating or approving (explicitly or implicitly) any form of harassment of employees. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Serving as an employee, officer
or director of a company that (a) is in direct competition with IQST or (b) is a significant customer, partner, affiliate or contractor
of IQST (meaning a customer, partner, affiliate or contractor whose transactions with IQST since the beginning of the last fiscal year,
or whose currently proposed transactions with IQST, exceed $60,000). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Having a direct or indirect
material financial interest in any privately held company that (a) is in direct competition with IQST or (b) is a significant customer,
partner, affiliate or contractor of IQST. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Holding more than a 5% interest
in any publicly held company that (a) is in direct competition with IQST or (b) is a significant customer, partner, affiliate or contractor
of IQST. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Lending money to, guaranteeing
debts of, or borrowing money from a direct competitor or a significant customer, partner, affiliate or contractor of IQST by or for an
employee or director or an immediate relative of an employee or director. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Knowingly and improperly using
or disclosing to IQST any proprietary information or trade secrets of any former or concurrent employer, or other person or entity with
whom obligations of confidentiality exist. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Unlawfully discussing prices,
costs, customers, sales or markets with competing companies or their agents, employees or directors, or making any unlawful agreements
with respect to prices or markets. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Improperly using or authorizing
the use of any inventions that are the subject of patent claims of any other person or entity. </FONT></TD></TR>
                                                                                                                <TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Wingdings; font-size: 11pt"><B>&#167;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Consummating
                                            any transaction between an executive officer or member of the Board of Directors, or any
                                            of their respective affiliates, with another executive officer or member of the Board of
                                            Directors, or any of their respective affiliates</B></FONT></TD></TR>
                                                                                                                </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48.3pt; text-align: justify; text-indent: -0.6in"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">With respect to IQST directors and executive
officers only, any questions on whether a relationship or course of conduct constitutes a conflict of interest should be submitted to
our Audit Committee which will then make a recommendation to our independent directors. If a majority of the independent directors determines
that a director or executive officer&rsquo;s relationship or course of conduct may constitute a conflict of interest, it will so notify
that person and specify a reasonable period of time in which that person can take steps to remedy the possible conflict. If the possible
conflict is not remedied within the specified period of time, the relationship or course of conduct will be deemed to be a conflict of
interest in violation of this policy unless the relationship or course of conduct is specifically approved and compliance with this policy
is waived by our independent directors.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">With respect to IQST non-executive employees
only, any other employment, consulting or other business activity must be disclosed to and approved in writing by our Chief Financial
Officer, in which case the activity will not be deemed to constitute a conflict of interest in violation of this policy. However, if that
activity is prohibited by the terms of that person&rsquo;s employment agreement with the Company, the employee must also obtain a written
waiver of the relevant terms of the employment agreement before engaging in such an activity. Because other conflicts of interest may
arise, it would be impractical to attempt to list all possible situations. If a proposed transaction or situation raises any questions
or doubts in your mind, you should consult our Chief Financial Officer.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.7.</FONT></TD><TD STYLE="text-align: justify">Fight against <FONT STYLE="letter-spacing: -0.1pt">corruption</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">The IQSTEL, Inc does not tolerate any form of <FONT STYLE="letter-spacing: -0.1pt">corruption.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt">The IQSTEL, Inc prohibits the People Subject to this Code,
its suppliers and its partners <FONT STYLE="letter-spacing: -0.1pt">from:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 5.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.7pt">Engaging in any act that could appear to promote corruption, pursuant to the legislation
applicable in each country.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.7pt">Offering or receiving any kind of advantage to or from any physical or legal person
belonging to the national or international public or private sector and/or engaging in any act aimed at compromising the objectivity and
transparency of any decision which may directly or indirectly benefit IQSTEL, Inc companies and/or People Subject to this <FONT STYLE="letter-spacing: -0.2pt">Code.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">Corruption is checked for and
reported nationally and internationally. In the majority of jurisdictions, criminal or administrative liability in matters of corruption
falls not only to the company and/or physical person who engaged in the act of corruption but also to the parent company of the Group,
IQSTEL. As such, the IQSTEL, Inc is firmly committed to the prevention of corruption in all its areas.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">The competent Ethics and Compliance
Committee should be informed of any doubts relating to corruption or any cases of corruption which have been observed.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>



<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt"><B>3.3.2.8.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 26.8pt"><B>Foreign Corrupt Practices Act </B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">IQST requires full compliance with the Foreign
Corrupt Practices Act (&ldquo;FCPA&rdquo;) by all of its employees, directors, agents, contractors and consultants. All employees, directors,
agents, contractors and consultants, whether located in the United States or abroad, are responsible for FCPA compliance and the procedures
to ensure FCPA compliance. All managers and supervisory personnel are expected to monitor continued compliance with the FCPA to ensure
compliance with applicable moral, ethical and professional standards. FCPA compliance includes our policy on Maintaining and Managing
Records discussed above. In addition, no contract or agreement may be made with any business in which a government official or employee
holds a significant interest, without the prior approval of our Chief Financial Officer.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.9.</FONT></TD><TD STYLE="text-align: justify">Prevention of money laundering and the financing of <FONT STYLE="letter-spacing: -0.1pt">terrorism</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 27.1pt 0pt 5.1pt; text-align: justify">The IQSTEL, Inc shall comply with
the national and international provisions set forth to prevent money laundering.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 27.1pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">To this end, business relations
will not be established with people or entities that do not comply with the aforementioned regulations or that do not provide adequate
information as regards their compliance therewith.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">The Group must particularly watch
out for attempts to use the trade network in operations for laundering money derived from criminal activities. Under no circumstances
will operations be conducted that could serve as operational or financial cover for terrorist activities.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.95pt 0pt 5.1pt; text-align: justify">Active collaboration will always
be provided for the detection and monitoring of these <FONT STYLE="letter-spacing: -0.1pt">situations.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify">IQSTEL, Inc employees <FONT STYLE="letter-spacing: -0.2pt">must:</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 27pt">Pay special attention to those cases in which there may be evidence that the people
or entities with which the company maintains relations lack integrity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.8pt">Remain vigilant of any payments made to/or by third parties that are not mentioned
in the corresponding contracts, as well as of those made to accounts that are not the ones normally used in the relations with a particular
entity, company or person.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.65pt">Pay attention to payments made to individuals, companies, entities or accounts
open in tax havens and to payments made to entities in which it is not possible to identify the partner, owner or ultimate beneficiary.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.75pt">Pay special attention to all circumstances that suggest that inappropriate financial
operations may be being conducted.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.10.</FONT></TD><TD STYLE="text-align: justify">Compliance with accounting and financial <FONT STYLE="letter-spacing: -0.1pt">regulations</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">The IQSTEL, Inc&rsquo;s economic
and financial information will faithfully reflect its financial and economic situation and its assets, in accordance with generally accepted
accounting principles and the applicable international rules on financial information. No one who is subject to the Code will conceal
or distort the information contained in the IQSTEL, Inc&rsquo;s accounting records and reports, which will be complete, accurate and truthful.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.11.</FONT></TD><TD STYLE="text-align: justify">Compliance with tax <FONT STYLE="letter-spacing: -0.1pt">regulations</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 27pt 0pt 5.1pt; text-align: justify">The IQSTEL, Inc shall comply with
national and international tax regulations. It will also promote the implementation of all actions which are necessary for reducing all
significant tax risks and the prevention of behavior which is likely to generate said risks.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 27pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">The People Subject have the
obligation to collaborate and prevent any kind of obstruction to the inspection activity undertaken by the Tax Agency in the IQSTEL, Inc
companies.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.12.</FONT></TD><TD STYLE="text-align: justify">Protection of personal <FONT STYLE="letter-spacing: -0.2pt">data</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">The processing of personal data
should be carried out in a manner that guarantees its privacy, while at all times complying with the current and applicable legislation.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.13.</FONT></TD><TD STYLE="text-align: justify">Protection of intellectual and industrial <FONT STYLE="letter-spacing: -0.1pt">property</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">Intellectual and industrial property
created by IQSTEL, Inc employees will be owned by the IQSTEL, Inc company to which the employees belong.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">All those who are subject to
this Code must strive to protect patents, trademarks, copyright, trade secrets and all other information covered by intellectual and industrial
property rights owned by IQSTEL, Inc companies. Furthermore, it is crucial that we respect the legitimate intellectual and industrial
property rights of third parties.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.14.</FONT></TD><TD STYLE="text-align: justify">Protection of fair <FONT STYLE="letter-spacing: -0.1pt">competition</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">The People Subject to this Code
should respect the principles and rules of fair competition and must not break the corresponding laws on the protection of fair competition.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">The following will
therefore be considered unethical and will be prohibited: unauthorized access to the confidential information of other companies,
industrial espionage, the disclosure of business secrets, the use of inside information belonging to the company itself or another
entity for any kind of transaction or business, false advertising, scams, fraud and deception of any kind, the dissemination of
false rumors about products, services and market conditions, actions <FONT STYLE="letter-spacing: -0.25pt">to </FONT>alter the price
of third party products or to alter the share price or value of a company, the manipulation of public tenders, the counterfeiting of
means of payment or actions to cause any of the IQSTEL, Inc companies to become insolvent for the purpose of defrauding the
creditors <FONT STYLE="letter-spacing: -0.1pt">thereof.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.2.15.</FONT></TD><TD STYLE="text-align: justify">Environmental <FONT STYLE="letter-spacing: -0.1pt">protection</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 27.05pt 0pt 5.1pt; text-align: justify">The environment is an essential
asset that the IQSTEL, Inc is committed to protecting as the core element of sustainable development.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 27.05pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.95pt 0pt 5.1pt; text-align: justify">The People Subject to this Code
must be actively and responsibly committed to environmental conservation, respecting the law in force on this matter and adopting procedures
to minimize the environmental impact of their activities.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.95pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 27.05pt">We avoid any personal situations involving the people subject to this Code which
could directly or indirectly clash with the interests of any of the IQSTEL, Inc <FONT STYLE="letter-spacing: -0.1pt">companies</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">The People Subject to this Code
must avoid any situations in which their personal interests or those of related persons could clash with the IQSTEL, Inc&rsquo;s interests.
In the event that they find themselves in a situation involving conflict of interest, they should inform the corresponding Ethics and
Compliance Committee. Notwithstanding the foregoing, if people who are subject to the ICR find themselves in a situation involving conflict
of interest, they should notify the General Secretariat thereof in accordance with the provisions of the ICR.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">Said notifications should be carried
out as soon as possible after the possible or real conflict of interest is observed and, in all cases, before making the decision which
could be affected by the possible conflict of interest. Furthermore, any changes to situations which have previously been communicated,
including the resolution of said situations, must be communicated to the Ethics and Compliance Committee.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify">As regards possible conflicts of interest,
the People Subject to this <FONT STYLE="letter-spacing: -0.1pt">Code:</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.85pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 26.85pt">Must not exploit personal advantages gained by virtue of their position in the
IQSTEL, Inc, neither for themselves nor for related persons.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 26.85pt">Cannot carry out professional activities of a similar nature to those which they
may carry out for the IQSTEL, Inc if doing so could interfere with the interests of the IQSTEL, Inc<FONT STYLE="letter-spacing: -0.1pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify; padding-right: 26.75pt">Cannot directly or indirectly, whether personally or through related persons,
participate in the governing bodies of other entities whose interests may clash with the interests of the IQSTEL, Inc.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">Without prejudice to the situations
involving conflict of interest set forth herein, the People Subject to this Code could find themselves in other situations which could
also be understood as posing conflicts of interests. As such, we recommend that if you have any doubt as to whether or not a situation
involves a conflict of interest, you notify the competent Committee so that it can assess whether or not a conflict of interest exists.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.4.</FONT></TD><TD STYLE="text-align: justify">We handle information with the utmost <FONT STYLE="letter-spacing: -0.2pt">care</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">The IQSTEL, Inc considers information
and knowledge to be two of its main assets and essential for business management, since they constitute a solid basis for achieving a
climate of mutual trust and fulfilling its ongoing commitment to providing comprehensive, objective and truthful information to its customers,
employees and stakeholders, which is why they are subject to special protection.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">As such, the People Subject
to this Code must treat information and knowledge in such a way as to guarantee:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 26.9pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Its veracity: </B>The veracity of information is a basic principle according to which the People Subject to this Code must truthfully convey all information they have to communicate, both internally and externally.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">All of the IQSTEL, Inc&rsquo;s internal and/or external economic transactions must be clearly and accurately reflected in the corresponding announcements and records.</P></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 27pt 0pt 41.05pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 26.8pt"><B>Professional secrecy: </B>The People Subject to this Code must respect the principle
of professional secrecy, subject to confidentiality, which must be maintained even after the professional relationship with the IQSTEL,
Inc has ended, except in the event of express authorization or when authorization is required by law or court order.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 41.05pt; text-align: justify">When using operational processes,
work systems and any other internal procedure, the strictest confidentiality will be observed.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 41.05pt; text-align: justify">When the confidential information
belongs to IQSTEL, Inc companies, the People Subject to this Code must not reveal said information to third parties, including their friends
and family, except when necessary for business reasons and with the authorization of the Ethics and Compliance Committee. In this case,
confidential information must not be used for personal gain or that of third parties.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 41.05pt; text-align: justify">When the confidential information
belongs to third parties outside the IQSTEL, Inc, being information to which the IQSTEL, Inc companies have access in the conduct of their
activities with their stakeholders, the People Subject to this Code must comply with the confidentiality agreements that the IQSTEL, Inc
companies have entered <FONT STYLE="letter-spacing: -0.2pt">into with their stakeholders. Said
information may only be disclosed when the owner thereof gives their express consent.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 41.05pt; text-align: justify"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 41.05pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 41.05pt; text-align: justify">In the event that the People Subject
to the IQSTEL, Inc Code of Ethics are also affected by the ICR, they must comply with the procedure established in said regulation. Furthermore,
the processing of inside information must be carried out in accordance with the provisions of the ICR.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt/98% Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 41.05pt; text-align: justify">The risk of non-authorized
people gaining access to confidential and/or inside information must be minimized.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 41.05pt; text-align: justify">The People Subject to this Code
must consider any information whose nature they are unsure of as being confidential unless the corresponding Ethics and Compliance Committee
declares otherwise.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify; padding-right: 26.65pt"><B>Customer information</B>: Information relating to customers is subject to the
strictest confidence and can only be disclosed in cases where it is required by law or court order.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 41.05pt; text-align: justify">This confidentiality commitment
will also apply to information of a personal or financial nature that customers provide us with to be reviewed or assessed or for the
formalization of transactions.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 41.05pt; text-align: justify">Access to customer data is only
justified for professional reasons and said data must be stored and used in a manner that ensures the customer&rsquo;s right to privacy
and in strict compliance with the provisions of the current regulations on personal data protection.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.95pt 0pt 41.05pt; text-align: justify">Under no circumstance may financial,
personal or family ties between customers justify a breach of confidentiality.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 41.05pt; text-align: justify">The customers&rsquo; privacy and
confidentiality will be guaranteed at all times in conversations and transactions.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify; padding-right: 26.8pt"><B>Communication between People Subject to this Code:</B> The information and knowledge
that is generated within IQSTEL, Inc companies should flow efficiently between the People Subject to this Code in order to facilitate
the management of the IQSTEL, Inc&rsquo;s activities and foster the development of the People Subject to this Code. Under no circumstances
shall inaccurate, incorrect or incomplete information which could mislead the person receiving it be provided.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 41.05pt; text-align: justify">The People Subject to this
Code should provide the IQSTEL, Inc&rsquo;s knowledge by disseminating it within the Group companies and making it available to the information
systems that are in place within the IQSTEL, Inc companies.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify; padding-right: 26.85pt"><B>The reputation of IQSTEL, Inc companies: </B>Any Person Subject to this
                                                               Code who is asked by the media about any aspect relating to the IQSTEL, Inc, or who is required to participate in a public act on
                                                               behalf of the IQSTEL, Inc, should consult with the corresponding department of the IQSTEL, Inc which is in charge of external and/or internal communication beforehand,
so that said department can provide an opinion thereon. In all cases, the information given relating to the IQSTEL, Inc must be transparent,
truthful and consistent.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 41.05pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 41.05pt; text-align: justify">All those who are subject to
this Code should place the utmost care on preserving the image and reputation of IQSTEL, Inc companies when carrying out all of their
professional activities. Whenever they appear or present themselves on their own initiative as an employee or administrator of the IQSTEL,
Inc, in any social medium (internet, social networks, etc.), they must ensure that the IQSTEL, Inc image is used correctly and appropriately
and that respect for the ethical values promoted by the IQSTEL, Inc is upheld.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.5.</FONT></TD><TD STYLE="text-align: justify">We use and protect the Company&rsquo;s assets in an appropriate <FONT STYLE="letter-spacing: -0.1pt">manner</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>Assets</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">The People Subject to this Code
must protect the IQSTEL, Inc&rsquo;s assets, guaranteeing that they are used suitably and efficiently, and protecting them from unsuitable
use. In all cases, said assets may only be used for the benefit of IQSTEL, Inc companies.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/98% Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">The IQSTEL, Inc undertakes
to provide the necessary means to protect and safeguard said <FONT STYLE="letter-spacing: -0.1pt">assets.</FONT></P>

<P STYLE="font: 11pt/98% Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify"><U>Gifts and other <FONT STYLE="letter-spacing: -0.1pt">Benefits</FONT></U></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Definition:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 41.05pt; text-align: justify">By gifts or invitations we
mean all offers, promises or concessions of any wrongful benefit, either pecuniary of any other kind. This definition also includes gifts
according to social uses, merchandising gifts, invitations to events or non-regular discounts.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13.95pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Commitment:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 41.05pt; text-align: justify">In any case may gifts, hospitalities
and/or invitations from a third natural or legal party related to the activities of the IQSTEL, Inc companies beyond courtesy and institutional
relationship which could cause a loss of independence and of the impartiality in any commercial relation with the different interests
groups, particularly with clients and suppliers, be accepted.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 41.05pt; text-align: justify">Additionally, it is prohibited
to offer gifts and invitations to representatives of public institutions beyond institutional courtesy, which could jeopardize the transparency
and objectivity of the Public Administration in its activity with the IQSTEL, Inc or its commercial partners, whose objective lies in
the fact that the recipient favors the IQSTEL, Inc.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Action <FONT STYLE="letter-spacing: -0.1pt">Criteria:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.05pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 26.75pt">The People subject will not accept any kind of hospitality, gift, invitation,
favor or compensation from interested clients, suppliers or third parties, except when they are courtesies according to social uses, according
to the criteria set by the Code of Ethics of the IQSTEL, Inc.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.85pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.05pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: left; padding-right: 27.1pt">Before offering or accepting any courtesy, the employees of the IQSTEL, Inc and all
those who act on its behalf must evaluate:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80.8pt"></TD><TD STYLE="width: 14.3pt"><FONT STYLE="letter-spacing: -0.05pt">i.</FONT></TD><TD STYLE="text-align: left">whether it is offered or accepted with a wrongful <FONT STYLE="letter-spacing: -0.1pt">purpose.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.3pt"></TD><TD STYLE="width: 16.8pt"><FONT STYLE="letter-spacing: -0.05pt">ii.</FONT></TD><TD STYLE="text-align: left">whether it has a reasonable and moderate <FONT STYLE="letter-spacing: -0.1pt">nature</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75.75pt"></TD><TD STYLE="width: 19.35pt"><FONT STYLE="letter-spacing: -0.05pt">iii.</FONT></TD><TD STYLE="text-align: left; padding-right: 26.75pt">whether the frequency or the moment it takes place generates a potential <FONT STYLE="letter-spacing: -0.1pt">influence.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify"><U>Information and communication <FONT STYLE="letter-spacing: -0.1pt">systems</FONT></U></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">The use of information and communication
systems must be primarily professional. The company reserves the right to monitor and regulate the personal use of said systems, in accordance
with provisions established in the applicable legislation.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">The IQSTEL, Inc&rsquo;s information
and communication systems, along with the contracting thereof, must comply with the IQSTEL, Inc&rsquo;s security regulations.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">At all levels of the IQSTEL, Inc,
the prevention and control of any offences that may be committed through the use of information technologies will be ensured. These include
unauthorized access to the computer systems of competitors, customers or any other company or public or private organization, the spread
of viruses or programs that could cause damage to tangible or intangible assets, carrying out denial of service attacks or paying for
them to be carried out, the manipulation of electronic auctions or any other type of IT damage, phishing, the spreading of rumors, criticism
and boycotts via the Internet and social networks, the conduct of misleading advertising campaigns and promotions, the infringement of
intellectual or industrial property rights over technological assets, industrial espionage and the discovery and disclosure of business
secrets via the Internet.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.6.</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.85pt">We ensure equal opportunities and we do not discriminate against IQSTEL, Inc <FONT STYLE="letter-spacing: -0.1pt">stakeholders</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.6.1.</FONT></TD><TD STYLE="text-align: justify">Relationship with <FONT STYLE="letter-spacing: -0.1pt">employees</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify">The IQSTEL, Inc does not tolerate
any form of workplace <FONT STYLE="letter-spacing: -0.1pt">harassment.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">The IQSTEL, Inc ensures equal
opportunities and that there will be no discrimination among the People Subject to this Code or among stakeholders based on gender, race,
country of origin, religion, beliefs, age, sexual orientation, nationality, ideology, marital status or disability or any other grounds
that may lead to discrimination.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">The principle of equal opportunities
applies both to access to jobs and internal promotions, and to the personal and professional development of the People Subject to this
Code. The IQSTEL, Inc will promote work-life balance policies that help people to achieve the necessary balance between their personal
and family life and their working life.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">The relationship between the
People Subject to this Code must be governed by mutual respect, integrity, transparency and trust, as well as by conduct that guarantees
the personal dignity of them all. Furthermore, the People Subject to this Code must act with a spirit of collaboration, making the knowledge
and resources that could facilitate the attainment of the IQSTEL, Inc&rsquo;s objectives and interests available to the other organizational
units and people that make up the IQSTEL, Inc.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.85pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="letter-spacing: -0.05pt">a.</FONT></TD><TD STYLE="text-align: justify"><U>Selection and <FONT STYLE="letter-spacing: -0.1pt">promotion</FONT></U></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">The selection and promotion of
the People Subject to this Code is based on their competencies and how they perform their professional duties as well as on the integrity
of their professional track record. The competencies, performance of professional duties and professional integrity of the People Subject
to this Code must be accredited and substantiated for their selection and <FONT STYLE="letter-spacing: -0.1pt">promotion.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="letter-spacing: -0.05pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>Training</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">All those who are subject to this
Code must take the mandatory training courses on the legislation and internal regulations applicable to them and which the IQSTEL, Inc
makes available to them, in accordance with the duties and activities they carry out within the IQSTEL, Inc. The Senior Management, Management
Team and middle managers must ensure that their staff members have the necessary degree of knowledge about the rules that affect them.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="letter-spacing: -0.05pt">c.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>Communication</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">Communication with the People Subject
to this Code must be clear, both when evaluating their performance and when setting expectations.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="letter-spacing: -0.05pt">d.</FONT></TD><TD STYLE="text-align: justify"><U>Working conditions and occupational risk <FONT STYLE="letter-spacing: -0.1pt">prevention</FONT></U></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">Working conditions must be safe
for the health of the People Subject to this Code. Furthermore, the IQSTEL, Inc will ensure that its suppliers apply occupational health
and safety <FONT STYLE="letter-spacing: -0.1pt">regulations.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">The IQSTEL, Inc will promote
the necessary preventive measures and provide its employees with the resources and knowledge required to perform their duties safely and
in a healthy environment. In this manner, the IQSTEL, Inc is committed to creating and maintaining a safe working environment and to putting
in place the necessary means to protect heritage, financial and human resources, by minimizing occupational risks.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">Employees are required to be
aware of and follow the procedures established in the IQSTEL, Inc Occupational Risk Prevention Plan. Likewise, the Management will encourage
workers to participate in all matters that affect occupational health and safety, through their <FONT STYLE="letter-spacing: -0.1pt">representatives.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">The consumption or possession
of drugs and alcohol in the workplace is prohibited (except in the case of institutional celebrations in which alcohol may be consumed
moderately, subject to the legislation, customs and traditions of the country in all cases).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">The Group will respect the internationally-recognized
rights to organize, strike and bargain collectively and the right of association. In this regard, it will collaborate with the necessary
means so that employees can exercise this right and will promote open, transparent and constructive dialogue to guarantee stable employment.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.6.2.</FONT></TD><TD STYLE="text-align: justify">Customer <FONT STYLE="letter-spacing: -0.1pt">relations</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">The IQSTEL, Inc focuses on conceiving,
designing and offering services of the highest quality to our customers, thus providing them with a differential value with respect to
other options on the market. As such, the IQSTEL, Inc fosters its commitment to quality by establishing the resources and measures required
to ensure the maximum quality in the provision of its <FONT STYLE="letter-spacing: -0.1pt">services.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">The People Subject to this Code
must be committed to treating customers fairly, providing them with accurate information, and always aiming to provide an excellent service.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">In relations with customers, the
rules on transparency, information and protection must apply in all cases, as well as the rights granted to customers by the legislation
on personal data protection, information society services and other applicable provisions.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.6.3.</FONT></TD><TD STYLE="text-align: justify">Relationship with <FONT STYLE="letter-spacing: -0.1pt">suppliers</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="letter-spacing: -0.05pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>Selection</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">Supplier selection processes must
comply with the principles of equity, objectivity and transparency. All employees who participate in processes to select external suppliers
and collaborators, are obliged to act with impartiality and objectivity, applying transparent criteria that are aligned with the material
principles of this code of conduct. Selection will be based principally on quality, cost and adherence to deadlines. When selecting suppliers,
the People Subject to this Code must avoid the conflict of their personal interests with those of the IQSTEL, Inc companies. If such a
conflict occurs, this should be reported to the Ethics and Compliance Committee for it to issue an opinion on the matter.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="letter-spacing: -0.05pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>Contracts</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">When contracting suppliers, all
contracts should include anti-corruption clauses. Depending on the nature of the services being provided, they should also include risk
prevention, information security, environmental and social clauses, among others.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify">Contractual conditions agreed upon
by the different parties will also be <FONT STYLE="letter-spacing: -0.1pt">respected.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.6pt 0pt 5.1pt; text-align: justify">Through the Ethics Channel, the
IQSTEL, Inc will promote and disseminate the content and principles of this Code of Ethics among its suppliers. This shall apply in particular
to content that refers explicitly to the IQSTEL, Inc&rsquo;s relationship with its collaborating companies.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.6.4.</FONT></TD><TD STYLE="text-align: justify">Relationship with government <FONT STYLE="letter-spacing: -0.1pt">bodies</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">Given the nature of the services
provided by IQSTEL, Inc companies, said companies base their relationships with the national and international public sector on the principles
of transparency and equal opportunities, and reject any actions aimed at gaining an advantage over competitors when said actions are contrary
to the applicable legislation.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">Furthermore, the IQSTEL, Inc will
collaborate with government bodies while ensuring scrupulous compliance with their resolutions at all times.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 43.2pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.6.5.</FONT></TD><TD STYLE="text-align: justify">Relationship with <FONT STYLE="letter-spacing: -0.1pt">partners</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.95pt 0pt 5.1pt; text-align: justify">As regards relationships with and
the selection of partners, the company will ensure that they have conduct guidelines which are similar to or the same as those of the
IQSTEL, Inc.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.95pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.1pt">3.3.7.</FONT></TD><TD STYLE="text-align: justify; padding-right: 26.8pt">We guarantee freedom from reprisal for anyone who submits a query/notification
in good faith</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">Queries and notifications will
not be subject to reprisals provided that they are submitted in good faith. Good faith is demonstrated through the provision of evidence
which proves that the acts reported have been committed or may be committed.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">If any person who is subject
to this Code feels that they have suffered reprisals after having submitted a query or notification of non-compliance in good faith, they
should immediately notify the corresponding Ethics and Compliance Committee thereof.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">3.4.</FONT></TD><TD STYLE="text-align: justify">Knowledge of and training related to the IQSTEL, Inc Code of <FONT STYLE="letter-spacing: -0.1pt">Ethics</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 27.05pt 0pt 5.1pt; text-align: justify">All IQSTEL, Inc staff who are subject
to this Code must be familiar with the IQSTEL, Inc Code of Ethics.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">Furthermore, the Resources Department
will furnish all those who join the IQSTEL, Inc and are considered to be People Subject to this Code with a copy of this Code of Ethics,
its internal implementing regulations, where applicable, and the Prevention of Corruption Regulation.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">When IQSTEL, Inc companies come
into contact with their stakeholders, they should inform them of the existence of this Code of Ethics, its implementing regulations and
the fact that it must be complied with by all those affected by it.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.9pt 0pt 5.1pt; text-align: justify">Furthermore, all iQSTEL Inc.
companies will have an Ethics Channel on their corresponding websites and must upload the IQSTEL, Inc Code of Ethics and the internal
regulations that, where applicable, implement the Code of Ethics on their own website and/or intranet.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.75pt 0pt 5.1pt; text-align: justify">The IQSTEL, Inc will notify
and train all those who are subject to this Code of Ethics regarding the content thereof.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">3.5.</FONT></TD><TD STYLE="text-align: justify">Compliance with the IQSTEL, Inc Code of <FONT STYLE="letter-spacing: -0.1pt">Ethics</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 27.05pt 0pt 5.1pt; text-align: justify">All those who are subject to this
Code of Ethics must comply therewith. In turn, stakeholders must comply with this Code of Ethics for all matters affecting them.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 27.05pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.65pt 0pt 5.1pt; text-align: justify">Non-compliance on the part of
People Subject to this Code will be punished in accordance with labor legislation and other applicable regulations, in accordance with
the relationship between the People Subject to this Code and the IQSTEL, Inc companies. Said punishment could entail dismissal or the
termination of the professional services provided.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.65pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify">The consequences of non-compliance
with this Code of Ethics and, where applicable, the internal implementing regulations, will not only affect the perpetrator but also all
those People Subject to this Code who have allowed said non-compliance to occur through an action or <FONT STYLE="letter-spacing: -0.1pt">failure.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.85pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify">If any of the entities which
make up a stakeholder do not comply with this Code of Ethics and the internal rules of any of the IQSTEL, Inc companies for matters which
affect them, the IQSTEL, Inc companies will end their relationship therewith in the most suitable manner.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.7pt 0pt 5.1pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">3.6.</FONT></TD><TD STYLE="text-align: justify">Reporting Procedures</TD></TR></TABLE>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.1pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.65pt 0pt 5.1pt; text-align: justify">Maintaining ethical standards is the responsibility and obligation
of every IQST employee. Early identification and resolution of conflict of interest and other ethical issues that may arise are critical
to maintaining our commitments to our customers, vendors, investors, and to ourselves and our coworkers. IQST employees are expected to
treat compliance with ethical standards as a critical element of their responsibilities. While this Code sets forth a wide range of practices
and procedures, it cannot address every issue that may arise. If you are unsure of what to do in a situation, you should seek additional
guidance and information before you act. If something seems unethical or improper, or if you have questions regarding the best course
of action, you should promptly contact any of the following:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.65pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Your supervisor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">IQST&rsquo;s Chief Financial
Officer </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">IQST&rsquo;s
                                            Code of Ethics Office. The Company&rsquo;s Whistleblower Hotline: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Via
                                            voice: +1 (954) 951-8191 ext 33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Via
                                            email: Ethics@iqstel.com</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Hotline is operated by specially trained
third-party representatives. The Hotline is available 24 hours a day, 7 days a week. Hotline representatives will listen to your concerns,
ask questions, and review the information provided. They will then forward your concern to the Company&rsquo;s Audit Committee, which
will take appropriate action.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">It is against Company policy to retaliate against any employee
who raises a concern in good faith and, if requested and to the extent possible, every effort will be made to maintain confidentiality.
All reported violations will be acted on appropriately. If your concern requires an investigation, the Company will respond promptly.
If possible, you will be informed about the status of the investigation and the outcome of the matter. However, IQST has an obligation
of confidentiality to all employees, including those being investigated</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 28.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">3.7.</FONT></TD><TD STYLE="text-align: justify">Internal <FONT STYLE="letter-spacing: -0.1pt">control</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">The IQSTEL, Inc reserves the right
to carry out checks, in accordance with current legislation, with the aim of testing the application of the present Code and preventing
activities that could affect the legal compliance, confidentiality, integrity or availability of information.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>DISCIPLINARY ACTIONS</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The matters covered in this Code are of the
utmost importance to IQST, its stockholders and its business partners, and are essential to our ability to conduct our business in accordance
with our stated values. We expect all of our employees, directors, agents, contractors and consultants to adhere to these rules in carrying
out their duties for IQST.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">IQST will take appropriate action against
any employee, director, agent, and contractor or consultant whose actions are found to violate these policies or any other Company policies.
Disciplinary actions may include immediate termination of employment or business relationship at IQST&rsquo;s sole discretion. Where IQST
has suffered a loss, it may pursue its remedies against the individuals or entities responsible. Where laws have been violated, IQST will
cooperate fully with the appropriate authorities.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>WAIVERS AND AMENDMENT OF THE CODE</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Any waiver of any provision of this Code for
a member of our Board of Directors or an executive officer, or any amendment of this Code, must be approved in writing by our Board of
Directors and promptly disclosed pursuant to applicable laws and regulations. Any waivers of any provision of this Code with respect to
any other employee, agent, contractor or consultant must be approved in writing by our Chief Financial Officer.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ACKNOWLEDGEMENT OF RECEIPT</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I hereby acknowledge that I have
received a copy of the &ldquo;CODE OF BUSINESS CONDUCT AND ETHICS&rdquo; and agree to comply with its terms. I understand that violation
of CODE OF BUSINESS CONDUCT AND ETHICS may subject me to severe civil and/or criminal penalties and that violation of the terms of this
policy may subject me to discipline by IQSTEL, Inc. and its subsidiaries up to and including termination for cause.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">Signed: _______________________________________________________</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">Name (please print): _____________________________________________</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">Date: _________________________________________________________</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 26.8pt 0pt 5.1pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>



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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140014197466544">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Oct. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Oct. 31,  2022<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-55984<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">iQSTEL Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001527702<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">45-2808620<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NV<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">300 Aragon Avenue<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 375<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Coral Gables<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">FL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">33134<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(954)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">951-8191<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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<tr>
<td><strong> Name:</strong></td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
