The laws of the United States and many other countries regulate the use and disclosure of inside information concerning the Company. Company policy prohibits disclosure of material inside information to anyone other than persons within the Company whose positions require them to know such information. Company policy also prohibits trading in the securities of the Company by any employee while in the possession of material inside information. If an employee has inside information he or she must wait until the third business day after the information has been properly disclosed to the public before trading in the securities of the Company. Company policy also prohibits providing inside information to other persons or recommending that they buy or sell the Company's securities on the basis of inside information.
More restrictive rules apply to certain key employees, officers and directors.
An employee shall not trade in the securities of another company if, in the course of his or her employment with the Company, he or she learns confidential information about such other company that is likely to affect the price of such securities. Company employees are discouraged from short term speculation in the securities of the Company. It is Company policy that no preferential treatment be given with respect to disclosure of inside information. The Company has adopted procedures to avoid improper preferential disclosures. Company policy prohibits employees from disclosing confidential or proprietary information outside the Company, either during or after employment, without Company authorization to do so.