----

**CODE      OF ETHICS**

| **I.** | **Honest                and Ethical Conduct** |
|--------|-----------------------------------------------|

|   | · | Encourage                and reward professional integrity in all aspects of the financial                organization, by eliminating inhibitions and barriers to responsible                behavior, such as coercion, fear of reprisal, or alienation from                the                financial organization or the enterprise                itself. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Prohibit                and eliminate the appearance or occurrence of conflicts between what                is in                the best interest of the enterprise and what could result in material                personal gain for a member of the organization, including Senior                Officers. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Company                directors, officers and employees have an obligation to promote the                best                interests of the Company at all times. They should avoid any action                which                may involve a conflict of interest with the Company. Directors, officers                and employees should not have any undisclosed, unapproved financial                or                other business relationships with suppliers, customers or competitors                that                might impair the independence of any judgment they may need to make                on                behalf of the Company. Conflicts of interest would also arise if                a                director, officer or employee, or a member of his or her family,                receives                improper personal benefits as a result of his or her position in                the                Company. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Where                conflicts of interest arise, directors, officers and employees must                provide full disclosure of the circumstances and abstain from any                related                decision making process. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Directors,                officers and employees must also avoid apparent conflicts of                interest, which occur where a reasonable observer might assume there                is a                conflict of interest and, therefore, a loss of objectivity in their                dealings on behalf                of the Company. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Provide                a mechanism for members of the finance organization to inform senior                management of deviations in practice from policies and procedures                governing honest and ethical                behavior. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If                  any employee has knowledge or is suspicious of any non-compliance                  with any                  provision of this Code or is concerned whether circumstances could                  lead to                  a violation of this Code, he or she should discuss the situation                  with one                  or more members of the Audit Committee. The Company will not allow                  any                  retaliation against a director, officer or employee who acts in                  good faith                  in reporting any such violation or suspected violation. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If                directors or executive officers have knowledge or are suspicious                of any                non-compliance with any provision of this Code or are concerned whether                circumstances could lead to a violation of this Code, they should                discuss                the situation with the Audit Committee of the Board of Directors                of                the Company.   |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Demonstrate                their personal support for such policies and procedures through periodic                communication reinforcing these ethical standards throughout the                Company. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **II.** | **Financial                Records and Periodic                Reports** |
|---------|--------------------------------------------------------------------------|

|   | · | The                Company complies with its obligations to disclose all material information                in accordance with all applicable securities laws. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | All                employees comply with the Company’s Internal Disclosure Controls and                Procedures Guidelines and all other internal financial and disclosure                controls and procedures.  |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Business                transactions are properly authorized and completely and accurately                recorded on the Company’s books and records in accordance with Generally                Accepted Accounting Principles (GAAP) and established Company financial                policy. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The                retention or proper disposal of Company records shall be in accordance                with established Company financial policies and applicable legal                and                regulatory requirements. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Periodic                financial communications and reports will be delivered in a manner                that                facilitates the highest degree of clarity of content and meaning                so that                readers and users will quickly and accurately determine their significance                and consequence.  |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Any                Senior Financial Officer in possession of material information must                not                disclose such information before its public disclosure and must take                steps                to ensure that the Company complies with its timely disclosure                obligations. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **III.** | **Compliance                with Applicable Laws, Rules and                Regulations** |
|----------|------------------------------------------------------------------------------------------|

|   | § | Educate                appropriate employees of the Company about any federal, state or                local                statute, regulation or administrative procedure that affects the                operation                of the finance organization and the Company generally. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Monitor                the compliance of the Company with any applicable federal, state                or local                statute, regulation or administrative rule.  |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Identify,                report and correct in a swift and certain manner, any detected deviations                from applicable federal, state or local statute or regulation. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | If                a law conflicts with a provision of this Code, Senior Officers must                comply                with the law; however, if a local custom or policy conflicts with                a                provision of this Code, Senior Officers must comply with the                Code. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **IV.** | **Accountability                for Adherence to the Code** |
|---------|-------------------------------------------------------------|

| **V.** | **Amendments                and Waivers** |
|--------|-------------------------------------------|

----