ÿþ<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta name="description" content="This page explains how Phoenix Aviation Manager are committed to conducting its business in compliance with applicable laws and regulations and in accordance with high standards of business conduct." /> <meta name="keywords" content="Phoenix Aviation Manager business in compliance with applicable laws, regulations, accordance , business conduct, completeness and disclosure, Old Republic Risk Management, Code of Conduct, Ethics, Old Republic International Corporation." /> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" /> <title>Corporate Governance Phoenix Aviation Managers are committed to conducting its business in compliance with applicable laws and regulations and in accordance with high standards of business conduct</title> <link href="PAM_Styles.css" rel="stylesheet" type="text/css" title="text" /> </head> <body> <div id="frame"> <!--top banner area w logo--> <div class="SetLinks"> <table cellpadding="0" cellspacing="0"> <tr> <td><center><img src="Images/HomeIcon.gif" alt="HomeIcon" /></center></td> <td><center><img src="Images/SiteMapIcon.gif" alt="SiteMapIcon" /></center></td> <td><center><img src="Images/ContactIcon.gif" alt="ContactIcon" /></center></td> </tr> <tr> <td><a href="Index.htm">Home</a></td> <td><a href="SiteMap.htm">Site Map</a></td> <td><a href="Contact.aspx">Contact Us</a></td> </tr> </table> </div> <div class="TopBanner"> <table cellpadding="0" cellspacing="0"> <tr> <td id="LogoCell"><a href="index.htm" ><img src="Images/Logo.gif" alt="Logo" border="0" /></a></td> <td><img src="Images/TagLine.gif" alt="TagLine" /></td> </tr> </table> </div> <!-- end banner area w logo --> <!-- Begin of Tab Area --> <div class="MainNavTabContainer"> <table cellpadding="0" cellspacing="0"> <tr> <td><a href="About_Phoenix_Aviation_Managers.htm">About Phoenix</a></td> <td><a href="phoenix_aviation_managers_coverages.htm">Coverages</a></td> <td><a href="phoenix_aviation_managers_services.htm">Services</a></td> <td><a href="phoenix_aviation_managers_resources.htm">Resources</a></td> <td><a href="phoenix_aviation_managers_locations.htm">Locations</a></td> <td id="Special"><a href="http://portal.phoenixaviationmgrs.com">Agent Portal</a></td> <td id="Special"><a href="#">PAM Employees</a></td> </tr> </table> </div> <!-- End of Tab Area --> <!-- Begin of Information Container area --> <div class="InfoContainer"> <!-- left hand navigation--> <table cellspacing="0" cellpadding="0"> <tr> <td class="navcontain" valign="top"> <table id="LHNavigationContain" cellspacing="0" cellpadding="0"> <tr> <td id="LHNavigationHeader">RELATED LINKS</td> </tr> <tr> <td id="LHNavigationSect" > <ul> <li><a href="phoenix_aviation_managers_advantages.htm">Advantages</a></li> <li><a href="old_republic_international_corp.htm">Old Republic International Corp</a></li> <li><a href="CorporateGovernance.htm">Corporate Governance</a></li> <li><a href="CodeEthics.htm">Code of Business Conduct and Ethics</a></li> <li><a href="ConductOfficer.htm">Code of Ethics for the Principal Executive Officer and Senior Financial Officer</a></li> </ul> </td> </tr> <tr> <td id="LHNavigationSubHeader">RELATED LINKS</td> </tr> <tr> <td id="LHNavigationSub"> <ul> <li><a href="http://www.oldrepublic.com/" target="_blank" >http://www.oldrepublic.com</a></li> </ul> </td> </tr> </table> </td> <!-- End of Left Navigation--> <!-- start of information area--> <td class="infocontain" valign="top"> <table cellspacing="0" cellpadding="0"> <tr> <td id="Pict" valign="top"><img src="Images/ORBanner.gif" alt="ORBanner" width="595" height="206" /></td> </tr> <tr> <td id="Title"> Code of Ethics for the Principal Executive Officer and Senior Financial Officers</td> </tr> <tr> <td id="TextArea" valign="top"> <span style="font-size: 11pt; font-family: 'Arial','sans-serif'"> <span style="color: #000000"> <span class="ccbntxt1"><span style="font-size: 11pt; color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-family: 'Times New Roman'">Phoenix Aviation Managers, Inc. <span style="mso-spacerun: yes">&nbsp;</span>(the "Company") is committed to conducting its business in compliance with applicable laws and regulations and in accordance with high standards of business conduct. In managing its business, the Company is mindful of the public trust with which it is vested. The Company strives to maintain high standards of accuracy, completeness and disclosure in its financial dealings, records and reports. These standards are intended to protect and preserve the multiple interests of its policyholders and beneficiaries of their insurance policies, and the Company s stockholders, employees and other stakeholders. To these ends, it is the responsibility of the Company s Chief Executive Officer, Chief Financial Officer and principal accounting officer (the "Senior Financial Officers") to: </span></span><span style="font-size: 11pt; color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-family: 'Times New Roman'"> <br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 1. Act in good faith, in the Company s best interests and in accordance with the Company s Code of Conduct and the principles of this Code of Ethics.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 2. Act with honesty and integrity and in an ethical manner, avoiding actual or apparent conflicts of interests in personal and professional relationships.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 3. Provide full, fairly stated, timely and understandable financial information and disclosure in reports and documents that the Company files with, or submits to regulatory authorities and shareholders, in accordance with applicable rules and regulations.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 4. Act responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing his or her independent judgment to be compromised.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 5. Use good business judgment in ensuring that all financial transactions are processed and recorded in timely fashion with reasonable accuracy and documentation in the Company s books and records in adherence with sufficiently appropriate and necessary internal controls.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 6. Respect and protect the confidentiality of information acquired in the course of the Company s business, except when authorized or otherwise legally obligated to disclose such information, and not use confidential information acquired in the course of work for personal advantage.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 7. Promote ethical behavior among constituents in the work environment through appropriate communications and by setting a proper example.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 8. Achieve responsible use of and control over all assets and resources employed or entrusted to him or her.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 9. Comply with generally accepted accounting principles and, as necessary, regulatory accounting practices, rules, regulations and controls applicable to the Company s reports and related disclosures.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 10. Sign only those documents that he or she believes to be accurate and truthful in all essential respects.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 11. Prohibit the establishment of any undisclosed or unrecorded funds or assets for any purpose and provide for the proper and prompt recording of all disbursements of funds and all receipts.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 12. Not knowingly be a party to any illegal activity or engage in acts that are discreditable to his or her profession or the Company.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 13. Respect and contribute to legitimate and ethical objectives of the Company.</span></span><br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 14. Not make, or tolerate any willfully false or artificial statements or entries for any purpose in the books and records of the Company or in any internal or external correspondence, memoranda, or communication of any type, including telephone or wire communications. </span></span> <br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> 15. Report to the Company, through the Audit Committee any significant situation with respect to which this Code of Ethics, the Company s standards or laws are being violated. </span></span> <br /> <br /> <span class="ccbntxt1"><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-size: 11.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-font-size: 11.0pt"> Those required to comply with this Code of Ethics understand that failure to comply with this Code of Ethics will not be tolerated by the Company and that deviations therefrom or violations thereof will result in serious consequences, which may include, but may not be limited to, serious reprimand, dismissal or other legal redress. The parties subject to this Code of Ethics will acknowledge in writing that they understand and will adhere to these requirement</span></span></span><span class="ccbntxt1"><span style="font-size: 11.5pt; color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-family: 'Times New Roman'">s.</span></span><span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-family: 'Times New Roman'"><?xml namespace="" ns="urn:schemas-microsoft-com:office:office" prefix="o" ?></span> </span></span> </td></tr> </table> </td> </tr> </table> <!-- end of the Information area--> </div> <!-- End of Information Caontainer Area --> <!-- Begin of Section Link Area --> <div class="SectionsArea"> <table cellspacing="0" cellpadding="0"> <tr> <td id="Td1"><img src="Images/CoveragesTitle.gif" alt="CoveragesTitle" width="123" height="35" /></td> <td id="SectionTitles"><img src="Images/ServicesTitle.gif" alt="ServicesTitle" width="92" height="35" /></td> <td id="SectionTitlesRight"><img src="Images/ResourcesTitle.gif" alt="ResourcesTitle" width="109" height="35" /></td> </tr> <tr> <td id="SectionLinks" valign="top"> <ul> <li><a href="coverages_corporate.htm">CORPORATE</a></li> <li><a href="coverages_workers_comp.htm">WORKERS COMP</a></li> <li><a href="coverages_pleasure_business.htm">PLEASURE & BUSINESS</a></li> <li><a href="coverages_commercial.htm">COMMERCIAL </a></li> <li><a href="coverages_airport_special.htm">AIRPORT & SPECIAL RISKS</a></li> <li><a href="coverages_agricultural_aviation.htm">AGRICULTURE</a></li> </ul> </td> <td id="SectionLinks" valign="top"><ul> <li><a href="services_aircraft_salvage.htm">AIRCRAFT SALVAGE</a></li> <li><a href="services_aircraft_losscontrol_inspections.htm">LOSS CONTROL / INSPECTIONS</a></li> <li><a href="services_aircraft_premium_financing.htm">PREMIUM FINANCING</a></li> </ul></td> <td id="SectionLinksRight" valign="top"><ul> <li><a href="resources_applications.htm">APPLICATIONS</a></li> <li><a href="AgentLookUp.aspx">FIND AN AGENT</a></li> <li><a href="resources_underwriters.htm">UNDERWRITERS</a></li> <li><a href="resources_claims.htm">CLAIMS</a></li> <li><a href="resources_policies.htm">POLICIES</a></li> <li><a href="http://portal.phoenixaviationmgrs.com">AGENT PORTAL</a></li> <li><a href="PAM_Newsletters.htm">PHOENIX NEWSLETTERS</a></li> <li><a href="Agency_Broker Resource.htm">AGENCY/BROKER RESOURCE PAGE</a></li> </ul></td> </tr> </table> </div> <!-- End of Section Link Area --> <!-- Begin of Footer --> <div class="Footer"> <table> <tr> <td><a href="Index.htm">Home</a> | <a href="SiteMap.htm">Site Map</a> | <a href="Contact.aspx">Contact Us</a> | <a href="terms.htm">Terms and Conditions of Use</a> <br /> Copyright &copy; 2005 Phoenix Aviation Managers, Inc. 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