FELLOWSHIP/EXECUTIVE CODE OF CONDUCT

Fellows shall at all times use their continuous and best personal endeavors to comply with the Association's General Code of Conduct and shall also seek to undertake and discharge their Executive Management functions in a manner that is optimally compliant with both the spirit and the letter of this Executive Code and, in particular, shall:

1) secure and maintain an optimally up to date level of understanding of all duties, responsibilities and obligations imposed upon them by the Constitution or other regulatory requirements of each and every organization or other legally recognisable entity (hereinafter referred to as "their organization") in respect of which they are employed or otherwise engaged in an Executive Management capacity and of all duties, responsibilities and obligations imposed upon their organization by locally and/or contractually applicable law.

2) refrain from accepting responsibility for or otherwise engaging in any Executive Management functions and/or other remuneratively rewarded activities in respect of which they are not adequately experienced and/or academically and/or professionally qualified.

3) refrain from avoiding personal accountability for their Executive activities by contracting out of (or attempting to contract out of) all or any of their Executive Management responsibilities or by otherwise attempting to assign and/or delegate such personal accountability to others.

4) ensure that the Executive Management infrastructure of their organization maintains effective control of its administrative, marketing, trading and/or other key operational and/or managerial support activities.

5) remain mindful of the fact that their organization is a separate legal entity from its Owners, Shareholders, Directors and other Stakeholders.

6) avoid conflicts of interest with their organization and deal with any real or potential areas of conflict in keeping with the Constitution or other regulatory requirements of their organization.

7) secure and maintain optimally up to date details of the Owner(s) of their organization save in all or any circumstances where their organization's shares are publicly traded.

8) maintain optimally up to date information about the trading activities and the financial status of their organization and ensure that their organization maintains such accounts and other documented records as is required by law (hereinafter referred to as "The Statutory Records").

9) ensure that The Statutory Records of their organization are punctually filed in keeping with regulatory requirements and that all supportive data is retained for all minimum periods specified by law.

10) ensure that the basis on which they are remunerated by their organization is recorded in writing.

11) resign from office or, at the very least, give immediate and serious consideration to resigning from office in all or any circumstances where they believe that their organization is trading wrongfully and/or is being used for illegal purposes and/or is otherwise in breach of the law.

12) cooperate fully with all or any Authority which is by law entitled to investigate and/or seek information about their organization's affairs and with all monitoring or other authorized surveillance activities being properly undertaken by their organization's suitably empowered personnel.

13) disclose to locally relevant Regulatory Agencies all or any beliefs and/or suspicions that their organization is engaged in or is otherwise (directly, proactively,indirectly or passively) condoning any money laundering activities and/or any beliefs and/or suspicions that any funds, investments or other assets of their organization have been derived from or are being used in connection with any criminal activities.