----

|   |                                                     |   |
|--------|----------------------------------------------------------|--------|
| I.     | Covered      Persons/Purpose of the Code                 | 1      |
|   |                                                     |   |
| II.    | Conflicts      of Interest                               | 1      |
|   |                                                     |   |
| III.   | Confidentiality                                          | 3      |
|   |                                                     |   |
| IV.    | Recordkeeping                                            | 3      |
|   |                                                     |   |
| V.     | Fair      Dealing                                        | 3      |
|   |                                                     |   |
| VI.    | Protection      and Proper Use of Company Assets         | 4      |
|   |                                                     |   |
| VII.   | Foreign      Corrupt Practices Act                       | 4      |
|   |                                                     |   |
| VIII.  | Disclosure      and Compliance                           | 4      |
|   |                                                     |   |
| IX.    | Accountability                                           | 5      |
|   |                                                     |   |
| X.     | Accounting      Complaints                               | 5      |
|   |                                                     |   |
| XI     | Reporting      any Illegal or Unethical Behavior         | 5      |
|   |                                                     |   |
| XII.   | Administration      and Violations of the Code of Ethics | 5      |
|   |                                                     |   |
| XIII.  | Other      Policies and Procedures                       | 6      |
|   |                                                     |   |
| XIV.   | Confidentiality      of Reports & Records            | 6      |
|   |                                                     |   |
| XV.    | Internal      Use                                        | 6      |

----

|   |                                     |
|--------|------------------------------------------|
| I.     | Covered Persons/Purpose of the      Code |

|   |    |                                                                                                                                                                                                                                                        |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | honest      and ethical conduct, including the ethical handling of actual or apparent      conflicts of interest between personal and professional      relationships;                                                                                      |
|   |    |                                                                                                                                                                                                                                                        |
|   | • | full,      fair, accurate, timely and understandable disclosure in reports and      documents filed with, or submitted to, the Securities and Exchange      Commission (the “SEC”) and in other      public communications made by the Company; |
|   |    |                                                                                                                                                                                                                                                        |
|   | • | compliance      with applicable laws and governmental rules and    regulations;                                                                                                                                                                             |
|   |    |                                                                                                                                                                                                                                                        |
|   | • | prompt      internal reporting of violations of the Code to an appropriate person or      persons identified in the Code; and                                                                                                                               |
|   |    |                                                                                                                                                                                                                                                        |
|   | • | accountability      for adherence to the Code.                                                                                                                                                                                                              |

|   |                       |
|--------|----------------------------|
| II.    | Conflicts of      Interest |

----

|   |    |                                                                                                                                                                                                                                                      |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | not      use his or her personal influence or personal relationships improperly to      influence business decisions or financial reporting by the Company whereby      the Covered Person would benefit personally to the detriment of the      Company; |
|   |    |                                                                                                                                                                                                                                                      |
|   | • | not      cause the Company to take action, or fail to take action, for the      individual personal benefit of the Covered Person to the detriment of the      Company; and                                                                               |
|   |    |                                                                                                                                                                                                                                                      |
|   | • | report      at least annually any affiliations or other relationships related to      conflicts of interest.                                                                                                                                              |

|   |    |                                                                                                                                                                                                                                                                                                                                                       |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | service      as a director on the board of any other business    organization;                                                                                                                                                                                                                                                                             |
|   |    |                                                                                                                                                                                                                                                                                                                                                       |
|   | • | the      receipt of non-nominal gifts;                                                                                                                                                                                                                                                                                                                     |
|   |    |                                                                                                                                                                                                                                                                                                                                                       |
|   | • | the      receipt of entertainment from any company with which the Company has      current or prospective business dealings, including investments in such      companies, unless such entertainment is business-related, reasonable in      cost, appropriate as to time and place, and not so frequent as to raise      any questions of impropriety; or |
|   |    |                                                                                                                                                                                                                                                                                                                                                       |
|   | • | any      ownership interest in, or any consulting or employment relationship with,      any of the Company’s unaffiliated service  providers.                                                                                                                                                                                                        |

----

|   |            |
|--------|-----------------|
| III.   | Confidentiality |

|   |          |
|--------|---------------|
| IV.    | Recordkeeping |

|   |            |
|--------|-----------------|
| V.     | Fair    Dealing |

----

|   |                                             |
|--------|--------------------------------------------------|
| VI.    | Protection and Proper Use of      Company Assets |

|   |                               |
|--------|------------------------------------|
| VII.   | Foreign Corrupt Practices      Act |

|   |                           |
|--------|--------------------------------|
| VIII.  | Disclosure and      Compliance |

|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | familiarize      himself or herself with the disclosure requirements generally applicable      to the Company;                                                                                                                                                                                                                                                                                                                   |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | • | not      knowingly misrepresent, or cause others to misrepresent, facts about the      Company to others, whether within or outside the Company, including to the      Company’s directors and auditors, and to governmental regulators and      self-regulatory organizations;                                                                                                                                            |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | • | to      the extent appropriate within such Covered Person’s area of      responsibility, consult with other officers and employees of the Company      and Company Affiliates with the goal of promoting full, fair, accurate,      timely and understandable disclosure in the reports and documents the      Company files with, or submits to, the SEC and in other public      communications made by the Company; and |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | • | promote      compliance with the standards and restrictions imposed by applicable laws,      rules and regulations.                                                                                                                                                                                                                                                                                                              |

----

|   |           |
|--------|----------------|
| IX.    | Accountability |

|   |    |                                                                                                                                                                                                                                                                                          |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | upon      adoption of the Code (or thereafter as applicable, upon becoming a Covered      Person), affirm in writing to the Board that he has received, read and      understands the Code by signing and returning to the Board the affirmation      attached hereto as Exhibit      A; |
|   |    |                                                                                                                                                                                                                                                                                          |
|   | • | annually      thereafter affirm to the Board that he has complied with the requirements      of the Code;                                                                                                                                                                                     |
|   |    |                                                                                                                                                                                                                                                                                          |
|   | • | not      retaliate against any other Covered Person or any employee of the Company      or Company Affiliates for reports of potential violations that are made in      good faith; and                                                                                                       |
|   |    |                                                                                                                                                                                                                                                                                          |
|   | • | notify      the Chairman of the Audit Committee promptly if he or she knows of any      material violation of this Code.                                                                                                                                                                      |

|   |                       |
|--------|----------------------------|
| X.     | Accounting      Complaints |

|   |                                             |
|--------|--------------------------------------------------|
| XI.    | Reporting any Illegal or      Unethical Behavior |

|   |                                                     |
|--------|----------------------------------------------------------|
| XII.   | Administration and Violations      of the Code of Ethics |

|   |    |                                                                                                                                                               |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | receiving,      reviewing, investigating and resolving concerns and reports on the matters      described in this Code;                                            |
|   |    |                                                                                                                                                               |
|   | • | providing      guidance on the meaning and application of this Code;  and                                                                                          |
|   |    |                                                                                                                                                               |
|   | • | reporting      periodically and as matters arise (if deemed necessary by the Compliance      Officer) to management and the Audit Committee on      implementation |

----

|   |                               |
|--------|------------------------------------|
| XIII.  | Other Policies and      Procedures |

|   |                                          |
|--------|-----------------------------------------------|
| XIV.   | Confidentiality of Reports      & Records |

|   |            |
|--------|-----------------|
| XV.    | Internal    Use |

----

|                                             |   |                                                             |
|--------------------------------------------------|--------|------------------------------------------------------------------|
| ________________________________________________ |   | ____________________________________________________             |
| Date                                             |   | Name:      ____________________________________________________  |
|                                             |   | Title:      ____________________________________________________ |