Exhibit 14

# CODE OF CONDUCT

# FOR INTERNAL USE ONLY

This Code of Conduct
contains proprietary information that may not be distributed to any party outside of
Bremer Financial Corporation and its affiliates without the written approval ofthe
Compliance Counsel or the Risk Management Director.

|Requires BFC and BFSI  Board approval biennially                 
Requires Affiliate Board approval biennially                                          
Individual Responsible for Maintaining & Updating Code of Conduct:                    
Compliance Counsel & Director of Human Resources
This Code of Conduct applies to Bremer Financial Corporation and all its subsidiaries. | Board Approved: January 2003
Board Approved:
Last Revision date: 01/2003
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------

# STATEMENT OF NEED AND
PURPOSE

Our integrity is essential to
Bremers success. Honesty, good judgment, and adherence to applicable laws and
regulations are required in all our business operations. Bremer recognizes that to
maintain the trust and confidence of its employees and clients, all employees and
directors must follow rigorous ethical standards and obey all applicable laws and
regulations when conducting professional and financial activities both on behalf of Bremer
affiliates and when representing Bremer in the communities we serve.

---

# CODE OF CONDUCT APPROVAL

The Bremer Financial Corporation
board of directors and the boards of all affiliates have approved the principles and
standards discussed in this document. Bremer may change, correct, modify, or revoke any of
the principles and policies discussed in this document or the related procedures at any
time and with or without notice. Bremer will inform employees and others of such changes
as quickly as possible.

Nothing contained in this Code of
Conduct is intended to create, or should be interpreted to create, any additional
employment rights for any Bremer employee.

Whenever the term Bremer
is used in this document, it means Bremer Financial Corporation and all Bremer affiliates.
Whenever the term Bremer employee is used in this document, it refers to all
Bremer directors, officers, employees, independent contractors, and any other companies or
individuals representing Bremer.

# INTRODUCTION

In addition to our reputation for
creating client, employee, and shareholder satisfaction through innovation, management of
our promises, and participation as a team, Bremer is proud of its tradition of ethical
business practices. The strength of Bremer lies in maintaining mutual respect within
Bremer and between Bremer and its clients, and in preserving our reputation for integrity
that Bremer has earned. Our clients, shareholders, and the community expect us to meet
very high standards. They entrust us with their money, confidential information, and
important aspects of their lives.

The guidelines in this Code of
Conduct reflect our corporate and personal commitment to live up to those expectations.
Many of these guidelines are based on laws and regulations. Others are based on
philosophical and ethical principles that enhance our ability to work together
cooperatively and conduct our business effectively.

All employees and directors are
expected to comply with both the letter and spirit of applicable laws and regulations, as
well as this Code of Conduct which is designed to guide us in maintaining our principles.
We are all expected to avoid illegal, dishonest, or unethical conduct, or any other
actions that might reflect unfavorably on either our own integrity or that of Bremer.

You are expected to understand this
Code of Conduct and apply its guidance to your decisions; however, we do not expect this
document to answer every possible question you may have in the course of conducting Bremer
business.

To get more help or guidance with the
Code of Conduct, you should discuss the matter with your manager, an executive manager, a
member of the human resources department, or Bremer Compliance Counsel. If you are unsure
as to whether your actions may cause embarrassment to you or Bremer, you are expected to
seek guidance before taking action.

| | Reporting
of Violations and Questions or Concerns. All employees are encouraged to work to
create an atmosphere that supports respect, integrity, teamwork, and excellence.
Employees who become aware of any behavior by another employee that is in conflict with
either the spirit or the letter of the Code of Conduct or applicable laws and regulations
are urged to discuss the matter with their manager, an executive manager, a human
resources manager, Compliance Counsel, or the Risk Management Director. While reports may
be made anonymously, signed reports are preferable to facilitate follow up and
resolution. The situations reported will be appropriately investigated. Reporting
potential violations of the Code of Conduct is not an act of disloyalty, but an action
that shows your sense of responsibility and fairness to your fellow employees, our
clients, and shareholders. There will be no retaliation against employees who report
information in good faith and in accordance with this procedure.
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| | The
provisions of this Code of Conduct will be enforced. Ethical conduct is an individual
obligation of all employees and directors, and we are all responsible for knowing and
complying with the stated guidelines, as well as other conditions of employment. Failure
to do so, or conduct in violation of any law or regulation, may lead to discipline, up to
and including dismissal. Employees and directors may periodically be required to attest
to personal compliance with the Code of Conduct.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | You
may report any violations or pursue any questions or concerns you may have by addressing
them to any of the following individuals:
| | --------------------------------------------------------------------------------------------------------------------------------------

| |    Ann
Hengel - Executive Vice President Risk Management (651-552-2445)
        John Wosepka Chief Operating Officer (651-312-3575)
         Carla Paulson  Senior Vice President Human Resources (651-312-3721)
        Connie Weinman  Compliance Counsel (651-734-4456)
         Terry Cummings  BFC Audit Committee Chairperson
        If you prefer to send your inquiry via the mail, please direct
it to an individual listed above at Bremer Financial Services, Inc., 445 Minnesota Street, Suite 2000,St. Paul, MN, 55101
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | How
Bremer will handle your questions and reports. All reports and inquiries are handled
confidentially to the greatest extent possible under the circumstances. You may choose to
remain anonymous; however, in some cases that could make it more difficult to follow up
and ensure resolution of your inquiry.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Certificate
of Compliance. On an annual basis, Bremer may ask you to certify that you are aware
of and are in compliance with the companys policies on ethical behavior  this
is referred to as the certificate of compliance process. The certification
also requires that you identify all potential conflicts of interest, list any violations
or questionable activities you have witnessed or heard about, and/or certify that you are
not aware of any such activities.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
addition, all prospective employees are required to agree as a condition of employment
that if they are employed by Bremer they will comply with the companys
Code of Conduct. Lastly, new employees will be provided with information on the companys
ethical principles and values, as well as the process for addressing ethical dilemmas.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Once
again, we want you and every Bremer employee to report possible violations of our ethical
principles whenever you see them or learn about them. In fact it is a requirement of your
employment. If you do not know whether something is a problem, ask. Thank you for your
cooperation.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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# INTERNAL CONTROLS

| | Accounting,
Recordkeeping, and Investigation.Bremer complies with the applicable accounting,
recordkeeping, and internal control requirements of various regulations and the financial
reporting requirements of generally accepted accounting procedures. Bremer maintains
books and records that accurately and fairly reflect, in reasonable detail, transactions
and dispositions of assets.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | To
assure the integrity of our accounting records, all entries to Bremers books must
be prepared with care and must be supported by adequate documentation to provide a
complete, accurate, and auditable record of the transactions they describe.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Employees
are responsible for complying with Bremers accounting, recordkeeping, and internal
controls. These internal controls are documented in various procedures. They are designed
to ensure compliance with generally accepted accounting principles, as well as with
reporting requirements of relevant laws and regulations.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Employees
are prohibited from entering into any arrangement that results in making knowingly false
or misleading entries in Bremers books or records. Under no circumstances shall
funds, assets, or liabilities of Bremer be concealed or hidden. Any employee having
information or knowledge of any unrecorded or mis-recorded funds, asset, liability, or
any prohibited act must promptly report that activity to management or to the risk
management director.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | No
entry shall be made on Bremers books and records which intentionally hides or
disguises the true nature of any transaction. No undisclosed or unrecorded funds or
assets may be established. Bremer and its employees should not be a participant in any
transaction where we are uncomfortable with how the other party will account for the
transaction in their books and records.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Bremer
controls its conduct through its managers, administration of its systems of internal
controls, and through the Bremer Financial Corporation Audit Committee that has
responsibility for the internal and external audit process. Employees are expected to
cooperate fully with any investigation, internal audit, external audit, or regulatory
examination regarding any matter.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | False
or Misleading Remarks. False or misleading remarks may not be made about clients,
vendors, competitors, or other Bremer employees. You also must not make false statements
about the financial conditions of Bremer. False, misleading, or incomplete statements to
auditors, examiners, or other investigators are considered the same as falsification of
records.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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# CORPORATE INFORMATION
SECURITY

Information about the business of
Bremer is a valuable asset, and we exercise great care to ensure that such information is
safe, confidential, accurate, reliable, and accessible only to authorized users. It is the
obligation of all employees to protect the confidentiality of all Bremers client,
employee, and vendor financial, technical, and other trade secret information.

Financial, personal, and other
sensitive information about current and former clients, employees, and Bremer should
receive the same care and security as funds or valuable physical property. Employees must
not use their positions to obtain information or services for unauthorized purposes. Those
who knowingly access, disclose, modify, copy, or destroy Bremer or other protected
information without prior approval, or for improper purposes are in violation of Bremer
procedures and may be subject to disciplinary action, up to and including termination.

Bremers Information Security
Policy prohibits the sharing of confidential or proprietary information with any
individual who is not a Bremer employee and who does not have a need to know
the information. Confidential information can include, without limitation, customer,
employee, and/or Bremer information such as customer account data or Bremer financial data
that is not publicly available. Proprietary Bremer information includes all intellectual
property created or owned by Bremer such as policies, forms, and Intranet content. If a
customer or former employee (or anyone else outside of Bremer) requests this type of
information, you should immediately report this activity to your supervisor.

| | Software
Copyrights and License Agreements. Bremer uses various purchased software packages
from complex mainframe packages to programs purchased or downloaded for use on personal
computers. This section of the Code of Conduct refers to software packages purchased for
use on personal computers. Software used on mainframe systems is subject to similar
restrictions.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Packaged
software is generally licensed for use rather than sold outright and is normally
protected by copyright laws. All employees must be aware of and conform to copyright laws
and software licensing agreements for software packages purchased by Bremer, particularly
in the case of software packages for personal computers. Bremer intends to conform to the
restrictions of the copyright laws and licensing agreements of the software vendors and
other copyright holders. Bremer does not condone the unauthorized duplication of
purchased software. Management considers the practice of illegal copying or installation
of software to be theft and to be ethically wrong. In general, Bremer restricts use of
the software package to the particular computer for which it was purchased. Since
copyright protections also extend to intellectual property such as music recordings,
movies, and literary works, using Bremer owned equipment or bandwidth to swap, trade, or
download these protected items is also prohibited.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Employees
should be guided by software licensing agreements or contracts that are often attached to
the envelope containing the disks, or available on the screen at the time the software is
loaded. Such agreements generally allow the user to make only a single additional copy of
the software for backup purposes. In other words, the software is limited to one user.
Employees should also be aware that although Bremer purchases software under standalone
licenses, it might also purchase a network license, which allows the software to be used
by more than one user; however, any additional installations of software licensed for
more than one user or installing software not obtained through the Technology Department
(such as downloaded plug-ins) must be approved by the Technology Manager.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Bremer
recognizes the seriousness of violating the copyright laws and licensing agreements of
the software vendors and is aware that penalties for noncompliance continue to increase;
a breach of a licensing agreement or copyright infringement could expose Bremer to
possible costly litigation. Further, enforcement of software licensing and other
copyrights may be policed by such outside groups as the Software Publishers Association,
the Business Software Alliance, the Recording Industry Association of America, and the
Federation Against Software Theft. They may prosecute offenders on behalf of their
members. Internally, the BFSI Information Technology Department is responsible for
enforcing and monitoring compliance with this section of the Code of Conduct.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | Computer
Viruses. The proliferation of computer viruses, worms, or other malicious programs
infecting corporate computer systems continues to increase. It is the intention of Bremer
to educate employees on the potential for spreading computer viruses and to ensure that
Bremer guards against such viruses. The development of a computer virus or malicious
program is considered an unethical activity. These viruses can have various results on
computer systems, ranging from harmless changes to severely damaged files or data and
system destruction. Bremer makes available virus detection software packages to scan a
computer system for any suspected virus, should any unusual activity occur on a system.
You are required to maintain anti-virus software on all systems that access the Bremer
network, and its use is strongly recommended for stand-alone systems.
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| | Electronic
Communication. All electronic equipment, hardware, software, digital network
communications, and electronic storage systems for data, including but not limited to
computers, disks, and the contents of email, voice mail, and the telephone systems are
the property of Bremer. Bremer is the sole owner of all computers, software, and all
files that employees use and create including but not limited to Internet access; all
files; the email, voice mail, and telephone systems; computer systems; and security
systems. These systems are to be used for business purposes; use for personal purposes is
permissible only within reasonable limits. Excessive use may result in disciplinary
action.
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| | Bremer
reserves the right to recover and access employees email, Internet, Intranet, and
voice mail files. Bremer records, including archive and usage information for electronic
mail and Intranet or Internet access, are subject to review and monitoring by Bremer
management. These records are also subject to disclosure to law enforcement officials and
other regulators, and are subject to subpoena and other processes not defined here. You
should always ensure that the business information contained in a message is accurate,
appropriate, and lawful. All telephonic systems, email, voice mail, and digital network
communications (including Internet usage) may be monitored, printed, read or listened to,
or recorded by Bremer to assure that they are being used for appropriate business
purposes, do not violate applicable laws and regulations, or do not have a significant
adverse affect on Bremer or its employees. All information transmitted by, received from,
or stored in the computer systems or on other methods of electronic storage, including
but not limited to email, voice mail, call ID records, people locator reports, security
system reports, monitoring system reports, computer memory, or disks are property of
Bremer and are subject to inspection by Bremer to assure that they are being used as
required by this Code of Conduct.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Having
a password or security code does not assure that any electronic communication will remain
private within Bremer systems. Bremer has the capability to access and monitor all
electronic communications to make sure that they are being used for proper purposes, as
described above and to access them, as needed.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | You
may only disclose information or messages from electronic communications to authorized
employees or individuals. Employees are not to use a password, code, access a file, or
retrieve stored communications or information without proper authorization. All computer
disks of any type or style should be stored in a secure place. Computer disks, files,
reports, and any other materials containing confidential or client information should be
stored securely to prevent unauthorized access. Communications outside the Bremer network
are subject to interception by persons not associated with Bremer (hackers or other
malicious individuals), and must be handled with extreme caution. Unencrypted email
communications are NOT secure; therefore, confidential information must not be
transmitted outside the Bremer network using the email system.
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| | BY
ACCEPTING EMPLOYMENT WITH BREMER,
| | ------------------------------------

| |  | YOU ACKNOWLEDGE AND CONSENT TO BREMERS MONITORING, AS DESCRIBED IN THIS CODE OF
CONDUCT, OF YOUR USE OF BREMERS PROPERTY; COMPUTER SYSTEMS; DIGITAL NETWORK
COMMUNICATIONS; EMAIL , VOICE MAIL, AND TELEPHONE SYSTEMS; AND OTHER SIMILAR
TECHNOLOGICAL DEVICES.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | YOU ACKNOWLEDGE THAT YOU DO NOT HAVE ANY PRIVACY RIGHT IN ANY EMAIL, VOICE MAIL, OR
TELEPHONE SYSTEMS; COMPUTER GENERATED COMMUNICATION; OR DIGITAL NETWORK COMMUNICATIONS HOWEVER CREATED, SENT, RECEIVED, ACCESSED, OR STORED.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Electronic
Communication Guidelines. Bremer Internet, email, and cellular phones should be
considered a public, visible postcard without any security. Use of Intranet and Internet
email by an employee or a person representing Bremer implies the understanding that the
person is representing Bremer and will comply with this Code of Conduct. Usage is
principally restricted to work-related functions.
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| | Bremer
employees, representatives, agents, and users shall not participate in any activity or
operation that violates the law, or violates or compromises the security or safety of
Bremer operations, system, or network, including without limitation:
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| |  | Sending
unsolicited or unauthorized commercial messages, advertising, informational announcements
or communications in any form (SPAM).
| | - | -----------------------------------------------------------------------------------------------------------------------------------------

| |  | Engaging
in activities or actions that infringe or misappropriate the intellectual property rights
of others, including without limitation, copyright, patent, trademark, trade secret and
confidential information.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Installing
or using software on Bremer equipment without specific authorization having been obtained
from the information technology department. This includes using the Internet to download
and then install software such as browser plug-ins, Internet chat programs, or other
software.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Playing
games on network communications systems, computers, or other systems owned by Bremer.Engaging
in any activities or actions that would violate the personal privacy rights of others. o
Sending, posting, or hosting any harassing, abusive, libelous, or obscene materials.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Sending
email or other external or internal communication that intentionally omits, deletes,
forges, or misrepresents transmission information, including headers, return mailing and
internet protocol addresses.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Engaging
in any activities or actions intended to withhold or cloak identity or contact
information.
| | - | ----------------------------------------------------------------------------------------------------

| |  | Communicating (including email, Internet Chat, participation in message systems or boards,
or any other posting or conversing with other individuals using the Internet or intranet)
to another user in any manner that reasonably could cause him or her distress,
embarrassment, or unwarranted attention; this may constitute harassment. Personal attacks,
including any based on race, color, religion, sex, sexual orientation, national origin,
age, disability, veteran status, or any other factors are prohibited by law.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Impersonating,
misrepresenting, or harassing any individual, including Bremer employees, third parties,
suppliers or representatives of Bremer customers is prohibited.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| |  | Claiming
to be acting in an official capacity without authorization.
| | - | --------------------------------------------------------------------

| |  | Misusing,
abusing, or making any unauthorized use of any property, website, personnel, or equipment
of Bremer, its customers, suppliers, or any third party related to Bremer.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Using
any Bremer electronic communications device for any illegal purposes, in violation of any
applicable law, or in violation of the rules of any other service provider.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Accessing,
monitoring, or using data, traffic, systems, facilities or networks without proper
authorization, including any attempt to probe, scan or test the vulnerability of a system
or network, or to breach security or authentication measures without express
authorization of the owner of the system or network is prohibited.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Interfering
with the system or service to any user, host, or network; this includes, without
limitation, deliberate attempts to overload a system or posting of multiple messages.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Transmitting,
distributing, or storing of any material or data in violation of any applicable law or
regulation.
| | - | ----------------------------------------------------------------------------------------------------------------

| |  | Configuring
equipment in violation of the manufacturers specifications or system requirements.
| | - | -----------------------------------------------------------------------------------------------

| |  | Attempting to access any Internet connected system not owned by the individual employee or
by Bremer without authority, including accessing co-workers systems and Bremer
servers without permission.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | OBSERVANCE
AND ADHERENCE TO THE ELECTRONIC COMMUNICATION GUIDELINES IS MANDATORY. FAILURE TO COMPLY,
OR EXCESSIVE OR INAPPROPRIATE PERSONAL USE OF TECHNOLOGY ASSETS, MAY RESULT IN
DISCIPLINARY ACTION, UP TO AND INCLUDING IMMEDIATE DISCHARGE.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# PROTECTING OUR INTEGRITY

A conflict of interest is defined
broadly to include any situation in which an employee is engaged in two or more activities
or relationships that, to some degree, are mutually incompatible. These situations may
include activities, conduct, or investments that could conflict with your duty to Bremer
or that could adversely affect your judgment or job performance.

The appearance of a conflict of
interest often can be as detrimental as an actual conflict of interest itself. Uncertainty
about whether an activity is a conflict of interest, or may give the appearance of a
conflict of interest, should be discussed with your manager, an executive manager, or
Bremer Compliance Counsel.

Avoiding
conflicts of interest. Bremer employees and directors shall refrain from the following
activities under all circumstances:

| |  | Soliciting and accepting gifts from individuals or companies when the gifts are offered
solely based on Bremer employment (gifts which qualify as permissible exceptions are
exempt from this prohibition).
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Participating
in Bremer decisions which could directly or indirectly affect you or your family. o
Knowingly allowing a family member to conduct activities that could create a conflict of
interest with Bremer.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Using
inside information when making personal or company related investment decisions, or
providing such information to others.
| | - | -------------------------------------------------------------------------------------------------------------------------------

| |  | Using
your association with Bremer for personal gain (beyond authorized compensation and
benefits).
| | - | ---------------------------------------------------------------------------------------------------

| |  | Using
Bremer property, services, information, or influence for your own or for anothers
advantage.
| | - | ---------------------------------------------------------------------------------------------------

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| | You
have a responsibility to disclose information that otherwise might be considered private
or personal when a conflict of interest exists or is suspected. You are required toreceive written approval from management before participating in activities or
transactions that have the potential of being a conflict of interest. If you disagree
with Bremers Code of Conduct or with managements decision, you must still
comply with the decision.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Outside
Directorships. Bremer employees are encouraged to take part in community and
charitable activities where they live and work Directorships that pose a conflict of
interest  or create the appearance of a conflict of interest  are to be
avoided. If an apparent or actual conflict of interest develops and cannot be immediately
resolved, you are required to immediately notify your manager, and you may be required to
promptly withdraw from service as a director of the outside corporation or organization.
You should also be aware that you have sole responsibility for your actions and that
Bremer does not provide indemnification for employees who serve as directors of outside
entities unless such service is at the specific request of Bremer.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Directors
of any Bremer affiliate are required to request the written approval of the Board
chairperson prior to accepting board membership of any board of a financial services
company, prior to agreeing to serve in a governance capacity.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Bremer
affiliate directors and employees are required to abstain from, and not be physically
present during, negotiations, preparations, recommendations, or approvals of any
extensions of credit or other business transactions between Bremer and any outside
organization on whose board of directors the director or employee sits.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Outside
Employment. Your primary employment obligation is to Bremer. Any outside activity,
such as a second job or self-employment, must be kept completely separate from your
activities with Bremer, and you are required to disclose it to your manager. You may not
use Bremer clients, vendors, time, name, influence, assets, facilities, materials, or
services of other employees for outside activities unless specifically authorized by your
manager, as in certain volunteer and community work. Outside employment must in no way be
competitive with Bremer activities.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Fiduciary
Appointments. Employees may only accept fiduciary appointments (such as executor,
administrator, guardian, trustee, and testamentary trustee) for family members. Family
members include spouse, child, parent, grandparent, sibling, parent-in-law, or any other
individual with whom you have an especially close relationship. You are required to
receive prior written approval for any exception to this guideline from executive
management of your affiliate.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Additionally,
employees may not accept appointments as attorney-in-fact under general powers of
attorney if the power of attorney allows you to use your own discretion in handling
client funds. Exceptions to this restriction may only be made if required in the ordinary
course of business in fiduciary accounts and for family members.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Employees
may carry out client instructions that specify handling of the clients accounts
when authorization has been obtained in writing from the client.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | Handling
Personal Transactions. Employees are encouraged to select Bremer affiliates for their
financial services needs. Information regarding your accounts is only shared with other
employees having a need to know the information. Transactions involving your
own accounts or the accounts of family members or any other relatives are required to be
referred to another employee or your manager to process. You may not make decisions,
approve transactions, or direct others to approve transactions on such accounts in any
mannerthat would inappropriately influence the results of those transactions.Additionally,
if you are asked to process a transaction for another employee, you should be careful to
ensure that the transaction is appropriate and within your authority.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | This
restriction does not apply to security transactions by registered representatives. These
employees are allowed to process transactions permissible under the NASD rules.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Family
Members  Employees can encounter a conflict of interest when doing business
with or competing with organizations in which family members have an ownership or
employment interest. Family members include a spouse, parents, children,
grandparents, siblings, and in-laws. You may not conduct business on behalf of Bremer
with family members or an organization with which you or your family members are
associated unless specific written approval has been granted in advance by the executive
officer who leads your business unit.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Signing
on Client Accounts. Employees may not sign on clients accounts, act as
co-tenant of clients safe deposit boxes, or otherwise represent clients without
prior written executive management approval. This prohibition does not include clients
who are also family members.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Accepting
or Giving Gifts, Hospitality or Entertainment, Payments, and Preferential Treatment.Provisions
of the Comprehensive Crime Control Act of 1984 apply to all employees of financial
institutions and are echoed in this Code of Conduct. The Act covers receiving gifts or
anything of value from current or prospective clients or vendors with a corrupt intent.
The law also applies if employees, on behalf of Bremer, give, offer, or promise anything
of value to an employee of another financial institution in connection with any business
of that financial institution with a corrupt intent. Violations are punishable by fine,
imprisonment, or both.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
intent of the law is to eliminate bribes, as well as gifts and hospitality that might
influence the business judgment of an employee.
| | -----------------------------------------------------------------------------------------------------------------------------------------

| | Accepting
Gifts. Employees of Bremer may not solicit gifts for themselves or for
a third party, directly or indirectly, and are discouraged from accepting gifts from
prospective or current clients, or prospective or current vendors.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |         Gifts
with a value in excess of $300 may not be accepted.
| | ------------------------------------------------------------------

| |               Gifts
of cash, in any amount, may not be accepted.
| | -----------------------------------------------------------------

| |  Payable
on Death (POD) designations by clients (other than family members) require prior written
disclosure and approval of executive management.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------

| |  Gifts
valued at $300 or less (such as tickets to entertainment events) may be accepted only if
declining the gift would damage client or vendor relations and if the conditions stated
below are met:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  You
have not accepted gifts from this client or vendor during the past 12 months.
| | -----------------------------------------------------------------------------------

| |  No
effort is being made to influence your judgment.
| | -----------------------------------------------------

| |               Accepting
the gift will not influence your judgment.
| | -------------------------------------------------------------------

| |               You
have not solicited the gift.
| | -----------------------------------------------

| | Permissible
Exceptions
| | ----------------------

| | It
is not always improper for an employee to accept something of value from someone doing or
seeking to do business with Bremer. In general, there is no risk to Bremer if:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  The
item is offered based on a family or personal relationship, independent of any business
relationship.
| | -----------------------------------------------------------------------------------------------------------

| |  The
benefit is available to the general public under the same conditions.
| | ---------------------------------------------------------------------------

---



| |  Bremer
will pay for the item as a reasonable business expense if another party does not pay for
it.
| | -----------------------------------------------------------------------------------------------------

| | Common
examples of reasonable exceptions are:
| | ---------------------------------------------

| | A
business luncheon or holiday season gift.
| | --------------------------------------------

| | Gifts,
meals, gratuities, amenities, or favors based on obvious family or personal
relationships. The circumstances should be clear that the relationship, rather than the
business of Bremer, is the motivating factor.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Advertising
or promotional material of reasonable value, including pens, pencils, note pads, key
chains, calendars, and similar items.
| | ---------------------------------------------------------------------------------------------------------------------------------------

| |  Discounts
or rebates on merchandise or services that are available to other similar clients.
| | ----------------------------------------------------------------------------------------------

| |  Gifts
of reasonable value related to commonly recognized events or occasions such as a
promotion, new job, wedding, retirement, or religious holiday.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------

| | Civic,
charitable, educational, or religious organizational awards for recognition of service
and accomplishment.
| | ------------------------------------------------------------------------------------------------------------------

| |  Other
benefits or items of value, when approved in writing, on a case-by-case basis. These
should be approved prior to acceptance by an executive manager, in consultation with
Compliance Counsel, based on a full, written disclosure of all relevant facts. As always,
these should be consistent with applicable law.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Accepting
Offers of Hospitality or Entertainment. There is no dollar limitation on accepting
offers of hospitality or entertainment; however, Bremer employees must make thoughtful
decisions in accepting offers of hospitality or entertainment to avoid placing either
themselves or Bremer in a situation where there is a real or perceived conflict of
interest. Bremer guidelines, consistent with the Comprehensive Crime Control Act of 1984,
prohibit employees from accepting hospitality or entertainment that is:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |               Solicited
by you.
| | --------------------------------

| |               Lavish
or unusual.
| | ---------------------------------

| |               Not
a normal or customary type of amenity.
| | ---------------------------------------------------------

| |  An
expense reimbursed by a client or vendor that Bremer would not pay.
| | ------------------------------------------------------------------------

| | If
you receive an offer of hospitality or entertainment that is not explicitly prohibited,
you should weigh the following considerations in making your decision:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Perception Your
acceptance of the hospitality should not be likely to be perceived as a potential
conflict of interest by others, including other Bremer employees,  clients, vendors,
competitors, the community, or regulators. You should not accept if either you or Bremer
would be embarrassed if the facts regarding your acceptance of the hospitality were fully
reported by an investigative journalist.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 
Reciprocity  You are in a position at Bremer where you may provide
reciprocal hospitality to the client or vendor at Bremer expense. You should consider not
only the nature of the hospitality being offered, but also the organizational stature of
the person making the offer.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Pattern  The
nature of the hospitality being offered should be typical for the size and status of the
account or vendor relationship. Similar offers of hospitality should be common and
appropriate with regard to your job responsibilities.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Intent  The
hospitality being offered should not be an attempt to influence your decision with regard
to a transaction involving a client or vendor. If it is, you must decline. Employees who
negotiate vendor contracts or make vendor selection decisions must be extremely sensitive
to the issue of intent.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---



| | Benefit  Bremer
should derive some benefit from your acceptance of the hospitality or would be
disadvantaged if you were to decline the offer.
| | ------------------------------------------------------------------------------------------------------------------------------------------------

| | Objectivity  Acceptance
of hospitality should not in any way affect your ability to be objective with regard to
any decisions concerning a client or vendor. If it will, you must decline.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | If
after weighing all these factors, you determine that it is appropriate to accept the
offered hospitality, you may do so. If you are unsure, it is your responsibility to
request and receive prior approval from your manager or consult with Compliance Counsel.
If there is something unusual about the nature of circumstances of the hospitality being
offered, you should request executive management approval. Bremer has no dollar limits on
the value of hospitality that may be accepted.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Reporting
of Offers. You should immediately report to your manager or Compliance Counsel any
offers made to you of gifts, hospitality or entertainment, payments, or preferential
treatment that would violate this Code of Conduct and applicable laws and regulations,
even if you declined the offer.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Other
Financial Institutions. Federal law provides that employees of all financial
institutions cannot offer, give, solicit, or accept anything of value to or
from an employee of another financial institution in connection with any transaction or
business. In some circumstances, consistent with the Code of Conduct, it may be
appropriate to provide normal business amenities.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Unpaid
Outside Activities. Employees may provide unpaid special services outside Bremer such
as giving speeches, serving on advisory committees, providing consulting services, and
authorship of professional articles. Before committing to any of this type of engagement,
you must obtain written approval from your business unit manager. Written articles and
speeches should be submitted to the director of marketing or your business unit manager
for review prior to publication. Proprietary information about Bremer or its business must
be kept confidential and should not be included in any articles or speeches until it is
known by or available to the public.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Payments
for Outside Activities. From time to time, employees may be offered payment or
reimbursement of expenses for special engagements or services rendered outside Bremer for
activities described above. Reasonable compensation or reimbursement received in this
manner may be accepted if it is earned and if it does not constitute an attempt to avoid
the prohibitions outlined regarding gifts, gratuities, and hospitality. If the offered
compensation or reimbursement exceeds $300, you must obtain prior written approval from
your business unit manager.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Federal
Government. Special rules may apply when dealing with state or local officials, and
special rules do apply when dealing with federal government officials. Bremer employees
are prohibited from offering, giving, soliciting, or accepting bribes, kickbacks,
extraordinary commissions, or other things of value for favored treatment or reward for
favored treatment by governments, businesses, or individuals.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Fees
or commissions must be paid only for clearly stated business purposes. Hospitality at
meals, business meetings, and social events may be extended by you if it is appropriate to
the situation and would not compromise Bremer, yourself, or the recipient.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Engaging
Professionals. The services of lawyers, accountants, consultants, brokers, dealers,
and other professionals are to be chosen on the basis of qualifications, competency,
quality, price, and benefit to Bremer and not merely on the basis of personal or client
relationships. You may not retain any family member or other relative to perform services
for Bremer without disclosure of your relationship and prior executive management
approval.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---



| | Bribes.  It is Bremers intent to fully comply with the anti-bribery provisions of
                    the Foreign Corrupt Practices Act which makes it a criminal offense for any US
                    enterprise to offer a bribe to a foreign official, foreign political party,
                    party official, or candidate for political office for the purpose of obtaining,
                    retaining, or directing business to any person, whether or not that person is
                    the one making the bribe. A bribe may take the form of an offer, payment,
                    promise to pay, or authorization of the payment of money or anything of value.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | It
also prohibits offering any money or anything of value to any person (foreign or US) while
knowing or having reason to know that all, or a portion of such money or thing of value,
will be used for purposes specified in the Act.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Employment
of Family Members or Other Relatives. Generally, a family member should not supervise
(including involvement in performance evaluation or compensation decisions) a family
member, other relative, or other person with whom the manager has a close personal
relationship. Affected supervisors or managers should not exercise combining levels of
authority or approvals of actions by family members or other affected employees. Care
should be taken to avoid a conflict or the appearance of a conflict of interest.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Personal
Investments and Inside Information.While it is recognized that Bremer employees have
the right to make personal investments, sound judgment must be exercised to avoid any
financial involvement that is illegal, might convey the appearance of impropriety, or
might be contrary to the best interest of Bremer.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | No
employee may attempt to profit from material, nonpublic information about Bremer, any
client, any vendor, or any other company. Bremer employees may not use material inside
information about any company; communicate that information to others; or buy, sell, or
recommend the purchase or sale of that companys securities until that information is
available to the general public. Employees may not use the information for their own
benefit, or the benefit of their relatives or acquaintances. Employees who routinely may
be aware of inside information about a specific public Bremer client or vendor should not
purchase that financial institutions or vendors securities.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Employees
who open a margin account with any securities broker/dealer registered with
the SEC may be asked to provide the broker/dealer with evidence of permission to open such
an account from their employer. You should ask the broker/dealer to provide a
proforma letter for your manager to print on Bremer letterhead. Your business unit
manager is authorized to sign this letter. You should send a signed copy to Human
Resources to be retained in your personnel file.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | NOTE:
Certain employees with fiduciary investment account knowledge or discretion
responsibilities must also consult the Bremer Trust Policy Manual for additional
restrictions.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Investments
in Securities of Publicly or Non-Publicly Held and Traded Corporations. Except as
provided below, prior approval is required before any employee or member of his or her
immediate family may invest in stock or business of a client, borrower, key supplier, or
competitor. When such relationships commence after the employee has made the investment,
the disclosure should be made to your immediate supervisor.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Employees
may invest in securities of publicly or non-publicly held and traded corporations without
prior disclosure if:
| | ------------------------------------------------------------------------------------------------------------------------

---



| |  The
employee does not represent Bremer in dealings with the corporation.
| | --------------------------------------------------------------------------

| |  The
shares acquired do not exceed five percent of the total shares issued and outstanding.
| | --------------------------------------------------------------------------------------------

| |  The
employee does not possess or is not routinely aware of material inside information.
| | -------------------------------------------------------------------------------------------

| | Transactions
Not Available to the General Public. Business transactions by an employee with a
Bremer client or vendor that are not available to the general public or all Bremer
employees require prior written approval by management. Clients and vendors are those
individuals and organizations who conduct business with Bremer.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Transactions
Involving Bremer Owned or Managed Property. Bremer employees and their family members
may not enter into transactions involving the investment in or purchase of personal or
real property or stock that is owned or managed by Bremer; exceptions would be situations
where no undue advantage arises from the employees association with Bremer or where
Bremer has a specific program that allows for such purpose. From time to time, foreclosed,
repossessed and excess property may be offered for sale to a group of Bremer employees;
these transactions are generally permissible if they are offered on terms which are
favorable to Bremer.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Transactions
involving the purchase of fiduciary property or assets require prior approval by
Compliance Counsel and may require approval by the account owner or the court and the
Trust committee. Approval will generally be denied because of the potential for a conflict
of interest arising from such a situation.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Taking
Advantage of a Business Opportunity that Rightfully Belongs to Bremer. Employees may
not take for their own advantage an opportunity that rightfully belongs to Bremer or help
others to do so, even if they may be in a position to divert the opportunity for their
benefit or the benefit of others. Whenever Bremer has been actively soliciting a business
opportunity; or the opportunity has been offered to it, its funds, or its facilities; or
personnel have been used in pursuing the opportunity, the opportunity rightfully belongs
to Bremer.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Antitrust
Considerations.  Any activities that violate or appear to violate antitrust laws must be
avoided.
| | -----------------------------------------------------------------------------------------------------------

| | Tie-Ins
and Exclusive Dealings. Antitrust laws specify that insured depository institutions
and their holding companies may not extend credit, lease or sell property of any kind,
furnish any service, or vary the price of any of those on the condition or requirement
that the client either:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  Obtain
some additional credit, property, or service from Bremer.
| | ------------------------------------------------------------------

| |  Provide
some additional credit, property, or service to Bremer.
| | -----------------------------------------------------------------

| |  Refrain
from obtaining some other credit, property, or service from a competitor of Bremer.
| | ---------------------------------------------------------------------------------------------

| | These
prohibitions do not preclude cross-selling products. We may always ask for the business.
| | ----------------------------------------------------------------------------------------------

| | Pricing
Arrangements.The antitrust laws prohibit discussing rates, costs, and market
information with competitors or making arrangements with them that affect prices,
services, or other competitive practices. Employees should consult with counsel before
engaging in any action or conversation that could have antitrust implications.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# LENDING

Employees with responsibility for
making credit decisions are required to follow the principles set forth in the Bremer
Credit Policy and Guidelines which supplement this Code of Conduct.

---



Certain lending practices are
prohibited by law and/or Bremer Credit Policy. For purposes of this section, the term
lender refers to any employee who has lending authority as well as those who
recommend approval.

| | Loans
to Bank Examiners and External Auditors. Federal law prohibits any director, officer,
or employee of a FDIC insured institution from granting any loan or gratuity to any public
bank examiner who examines or has the authority to examine Bremer.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Generally,
external auditors are precluded by their professional standards from participating in
transactions with financial institutions for which they have audit responsibility.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Personal
Financial Involvement in Extending Credit. Lenders may not participate in the lending
approval process or extend credit to:
| | ------------------------------------------------------------------------------------------------------------------------------------

| |  | Clients, if any of the proceeds are to be given or loaned to the lender or used to pay a
debt owed by the lender, or benefit the lender, a family member, or other relative in any
other way.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Clients,
to enable them to purchase real or personal property from you, a family member, or other
relative.
| | - | -----------------------------------------------------------------------------------------------------------

| |  | Any
family member or other relative. (An overdraft is considered an extension of credit.)
| | - | -----------------------------------------------------------------------------------------

| |  | Companies
in which you have an interest as a director, officer, controlling person or partner, or
in which a family member or other relative has such an interest.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Clients
or suppliers of Bremer by way of loaning your own funds or personal credit (or those of
other employees) by guaranty or similar means.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------

| | Personal
Borrowing and Lending. Bremer employees may not borrow from or lend to (directly or
indirectly) clients, vendors, or other employees either on their own behalf or on behalf
of someone else. You must obtain prior written approval from executive management before
you participate in a personal loan transaction with a Bremer client.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Granting
of Preferential Terms. It is Bremer policy that its lending services are available to
serve the legitimate and deserving credit needs of clients on an equitable basis.
Concessions of rate or other terms must be based solely on a borrowers
credit-worthiness and overall client relationship with Bremer, or otherwise in accordance
with Bremer policy; a lender with approval authority must approve these.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Loans
to Executive Officers and Directors. Loans to executive officers and directors of
Bremer are subject to the restrictions of Regulation O. (See the Bremer Credit Policy for
additional information).
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Executive
officers and directors may obtain loans from other financial institutions at the same
rates and terms and conditions as those given to other clients by that financial
institution.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# MEDIA CONTACT

Any communications with or disclosure
of information to the media must be in accord with the procedures established by the
marketing department. Bremer will disclose any news or information that might reasonably
be expected to materially affect the market for its securities and will keep its
shareholders properly informed of Bremers progress, positions, and goals. In
general, all media inquiries should be directed to the director of the marketing
department.

---



| | Use
of Bremer Name.Employees must have written marketing management permission before
using Bremers name, products, signatures, or influence in any way that indicates or
appears to indicate any connection between Bremer and any outside activities or
businesses. In addition, employees are required to obtain approval from the marketing
departments director or assigned marketing department personnel before granting an
interview to a newspaper or other media.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# GIVING ADVICE TO CLIENTS

| | Legal
Advice. Employees are prohibited from giving legal advice or regulatory advice to
clients or prospects. For example, the Bank Secrecy Act prohibits employees from giving
advice to clients regarding how to structure deposits to avoid reporting of cash
transactions. Care must also be exercised in conversations with clients and prospects to
be sure that nothing is said that might be interpreted as legal advice.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Tax
or Investment Advice. Employees may not give clients advice on tax inquiries or the
preparation of tax returns. Clients should be directed to their tax advisors to answer
questions. Licensed registered investment managers and fiduciary employees in the ordinary
course of their duties are the only Bremer employees authorized to provide investment
advice.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Recommending
Other Firms to Clients. Bremer employees may occasionally be requested to recommend
others who provide professional services. Typically, such requests involve attorneys,
accountants, and real estate agents. Generally a minimum of two qualified referrals should
be made without indicating favoritism.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Under
no circumstances may a fee or other consideration be accepted in return for a referral or
recommendation to a company outside Bremer, unless it is in conjunction with a previously
approved joint marketing program.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# POLITICAL ACTIVITIES

| | Participation.Bremer employees are encouraged to participate in political activities on
          their own time and in accordance with their individual desires and political
          preferences. When engaging in political activities that are apart from official
          responsibilities of your job, you should make it clear that you are acting as an
          individual and not as a representative of Bremer.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Employees
who write letters expressing personal opinions to elected officials or political bodies
must make it clear that the position is a personal opinion and does not reflect a position
being taken by Bremer. Bremer resources (letterhead, titles, postage, and time) may not be
used for such correspondence. If Bremer e-mail is used, the employee is required to state
that the opinions expressed are personal opinions of the author and not of Bremer.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | This
guideline does not preclude employees, with executive management approval, from
corresponding on behalf of Bremer to express support for Bremer positions on key issues in
connection with the business. In that instance, Bremer resources may be used.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Holding
Public Office. Employees who wish to accept an appointment to public office or file as
a candidate for election need to first obtain management approval to avoid any potential
or actual conflict of interest. Contact your executive manager for this approval.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---



| | Solicitation
and Campaigning. Bremer employees may not solicit campaign funds or engage in any
other form of campaigning on Bremer premises, nor may candidates for public office be
authorized to distribute campaign material or actually campaign on Bremer premises. Bremer
employees may not solicit personal political contributions from clients or vendors.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Contributions. No
employee is authorized to make any direct or indirect political contribution           on
behalf of Bremer. Employees are free to make personal contributions to
          candidates and political parties of their own choice.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# FRAUD

Bremer policy prohibits employees
from engaging in fraudulent activity. Bremer has established procedures to be followed
concerning the recognition, reporting, and investigation of suspected fraud. Electronic
mail, internet, intranet, or any other use of computers, fax machines, or telephones may
not be used for personal reasons (except for limited personal uses), including but not
limited to, threats, insults, fraud, theft, pornography, inappropriate use of 800 and 888
numbers, or the use of 900 numbers.

Fraud includes, but is not limited
to, such actions as:

| |  Dishonest
or fraudulent acts.
| | -------------------------------

| |  Embezzlement.
| | ---------------

| |  Forgery
or alteration of negotiable instruments such as Bremer checks and drafts.
| | -----------------------------------------------------------------------------------

| |  Misappropriation
of Bremer, employees, client, partner, or supplier assets.
| | -----------------------------------------------------------------------------

| |  Conversion
to personal use of cash, securities, supplies, or any other Bremer asset.
| | --------------------------------------------------------------------------------------

| |  Unauthorized
handling or reporting of Bremer transactions.
| | ------------------------------------------------------------

| |  Falsification
of Bremer records or financial statement for personal or other reasons.
| | ---------------------------------------------------------------------------------------

Fraudulent activity can include
actions committed by an employee that injure clients and vendors, as well as those that
injure Bremer and its employees. As a result, Bremer will pursue legal and criminal
prosecution in all instances of fraud with the objective of fully recovering all
misappropriated funds and punishing the offender.

Any employee or agent who suspects
that any fraudulent activity may have occurred is required to report such concern to one
of the executive officers or the Bremer Financial Corporation Audit Committee, named
earlier in this Code of Conduct. One of the executive officers or member of the BFC Audit
Committee should be contacted before any action is taken with respect to the individual
accused of perpetrating the alleged business impropriety. Such allegations, if proven to
be factual, will lead to the dismissal of the employee, the involvement of local law
enforcement, and actions to recover company funds.

---



Under federal law, any bank can be
held criminally liable when one of its employees, directors, or agents commits a crime.
Accordingly, any employee who has knowledge or information about another employee,
director, or agent of Bremer that he or she believes might be involved in a crime (whether
or not Bremer is victimized) must promptly report the relevant facts in writing to the
risk management director. While reports may be made anonymously, signed reports are
preferable to facilitate follow up and resolution of the issue. Employees shall not be
retaliated against for reporting information in good faith in accordance with this
procedure.

Additionally, under federal law, any
crime against a financial institution must be reported to its regulators. Employees should
be alert to situations that could constitute criminal wrongdoing of which Bremer may be a
victim. Bremer employees have a responsibility to identify and report the relevant facts
to their manager who will follow Bremer procedures for investigation and reporting.

Whenever there is a known or
suspected crime, Bremer works closely with the appropriate law enforcement and regulatory
agencies.

# WORKPLACE ATMOSPHERE

| | Alcohol,
Illegal Drugs, and Controlled Substances. Employees will not work or report to work
under the influence of alcohol, illegal drugs, or other controlled substances. Employees
are prohibited from possessing, selling, using, manufacturing, distributing, or offering
to others any illegal drugs or controlled substances while on company business or on
company premises. This prohibition does not include legally obtained medications or
prescriptions used as directed by a medical practitioner. Employees will not consume
alcohol at any time when it may impair their ability to do their jobs, endanger other or
themselves, or reflect adversely on the reputation of Bremer or its employees (including
while on company business, prior to work, during meals or breaks, or while representing
Bremer, such as at conferences).
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Employees
are prohibited from operating equipment or driving or riding in a company vehicle or a
vehicle being used while on company business (including person vehicles) while under the
influence of alcohol, illegal drugs, or controlled substances.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
affiliate CEO must authorize serving alcohol on company premises.
| | ---------------------------------------------------------------------

| | Gambling.   Certain activities, such as participating in Internet gambling, not only
          distract us from our work, they are improper in the workplace and may be
          unlawful. No gambling may be conducted on company premises or while conducting
          company business. This prohibition does not apply to pools that are conducted
          within a small work group or at a single location without using Bremer email or
          Intranet.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Threatening
or Hostile Behavior.Bremer is committed to providing a safe work environment. We will
not tolerate any threatening or hostile behavior that threatens the safety of employees or
visitors in the workplace, and will take immediate and appropriate action against
offenders, up to and including termination and criminal prosecution. Bremer specifically
prohibits employees from engaging in any assaults, hostile physical contact or
intimidation, fighting, verbal threats of physical harm or violence, or any other actions
that are threatening, hostile, or abusive in nature while on company property or on
company business. Each employee is responsible for reporting acts of violence or
threatening behavior to his or her supervisor, affiliate CEO or local Human Resources
representative. Any person who engages in, or threatens to engage in violent acts will be
removed from the premises as soon as safety permits and shall remain off company premises
pending the outcome of any investigation. At that time, Bremer affiliate management will
determine the appropriate action to be taken.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---



| | Weapons.
           Bremer bans the carrying of guns within its facilities by anyone other than law
          enforcement and other security officers. The carrying or possession of handguns
          (even with a permit or license), other fire arms or any other weapons by
          employees while in a company facility is a violation of this Code of Conduct.
          Employees are also prohibited from carrying weapons in company vehicles while
          conducting company business. Employees are prohibited from storing any weapon in
          an office, desk, locker, purse, briefcase, or any other repository within a
          Bremer facility. Employees are further prohibited from using any tool, supply,
          or other resource in a manner that implies it is a weapon. Affiliate management
          may request the assistance of law enforcement if it believes that an employee is
          in violation of this prohibition.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Destruction
of Property. Employees are expected to treat Bremer property as if it were their own
and to not damage, destroy, or otherwise harm the property of Bremer, its employees, its
business partners, competitors, or others.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------