| I. | **INTRODUCTION** |
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| II. | **COMPLIANCE                WITH LAWS AND REGULATIONS**  |
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***The      Company seeks to comply with the laws and regulations in all countries in which      it operates.***

| III. | **FULL,                FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURE**  |
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| IV. | **SPECIAL                ETHICS OBLIGATIONS FOR PERSONS WITH FINANCIAL REPORTING                RESPONSIBILITIES** |
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|   | · | Perform                his or her duties in an honest and ethical manner. |
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|   | · | Refrain                from engaging in any activity or having a personal interest that                presents                an actual or apparent conflict of interest. A “conflict of interest”                occurs when a person’s personal interest interferes, or appears to                interfere, with the interests of the Company. A conflict situation                can                arise when a Senior Company Representative takes action or has interests                that prevents or interferes with that person’s performing his or her                Company duties and responsibilities honestly, objectively, and                effectively. Conflicts of interest can also arise when an employee,                officer or director, or members of his or her family, exploit the                relationship with the Company for personal                gain. |
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|   | · | Take                all necessary actions to ensure full, fair, accurate, timely, and                understandable disclosure in reports and documents that the Company                files                with, or submits to, government agencies and in other public                communications. |
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|   | · | Comply                with all applicable laws, rules and regulations of federal, state                and                local governments. |
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|   | · | Proactively                promote and be an example of ethical behavior in the work environment. |
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| V. | **INSIDER                INFORMATION AND INSIDER                TRADING** |
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***You      should never trade securities on the basis of confidential information acquired      through your employment or fiduciary relationship with the Company and you      should never disclose confidential information to someone for the purpose of      enabling them to make a profit or avoid a loss trading securities.***

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| VI. | **CONFLICTS                OF INTEREST AND CORPORATE                OPPORTUNITIES** |
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***You      must avoid any situation in which your personal interests conflict or even      appear to conflict with the Company’s interests. You owe a duty to the Company      not to compromise the Company’s legitimate interests and to advance such      interests when the opportunity to do so arises in the course of your employment.***

|   | · | you,                or a member of your family, receive improper personal benefits as                a result                of your position in the Company; |
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|   | · | You                use the Company’s property for your personal benefit; |
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|   | · | you                engage in activities that interfere with your loyalty to the Company                or                your ability to perform Company duties or responsibilities effectively; |
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|   | · | you                work (whether as an employee or a consultant) for a competitor, customer                or supplier simultaneously with your service to the Company; |
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|   | · | you,                or a member of your family, have a financial interest in a customer,                supplier, or competitor which is significant enough to cause divided                loyalty with the Company or the appearance of divided loyalty (the                significance of a financial interest depends on many factors, such                as size                of investment in relation to your income, net worth and/or financial                needs, your potential to influence decisions that could impact your                interests, and the nature of the business or level of competition                between                the Company and the supplier, customer or competitor); |
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|   | · | you,                or a member of your family, acquire an interest in property (such                as real                estate, patent or other intellectual property rights or securities)                in                which you have reason to know the Company has, or might have, a legitimate                interest; |
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|   | · | you,                or a member of your family, receive a loan or a guarantee of a loan                from a                customer, supplier or competitor (other than a loan from a financial                institution made in the ordinary course of business and on an arm’s-length                basis); |
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|   | · | you                divulge or use the Company’s confidential information - such as financial                data, customer information, or computer programs - for your own personal                or business purposes; |
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|   | · | you                make gifts or payments, or provide special favors, to customers,                suppliers                or competitors (or their immediate family members) with a value                significant enough to cause the customer, supplier or competitor                to make a                purchase; or |
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|   | · | you                are given the right to buy stock in other companies or you receive                cash or                other payments in return for promoting the services of an advisor,                such as                an investment banker, to the Company. |
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**must**

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| VII. | **CONFIDENTIALITY** |
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***All      confidential information concerning the Company obtained by you is the property      of the Company and must be protected.***

| VIII. | FAIR                DEALING |
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***Our      goal is to conduct our business with integrity.***

|   | · | bribery                or payoffs to induce business or breaches of contracts by others; |
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|   | · | acquiring                a competitor’s trade secrets through bribery or theft; |
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|   | · | making                false or deceptive claims or comparisons about competitors or their                products or services; or |
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|   | · | mislabeling                products or services. |
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| VIII. | **PROTECTION                AND PROPER USE OF COMPANY                ASSETS** |
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***You      should endeavor to protect the Company’s assets and ensure their proper use.***

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| X. | **REPORTING                VIOLATIONS OF COMPANY POLICIES AND RECEIPT OF COMPLAINTS REGARDING                FINANCIAL REPORTING OR ACCOUNTING                ISSUES** |
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***You      should report any violation or suspected violation of this Code to the      appropriate Company personnel or via the Company’s anonymous and confidential      reporting procedures. No one will be subject to retaliation because of good      faith report of suspected misconduct.***

|   | · | Report                of complaints or concerns regarding accounting, internal accounting                controls and auditing matters.                You should report any suspected violations of the Company’s financial                reporting obligations or any complaints or concerns about questionable                accounting or auditing practices to the Compliance Officer, or, if                appropriate, the Chairman of the Audit Committee. All such complaints                will                be forwarded to the Audit Committee. Such complaints will be forwarded                promptly, except any complaints that are determined to be without                merit by                both the Company’s Compliance Officer and Chairman of the Audit Committee                may instead be reported at the next regularly scheduled meeting of                the                Audit Committee. The Audit Committee will evaluate the merits of                any                complaints received and authorize such follow-up actions, if any,                as it                deems necessary or appropriate to address the substance of the complaint.                ***No                one will be subject to retaliation because of a good faith report                of a                complaint or concern regarding Accounting                Issues.*** |
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|   | · | Use                common sense and good judgment; Act in good faith.                You are expected to become familiar with and to understand the                requirements of this Code. If you become aware of a suspected violation,                don’t try to investigate it or resolve it on your own. Prompt disclosure                to the appropriate parties is vital to ensuring a thorough and timely                investigation and resolution. The circumstances should be reviewed                by                appropriate personnel as promptly as possible, and delay may affect                the                results of any investigation. A violation of the Code or of applicable                laws and/or governmental regulations is a serious matter and could                have                legal implications. Allegations of such behavior are not taken lightly                and                should not be made to embarrass someone or put him or her in a false                light. Reports of suspected violations should always be made in good                faith. |
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|   | · | Internal                investigation.                When an alleged violation of the Code, applicable laws and/or governmental                regulations is reported, the Company will take appropriate action                in                accordance with the compliance procedures outlined in Section 11                of the                Code. You are expected to cooperate in internal investigations of                alleged                misconduct or violations of the Code or of applicable laws or regulations. |
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|   | · | No                fear of retaliation.                It is Company policy that there be no intentional retaliation against                any                person who provides truthful information to a Company or law enforcement                official concerning a possible violation of any law, regulation or                Company                policy, including this Code. Persons who retaliate may be subject                to                civil, criminal and administrative penalties, as well as disciplinary                action, up to and including termination                of employment. In cases in which you report a suspected violation                in good                faith and are not engaged in the questionable conduct, the Company                will                attempt to keep its discussions with you confidential to the extent                reasonably possible. In the course of its investigation, the Company                may                find it necessary to share information with others on a “need to know”                basis. No retaliation shall be taken against you for reporting alleged                violations while acting in good faith. |
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| XI. | **COMPLIANCE                PROCEDURES** |
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|   | · | Compliance.                You are expected to become familiar with and understand the requirements                of the Code. Most importantly, you must comply with it. |
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|   | · | Corporate                Compliance Management.                The Company’s General Counsel shall act as the Corporate Compliance                Officer. The Compliance Officer shall oversee communication, training,                monitoring, and overall compliance with the Code, and, with the assistance                and cooperation of the Company’s officers, directors and managers, foster                an atmosphere where employees are comfortable in communicating and/or                reporting concerns and possible Code violations. |
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|   | · | Internal                Reporting of Violations.                The Company’s efforts to ensure observance of, and adherence to, the goals                and policies outlined in this Code mandate that all employees, officers                and directors of the Company report suspected violations in accordance                with Section 10 of this Code. |
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|   | · | Access                to the Code.                The Company shall ensure that employees, officers and directors may                access                the Code on the Company’s website. In addition, each current employee will                be provided with a copy of the Code. New employees will receive a                copy of                the Code as part of their new hire information. From time to time,                the                Company will sponsor employee training programs in which the Code                and                other Company policies and procedures will be discussed. |
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|   | · | Monitoring.                The officers of the Company shall be responsible to review the Code                with                all of the Company’s managers. In turn, the Company’s managers with                supervisory responsibilities should review the Code with his/her                direct                reports. Managers are the “go to” persons for employee questions and                concerns relating to the Code,                especially in the event of a potential violation. Managers or supervisors                will immediately report any violations or allegations of violations                to                Compliance Officer. Managers will work with Compliance Officer in                assessing areas of concern, potential violations, any needs for                enhancement of the Code or remedial actions to effect the Code’s policies                and overall compliance with the Code and other related policies. |
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|   | · | Internal                Investigation.                When an alleged violation of the Code is reported, the Company shall                take                prompt and appropriate action in accordance with the law and regulations                and otherwise consistent with good business practice. The Compliance                Officer shall promptly inform the Chairman of the Audit Committee                of any                reported, alleged violation. If the suspected violation appears to                involve                either a possible violation of law or an issue of significant corporate                interest, or if the report involves a complaint or concern of any                person,                whether employee, a shareholder or other interested person regarding                the                Company’s financial disclosure, internal accounting controls, questionable                auditing or accounting matters or practices or other issues relating                to                the Company’s accounting or auditing, then the manager or investigator                should immediately notify the Compliance Officer, who, in turn, shall                immediately notify the Chairman of the Audit Committee. If a suspected                violation involves any director or executive officer or if the suspected                violation concerns any fraud, whether or not material, involving                management or other employees who have a significant role in the                Company’s                internal controls, any person who received such report should immediately                report the alleged violation to the Compliance Officer and if appropriate,                the Chief Executive Officer, Chief Financial Officer, and/or the                Chairman                of the Audit Committee. The Compliance Officer or the Chairman of                the                Audit Committee, as applicable, shall assess the situation and determine                the appropriate course of action. At a point in the process consistent                with the need not to compromise the investigation, a person who is                suspected of a violation shall be apprised of the alleged violation                and                shall have an opportunity to provide a response to the investigator. |
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|   | · | Disciplinary                Actions.                Subject to the following sentence, the Compliance Officer, after                consultation with the Chief Executive Officer, shall be responsible                for                implementing the appropriate disciplinary action in accordance with                the                Company’s policies and procedures for any employee who is found to have                violated the Code. If a violation has been reported to the Audit                Committee                or another committee of the Board, that Committee shall be responsible                for                determining appropriate disciplinary action. Any violation of applicable                law or any deviation from the standards embodied in this Code will                result                in disciplinary action, up to and including termination of employment.                In                addition to imposing discipline upon employees involved in non-compliant                conduct, the Company also will impose discipline, as appropriate,                upon an                employee’s supervisor, if any, who directs or approves such employees’                improper actions, or is aware of those actions but does not act                appropriately to correct them, and upon other individuals who fail                to                report known non-compliant conduct. In addition to imposing its own                discipline, certain violations of this Code may require the Company                to                bring the violation to the attention of appropriate law enforcement                personnel. |
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|   | · | Retention                of Reports and Complaints.                All reports and complaints made to or received by the Compliance                Officer                or the Chair of the Audit Committee shall be logged into a record                maintained for this purpose by the Compliance Officer and this record                of                such report shall be retained for five (5) years. |
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|   | · | Required                Government Reporting.                Whenever conduct occurs that requires a report to the government,                the                Compliance Officer shall be responsible for complying with such reporting                requirements.  **Waivers                of the Code of Business Conduct and Ethics.**Any                waiver of this Code for officers or directors may be made only by                the                Board of Directors and will be promptly disclosed as required by                law or                regulation.  A waiver of this Code for all other employees may be                made only by the Company’s Legal                Department. |
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|   | · | Corrective                Actions.                Subject to the following sentence, in the event of a violation of                the                Code, the manager and the Compliance Officer should assess the situation                to determine whether the violation demonstrates a problem that requires                remedial action as to Company policies and procedures. If a violation                has                been reported to the Audit Committee or another committee of the                Board,                that committee shall be responsible for determining appropriate remedial                or corrective actions. Such corrective action may include providing                revised public disclosure, retraining Company employees, modifying                Company                policies and procedures, improving monitoring of compliance under                existing                procedures and other action necessary to detect similar non-compliant                conduct and prevent it from occurring in the future. Such corrective                action shall be documented, as appropriate. |
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| XII. | **PUBLICATION                OF THE CODE OF BUSINESS CONDUCT AND ETHICS; AMENDMENTS AND WAIVERS                OF THE                CODE OF BUSINESS CONDUCT AND ETHICS**  |
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|   | · | Any                substantive amendment or waiver of this Code (i.e., a material departure                from the requirements of any provision) particularly applicable to                or                directed at executive officers or directors may be made only after                approval by the Board of Directors after receiving a recommendation                from a                committee comprised of a majority of independent directors and will                be                disclosed within five (5) business days of such action (a) on the                Company’s website for a period of not less than twelve (12) months and (b)                in a Form 8-K filed with the Securities and Exchange Commission.                Such                disclosure shall include the reasons for any waiver. The Company                shall                retain the disclosure relating to any such amendment or waiver for                not                less than five (5) years. |
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