ÿþ<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" > <head> <title>CODE OF ETHICS POLICY</title> </head> <body lang=EN-US link=blue vlink=blue style='tab-interval:.5in'> <div class=Section1> <p class=MsoTitle style="text-align: center"><span style='color:black'> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left" > <img src="images/blue_Logo70.gif" /></td> </tr> <tr> <td > </td> </tr> </table> <o:p></o:p></span></p> </div> <div style="margin: 0px 15px 0px 15px;"> <p class="MsoTitle" style="margin: 0in 0in 0pt; text-align: center"> <strong> CODE OF ETHICS POLICY</strong></p> <p class="MsoTitle" style="margin: 0in 0in 0pt; text-align: center; tab-stops: 5.0in"> <u><strong><span style="mso-tab-count: 1">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span> <?xml namespace="" ns="urn:schemas-microsoft-com:office:office" prefix="o" ?> <o:p></o:p> </strong></u> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center"> <o:p>&nbsp;</o:p> </p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'">The successful operation and reputation of Seaboard Marine, ltd. and its parent company, Seaboard Corporation as well as its subsidiaries and affiliates (collectively, the  Company ) depend upon the professional work performance and the ethical conduct of its directors, officers and employees. As a highly valued subsidiary of Seaboard Corporation, the Company's reputation for integrity and excellence requires careful compliance with the spirit and letter of all laws and regulations, as well as a commitment to the highest standards of personal and professional conduct.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'">This organization was built by people with sound character and a long history of good commercial practices.<span style="mso-spacerun: yes">&nbsp; </span>There is an attitude of trust and respect between the Company and its customers, employees, business partners, suppliers, and shareholders. That trust and the Company s reputation must be preserved and protected.<span style="mso-spacerun: yes">&nbsp; </span>Directors, officers and employees have a duty to support the goals and objectives of the Company, and to act in a way that will always merit the continued confidence of those who have placed a reliance on the Company.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'">Accordingly, the Company adopts the following Code of Ethics:<span style="mso-spacerun: yes">&nbsp; </span> <o:p></o:p> </span> </p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l0 level1 lfo1"> <span style="font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'"> <span style="mso-list: Ignore">I.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span><b style="mso-bidi-font-weight: normal"> <span style="font-family: 'Times New Roman','serif'">Honest and Ethical Conduct</span></b><span style="font-family: 'Times New Roman','serif'"><o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'">Directors, officers and employees shall exhibit and promote the highest standards of honest and ethical conduct by: <o:p></o:p> </span> </p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l0 level2 lfo1"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="font-family: 'Times New Roman','serif'">Encouraging and rewarding professional integrity thereby eliminating coercion, fear of reprisal, or alienation from the Company itself, which can act as barriers and inhibit responsible and ethical behavior.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l0 level2 lfo1"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="font-family: 'Times New Roman','serif'">Avoiding, prohibiting and eliminating any conflict of interest or appearance of a conflict of interest between the Company and what could result in personal gain for a director, officer or employee of the Company, as defined in the attached Conflict of Interest policy.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l0 level2 lfo1"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="font-family: 'Times New Roman','serif'">Following a process for employees of the Company to inform senior management of practices which deviate from honest and ethical behavior.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l0 level2 lfo1"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="font-family: 'Times New Roman','serif'">Demonstrating their personal support for such policies and procedures which will be encouraged by periodic communication from senior management reinforcing these ethical standards throughout the Company.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l0 level2 lfo1"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="font-family: 'Times New Roman','serif'">Acting in the best interests of the Company in order to preserve the Company s reputation as a professional company operating with integrity and good character.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l0 level2 lfo1"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="font-family: 'Times New Roman','serif'">Employees, agents, and representatives may not request, receive or collect personal compensation in connection with services provided by the Company.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l0 level2 lfo1"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="font-family: 'Times New Roman','serif'">Employees, agents, and representatives may not charge, demand, or collect compensation for the transportation of property and for any service related thereto except according to the rates, tariffs, tolls and other charges as shown in the Company s tariff sheets or filed service contracts. As such, any solicitation received from a customer or other person by employees, agents, and representatives for a rebate, either directly or indirectly, must be rejected. <o:p></o:p> </span> </p> <p align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center"> <b><i> <o:p>&nbsp;</o:p> </i></b> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l0 level1 lfo1"> <span style="font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'"> <span style="mso-list: Ignore">II.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span><b style="mso-bidi-font-weight: normal"> <span style="font-family: 'Times New Roman','serif'">Financial Records and Periodic Reports</span></b><span style="font-family: 'Times New Roman','serif'"><o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'">Directors, officers and employees, to the extent applicable within the scope of their job functions, shall ensure that:<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list 1.0in; mso-list: l0 level2 lfo1"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="font-family: 'Times New Roman','serif'">Business transactions are properly authorized and completely and accurately recorded on the Company s books and records in accordance with Generally Accepted Accounting Principles (GAAP) and established Company financial policy.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list 1.0in; mso-list: l0 level2 lfo1"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="font-family: 'Times New Roman','serif'">The retention or proper disposal of Company records shall be in accordance with established Company policies and applicable legal and regulatory requirements.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list 1.0in; mso-list: l0 level2 lfo1"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="font-family: 'Times New Roman','serif'">Reports and documents the Company files with, or submits to, the Securities and Exchange Commission, or other mandated public communications and disclosures, contain full, fair, accurate, timely and understandable information.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l0 level1 lfo1"> <span style="font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'"> <span style="mso-list: Ignore">III.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span><b style="mso-bidi-font-weight: normal"> <span style="font-family: 'Times New Roman','serif'">Anti-Competitive Conduct</span></b><span style="font-family: 'Times New Roman','serif'"><o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">Directors, officers and employees shall not enter into any agreement, understanding or arrangement with any competitor about prices, territory restrictions, refusals to sell, allocation of business, or collaborative bidding, or engage in any other type of anti competitive practice in violation of applicable laws or regulations.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l0 level1 lfo1"> <span style="font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'"> <span style="mso-list: Ignore">IV.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span><b style="mso-bidi-font-weight: normal"> <span style="font-family: 'Times New Roman','serif'">Compliance with Applicable Laws, Rules and Regulations</span></b><span style="font-family: 'Times New Roman','serif'"><o:p></o:p></span></p> <p style="margin-left: 0.5in"> <span style="font-family: 'Times New Roman','serif'">Directors, officers and employees shall comply with all federal, state and local statutes, regulations and administrative procedures in the course of all conduct on behalf of the Company, including the United States Foreign Corrupt Practices Act (FCPA) of 1977, which provides in part:<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list 1.0in; mso-list: l3 level1 lfo5"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> The FCPA, in summary, states that no director, officer, employee or third party agent acting on behalf of the company shall make, authorize, offer or give anything of value, directly or indirectly, to any foreign official, political party, political candidate or employee of any foreign government department, agency or instrumentality thereof, or to any person acting in an official capacity for or on behalf of the foregoing, for the purpose of influencing any act or decision in any such person s official capacity, or inducing any such person to use their influence with any foreign government or any department, agency, or instrumentality thereof to assist acquiring or retaining business.<span style="mso-spacerun: yes">&nbsp; </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify"> <o:p>&nbsp;</o:p> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list 1.0in; mso-list: l3 level1 lfo5"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> As an exception to the above, it is acceptable to make a facilitating or expediting payment to a foreign official, political party, or party official; the purpose of which is to expedite or secure the performance of a routine governmental action by a foreign official, political party or party official.<span style="mso-spacerun: yes">&nbsp; </span>For example, obtaining permits, licenses or other official documents, expediting lawful customs clearances, obtaining the issuance of entry or exit visas, providing police protection, mail pick-up and delivery, providing phone service, and performing actions that are wholly unconnected to the award of new business or the continuation of prior business, could all be "routine governmental action."&nbsp; Routine governmental action does not mean a decision by a foreign official to award new business or to continue business with a particular party (e.g., to obtain a discretionary license or be granted a concession).<span style="mso-spacerun: yes">&nbsp; </span>As a matter of company policy, facilitating payments should be made with management approval or immediate notification if prior approval is not possible.<span style="mso-spacerun: yes">&nbsp; </span>The company should maintain the ability to timely show all facilitating payments made during a given time period and their proper accounting classification.</p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <o:p>&nbsp;</o:p> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list 1.0in; mso-list: l3 level1 lfo5"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> The laws governing participation by companies in the political process of other countries vary widely.<span style="mso-spacerun: yes">&nbsp; </span>In certain countries, contributions to the political process (including contributions to political parties) are lawful and expected as a matter of good corporate citizenship.<span style="mso-spacerun: yes">&nbsp; </span>In foreign jurisdictions where corporate political contributions are lawful, contributions by the Company or by respective affiliates may be appropriate if prudent in amount and consistent with good judgment.</p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify"> <o:p>&nbsp;</o:p> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list 1.0in; mso-list: l3 level1 lfo5"> <span style="font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"> <span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> Third party agents acting on behalf of the company with any foreign official, political party, political candidate or employee thereof should be made aware of the restrictions and obligations contained in this Section as their improper actions can be deemed violations by the company.<span style="mso-spacerun: yes">&nbsp; </span>If questions arise around provisions of the FCPA please contact the Seaboard Corporation General Counsel for clarification and explanation.</p> <p style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'">V.<span style="mso-tab-count: 1"> &nbsp; &nbsp; &nbsp;&nbsp; </span><b style="mso-bidi-font-weight: normal">Related Policies</b><o:p></o:p></span></p> <p style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'">In addition to the general policies above, the Company adopts the following additional conduct-related policies as part of the Code of Ethics:<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1.5in; text-indent: -1in; text-align: justify; tab-stops: list -.5in; mso-list: l4 level1 lfo2"> <span style="font-size: 10pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"><span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span> </span><span style="mso-bidi-font-size: 10.0pt"><a href="http://izone.corp/HR/ESS_forms/forms/ConflictOfInterest.doc" target="_blank"><span style="color: windowtext; text-decoration: none; text-underline: none"> Conflict of Interest</span></a> and Confidentiality<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1.5in; text-indent: -1in; text-align: justify; tab-stops: list -.5in; mso-list: l4 level1 lfo2"> <span style="font-size: 10pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol"><span style="mso-list: Ignore">·<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span> </span><span style="mso-bidi-font-size: 10.0pt"><a href="http://izone.corp/HR/ESS_forms/forms/POLICYTRADING.doc" target="_blank"><span style="color: windowtext; text-decoration: none; text-underline: none"> Trading Seaboard Securities</span></a><o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'">These policies are attached. As a condition of employment, each employee of the Company must be familiar with these policies and agree to abide by their provisions.<span style="mso-spacerun: yes">&nbsp; </span>Violations of the content or spirit of this Code of Ethics and its related provisions are unacceptable and may lead to disciplinary action up to and including termination of employment or separation of ongoing business relationship with the Company.<o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'">VI.<span style="mso-tab-count: 1"> &nbsp; &nbsp; &nbsp; </span><b style="mso-bidi-font-weight: normal">Reporting Violations</b><o:p></o:p></span></p> <p style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'">If anyone has knowledge of or is suspicious of any breach of any section of this Code or is concerned whether circumstances could lead to a violation of this Code, such person should report the matter to one or more of the following:<span style="mso-spacerun: yes">&nbsp; </span>the person s immediate supervisor, the Seaboard Corporation Director of Human Resources or General Counsel.<span style="mso-spacerun: yes">&nbsp; </span>Alternatively, the matter may be reported by calling Seaboard Corporation s dedicated toll free number, 866-676-8886, which will be answered by Seaboard Corporation s Director of Human Resources.<span style="mso-spacerun: yes">&nbsp; </span>If a caller prefers to raise concerns anonymously, no attempt will be made to determine identity.<span style="mso-spacerun: yes">&nbsp; </span>The Company will not allow any retaliation against an employee who acts in good faith in reporting any such violation or suspected violation.<span style="mso-spacerun: yes">&nbsp; </span> <o:p></o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <i style="mso-bidi-font-style: normal"><span style="font-size: 9pt">This Code of Ethics covers a wide range of business practices.<span style="mso-spacerun: yes">&nbsp; </span> It does not address every issue that may arise, but provides general guidance about the Company s expectations of proper conduct and basic ethical and legal responsibilities.<span style="mso-spacerun: yes">&nbsp; </span>All subsidiaries of Seaboard Corporation shall adopt this Code of Ethics policy or a similar policy containing only such changes as are approved by Seaboard Corporation s Director of Human Resources.</span></i><i style="mso-bidi-font-style: normal"><span style="font-size: 8.5pt"><span style="mso-spacerun: yes">&nbsp; </span></span></i><i style="mso-bidi-font-style: normal"><span style="font-size: 9pt"> Any questions as to the meaning of any provisions of this Code of Ethics policy, or whether intended conduct is a violation of this policy, should be addressed to the Seaboard Corporation Director of Human Resources or the Seaboard Corporation General Counsel.</span></i><span style="font-size: 9pt"><o:p></o:p></span></p> <p style="margin: 0in 0in 0pt; text-align: justify"> <i style="mso-bidi-font-style: normal"><span style="font-size: 8.5pt; font-family: 'Times New Roman','serif'"> <o:p>&nbsp;</o:p> </span></i> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-indent: 0.25in; text-align: justify; mso-hyphenate: none"> <o:p>&nbsp;</o:p> </p> <b style="mso-bidi-font-weight: normal"><span style="font-size: 12pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"> <br clear="all" style="page-break-before: always" /> </span></b> <p class="MsoTitle" style="margin: 0in 0in 0pt; text-align: center; tab-stops: 5.0in"> <strong>CONFLICT OF INTEREST AND CONFIDENTIALITY</strong></p> <p class="MsoTitle" style="margin: 0in 0in 0pt; text-align: center; tab-stops: 5.0in"> <u><strong><span style="mso-tab-count: 1">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span> <o:p></o:p> </strong></u> </p> <p align="center" class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: center"> <b style="mso-bidi-font-weight: normal"> <o:p>&nbsp;</o:p> </b> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> Seaboard Marine, ltd.<span style="mso-bidi-font-size: 10.0pt"> and its parent company, Seaboard Corporation, as well as its subsidiaries and affiliates (collectively, the  Company ) require directors, officers and employees to conduct their non work activities in such a manner that they do not conflict with the best interests of the Company or detract from the performance of their responsibilities.<span style="mso-spacerun: yes">&nbsp; </span>Directors, officers and employees shall follow the general guidelines set forth below.<span style="mso-spacerun: yes">&nbsp; </span>The failure of any employee to adhere to these general guidelines may result in discipline, including termination of employment.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level1 lfo3"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">1.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <u><span style="mso-bidi-font-size: 10.0pt">Conflicts of Interest</span></u><span style="mso-bidi-font-size: 10.0pt">:<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level2 lfo3"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">A.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">All directors, officers and employees of the Company shall not have, directly or indirectly, any financial or other interest in any entity which is a supplier or customer of the Company.<span style="mso-spacerun: yes">&nbsp; </span>The foregoing shall not prohibit the ownership of not more than one percent (1%) of the stock of any supplier or customer which is listed upon a national stock exchange or actively traded in the over the counter market.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level2 lfo3"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">B.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">Officers and employees shall not be employed by another entity, participate in self employment, or serve another entity in any manner where such activity affects the employee s work efficiency or interferes with the employee s ability to act in the best interests of the Company.<span style="mso-spacerun: yes">&nbsp; </span>Officers and employees whose job functions involve coordination with commercial institutions shall not conduct similar business with such institutions for such officer s or employee s own personal affairs or business.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level2 lfo3"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">C.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">All officers and employees shall be required to complete a form disclosing all known conflicts of interest, or questions regarding such, to the Seaboard Corporation Director of Human Resources for review and acceptance by the Company.<span style="mso-spacerun: yes">&nbsp; </span>The Company may require a person with a conflict of interest to dispense of such conflict of interest.<span style="mso-spacerun: yes">&nbsp; </span>The failure of any person to complete such form disclosing all conflicts of interests, to disclose all known conflicts of interest or to dispense with a conflict of interest, when requested by the Company, may result in discipline by the Company, including termination of employment.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level1 lfo3"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">2.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <u><span style="mso-bidi-font-size: 10.0pt">Personal Gain</span></u><span style="mso-bidi-font-size: 10.0pt">:<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level2 lfo3"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">A.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">All of the business affairs of the Company with all parties, including government officials, suppliers, customers, unions and competitors, shall always be conducted on an ethical, legal and arm s length basis.<o:p></o:p></span></p> <span style="font-size: 12pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"> <br clear="all" style="page-break-before: always" /> </span> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level2 lfo3; mso-hyphenate: none"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">B.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">Directors, officers and employees shall not provide or accept payments, <span style="mso-spacerun: yes">&nbsp; </span>gifts, or favorable business arrangements for the purpose of securing preferential consideration for the Company or as inducement to enter into any transaction.<span style="mso-spacerun: yes">&nbsp; </span>Examples of such prohibited conduct include giving or taking gifts, gratuities, favors, loans, guarantees of loans, commissions, excessive entertainment, kickbacks, rebates, and other types of financial inducements.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level2 lfo3"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">C.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">Common business practice permits the offer or acceptance of certain courtesies of nominal value, usually in the form of meals and entertainment, provided objectivity of the parties will not be unduly affected.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level1 lfo3"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">3.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <u><span style="mso-bidi-font-size: 10.0pt">Confidential Information</span></u><span style="mso-bidi-font-size: 10.0pt">:<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 37.4pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">It is vital the privacy of the Company s confidential information be protected.<span style="mso-spacerun: yes">&nbsp; </span>Confidential information includes proprietary, technical, business, financial, joint venture, customer and employee information that is not available publicly.<span style="mso-spacerun: yes">&nbsp; </span>It is the employee s responsibility to know what information is confidential and to obtain clarification when in doubt.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level2 lfo3"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">A.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">Employees must not disclose confidential information to any person outside of the Company, unless authorized to do so.<span style="mso-spacerun: yes">&nbsp; </span>This includes, as prohibited, any disclosure of confidential information to family and friends.<span style="mso-spacerun: yes">&nbsp; </span>Where confidential information is entrusted to persons outside of the Company, efforts must be made to ensure the continuing protection and confidentiality of that information.<span style="mso-spacerun: yes">&nbsp; </span>Within the Company, confidential information should be disclosed only on a  need to know basis.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level2 lfo3"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">B.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">Employees must not use confidential information for unauthorized purposes.<span style="mso-spacerun: yes">&nbsp; </span>They must also take reasonable care to protect confidential information against loss, theft, unauthorized access, alteration or misuse.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l1 level2 lfo3"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">C.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">Employees leaving the Company who have had access to Company confidential information will be reminded of their continuing responsibility to protect it and maintain its confidentiality.<span style="mso-spacerun: yes">&nbsp; </span>The Company expects that employees joining it from other companies will not disclose the confidential information to those companies.<o:p></o:p></span></p> <p class="MsoTitle" style="margin: 0in 0in 0pt"> <o:p><STRONG>&nbsp;</STRONG></o:p> </p> <b style="mso-bidi-font-weight: normal"><span style="font-size: 12pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"> <br clear="all" style="page-break-before: always" /> </span></b> <p class="MsoTitle" style="margin: 0in 0in 0pt; text-align: center"> <strong>POLICY WITH REGARD TO TRADING SEABOARD SECURITIES</strong></p> <p class="MsoTitle" style="margin: 0in 0in 0pt; text-align: center; tab-stops: 5.0in"> <u><strong><span style="mso-tab-count: 1">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span> <o:p></o:p> </strong></u> </p> <p align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center"> <b><i> <o:p>&nbsp;</o:p> </i></b> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l2 level1 lfo4"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">1.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <u><span style="mso-bidi-font-size: 10.0pt">In General</span></u><span style="mso-bidi-font-size: 10.0pt"><o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">In the course of their employment with</span> Seaboard Marine, ltd.<span style="mso-bidi-font-size: 10.0pt"> or its parent company, Seaboard Corporation, or its subsidiaries and affiliates (collectively, the  Company ), directors, officers and employees frequently come into possession of confidential and highly sensitive information concerning the Company, its customers, suppliers or other corporations with which the Company has contractual relationships or may be negotiating transactions.<span style="mso-spacerun: yes">&nbsp; </span>Much of this information has a potential for affecting the market price of securities issued by the corporations involved.<span style="mso-spacerun: yes">&nbsp; </span>Under some circumstances, federal securities law imposes potentially substantial civil and criminal penalties on persons who improperly obtain, use or provide material, non public information, in connection with a purchase or sale of securities.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">Also keep in mind, the Securities and Exchange Commission ( SEC ) may seek substantial civil penalties from any person who, at the time of an insider trading violation,  directly or indirectly controlled the person who committed such violation, i.e., an <u>employer</u>.<span style="mso-spacerun: yes">&nbsp; </span>As noted above, civil penalties for persons who control violators can equal the greater of $1,000,000 or three times the profit gained or losses avoided.<span style="mso-spacerun: yes">&nbsp; </span>Employers may also be subject to criminal penalties of $2,500,000 for insider trading violations committed by employees.<span style="mso-spacerun: yes">&nbsp; </span>Accordingly, when the maximum criminal penalty is combined with the maximum civil penalty, employers of persons who trade on the basis of insider information may be liable for up to $3,500,000  even for employee violations that yield a small profit gained or loss avoided.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">The statute provides that any  controlling person may be liable for civil penalties up to the amount specified above if the controlling person <u>both</u> (i) knew or recklessly disregarded the fact that the employee was likely to engage in a violation; <u>and</u> (ii) failed to take appropriate steps to prevent that violation before it occurred.<span style="mso-spacerun: yes">&nbsp; </span>Moreover, in recent years, the SEC and governmental prosecutors have been vigorously enforcing the insider trading laws against both individuals and institutions.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">Given all of these factors, the Company has determined to provide specific guidance concerning the propriety of various personal transactions, and to impose specific procedures in certain cases to attempt reasonably to ensure that neither the Company nor any of its directors, officers and employees violates insider trading laws.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l2 level1 lfo4"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">2.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <u><span style="mso-bidi-font-size: 10.0pt">Material Non Public Information</span></u><span style="mso-bidi-font-size: 10.0pt"><o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">The federal securities laws and regulations have been held to prohibit the purchase or sale of a security at a time when the person trading in that security possesses material non public information concerning the issuer of the security, or</span> <span style="mso-bidi-font-size: 10.0pt">the market for the security, which has not yet become a matter of general public knowledge and which has been obtained or is being used in breach of a duty to maintain the information in confidence.<span style="mso-spacerun: yes">&nbsp; </span>Whether the information is proprietary information about the Company or information that could have an impact on the Company s stock price, employees must not pass the information on to others.<span style="mso-spacerun: yes">&nbsp; </span>The penalties discussed above apply, whether or not you derive any benefit from another s actions.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> Material non public information includes information that is not available to the public at large which could affect the market price of the security and to which a reasonable investor would attach importance in deciding whether to buy, sell, or retain the security.<span style="mso-spacerun: yes">&nbsp; </span>Examples of information that might be deemed material include the following:<span style="mso-spacerun: yes"> &nbsp; </span>annual or quarterly financial results, dividend increases or decreases, the declaration of a stock split or the offering of additional securities, earnings estimates, changes in previously announced earnings estimates, significant expansion or curtailment of operations, a significant increase or decline in business, a significant merger or acquisition proposal or agreement, unusual borrowings or securities offerings, major litigation, impending bankruptcy or financial liquidity problems, significant changes in management, purchases or sales of substantial assets, or the gain or loss of a substantial customer or supplier.<span style="mso-spacerun: yes">&nbsp; </span>This list is not exhaustive.<span style="mso-spacerun: yes">&nbsp; </span>Other types of information may be material at any particular time, depending upon the circumstances.<span style="mso-spacerun: yes">&nbsp; </span>It should be noted that either positive or adverse information may be material.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">Information is considered to be available to the public only when it has been released to the public through appropriate channels (e.g., by means of a press release or a statement from one of the Company s senior officers) and enough time has elapsed to permit the investment market to absorb and evaluate the information.<span style="mso-spacerun: yes">&nbsp; </span>Once public release has occurred, information will normally be regarded as absorbed and evaluated within two or three days thereafter.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l2 level1 lfo4"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">3.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <u><span style="mso-bidi-font-size: 10.0pt">Company Policy</span></u><span style="mso-bidi-font-size: 10.0pt"><o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">As long as an officer, director or employee has material non public information relating to the Company or any other issuer, including any of the Company s customers, it is Company policy that the officer, director or employee may not directly or indirectly buy or sell the securities of the Company or any other affected issuer.<span style="mso-spacerun: yes">&nbsp; </span> Equally important, the information may not be passed along to others.<span style="mso-spacerun: yes">&nbsp; </span>This policy shall apply to officers, directors and employees of the Company or its subsidiaries and affiliates.<o:p></o:p></span></p> <p class="MsoTitle" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-weight: normal; mso-bidi-font-weight: bold"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoTitle" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="font-weight: normal; mso-bidi-font-weight: bold">To avoid potential liability under this policy, all officers, directors and employees of the Company must not purchase or sell securities of the Company or of any other issuer of a security at a time when the officer, director or employee is aware of any material non public information about the Company or any issuer, regardless of how that information was obtained. <span style="mso-spacerun: yes">&nbsp;</span>The officer, director or employee also must not permit any member of his or her immediate family or anyone acting on his or her behalf, or anyone to whom he or she has disclosed the information, to purchase or sell such securities.</span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">After the information has been publicly disclosed through appropriate channels, a reasonable time should be allowed to elapse (at least three business days) before trading in the security, to allow for public dissemination and evaluation of the information.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">Without limiting the generality of the policy stated herein, no director or officer of the Company or its subsidiaries and affiliates or other employee possessing material non-public information may make any purchase or sale of securities of the Company (i) from the date two weeks prior to the end of each fiscal quarter until the beginning of the third business day after the public release of earnings for such quarter; (ii) from the time of the public release of any material information until the beginning of the third business day after such release; (iii) during any period when he or she is aware that the Company expects to make a public release of material information in the near future; and (iv) during any other period when he or she has knowledge of any  material inside information concerning the Company.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l2 level1 lfo4"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">4.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <u><span style="mso-bidi-font-size: 10.0pt">Application of Policy to Family Members and Affiliates</span></u><span style="mso-bidi-font-size: 10.0pt"><o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">The foregoing requirements also apply to any purchase or sale of securities of the Company by a family member or others sharing the same address or by a corporation, partnership, trust or other entity owned or controlled by a director, officer or employee.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l2 level1 lfo4"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">5.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <u><span style="mso-bidi-font-size: 10.0pt">Prohibition of Short-Sales</span></u><span style="mso-bidi-font-size: 10.0pt"><o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">Federal securities laws prohibit any short sale or any short sale  against the box of Company securities by any officers, directors or greater than ten percent shareholders.<span style="mso-spacerun: yes">&nbsp; </span>A short sale is the sale of a security either not owned by the seller, or if owned, not delivered (the so called short sale  against the box ), which involves the borrowing of shares by the seller s broker for the account of the seller and delivery of the borrowed shares to the buying broker.<span style="mso-spacerun: yes">&nbsp; </span>At some point in the future, the short seller must purchase the securities to cover the short position.<span style="mso-spacerun: yes">&nbsp; </span>Because the short seller hopes that he or she will be able to purchase at a price lower than the price at which the short sale was made, a short seller expects a security to decline in market value from present levels.<span style="mso-spacerun: yes">&nbsp; </span>Since short sales can depress the price of securities, the Company requires that none of its officers, directors or employees ever make short sales of the Company s securities (whether or not such short sales would be permitted under the federal securities laws).<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l2 level1 lfo4"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">6.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <u><span style="mso-bidi-font-size: 10.0pt">Prohibited Practices</span></u><span style="mso-bidi-font-size: 10.0pt"><o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt">In addition, it is the Company s policy that officers, directors and employees should not engage in any of the following activities with respect to the securities of the Company:<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l2 level2 lfo4"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">A.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <span style="mso-spacerun: yes">&nbsp;</span><span style="mso-bidi-font-size: 10.0pt">Trading in securities on a short term basis.<span style="mso-spacerun: yes">&nbsp; </span> Any security purchased must be held for a minimum of six (6) months before sale, unless the security is subject to forced sale, e.g., as a consequence of merger or acquisition;<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l2 level2 lfo4"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">B.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">Purchases on margin without the prior, written consent of the Company after disclosure to the Company s Board of Directors;<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l2 level2 lfo4"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">C.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">Short sales; or<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p class="MsoNormal" style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; text-align: justify; tab-stops: list .5in; mso-list: l2 level2 lfo4"> <span style="mso-bidi-font-size: 10.0pt"><span style="mso-list: Ignore">D.<span style="font: 7pt 'Times New Roman'"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; </span></span></span> <span style="mso-bidi-font-size: 10.0pt">Buying or selling put or call options.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify"> <span style="mso-bidi-font-size: 10.0pt"> <o:p>&nbsp;</o:p> </span> </p> <p> &nbsp;</p> <span style="mso-bidi-font-size: 10.0pt"> <o:p><P style="MARGIN: 0in 0in 0pt" class="MsoFooter">Rev. 5/1/09</P></o:p> </span> </div> </body> </html>