Page 14 - EthicsCode
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IMC                     BERKSHIRE HATHAWAY INC.
                        A.	Scope.

                             This Code of Business Conduct and Ethics applies to all Berkshire Hathaway directors, officers
                             and employees, as well as to directors, officers and employees of each subsidiary of Berkshire
                             Hathaway. Such directors, officers and employees are referred to herein collectively as the
                             “Covered Parties.” Berkshire Hathaway and its subsidiaries are referred to herein collectively as
                             the “Company.”

                        B.	Purpose.

                             The Company is proud of the values with which it conducts business. It has and will continue to
                             uphold the highest levels of business ethics and personal integrity in all types of transactions and
                             interactions. To this end, this Code of Business Conduct and Ethics serves to (1) emphasize the
                             Company’s commitment to ethics and compliance with the law; (2) set forth basic standards of
                             ethical and legal behavior; (3) provide reporting mechanisms for known or suspected ethical or
                             legal violations; and (4) help prevent and detect wrongdoing.

                             Given the variety and complexity of ethical questions that may arise in the Company’s course of
                             business, this Code of Business Conduct and Ethics serves only as a rough guide.
                             Confronted with ethically ambiguous situations, the Covered Parties should remember the
                             Company’s commitment to the highest ethical standards and seek advice from supervisors,
                             managers or other appropriate personnel to ensure that all actions they take on behalf of the
                             Company honor this commitment. When in doubt, remember Warren Buffett’s rule of thumb:

                             “…I want employees to ask themselves whether they are willing to
                             have any contemplated act appear the next day on the front page of
                             their local paper – to be read by their spouses, children and friends
                             – with the reporting done by an informed and critical reporter.”

                        C.	 Ethical Standards.

                        1.	 Conflicts of Interest.

                        	 A conflict of interest exists when a person’s private interest interferes in any way with the
                        	 interests of the Company. A conflict can arise when a Covered Party takes actions or has
                        	 interests that may make it difficult to perform his or her work for the Company objectively and
                        	 effectively. Conflicts of interest may also arise when a Covered Party, or members of his or her
                        	 family, receive improper personal benefits as a result of his or her position at the Company.
                        	 Loans to, or guarantees of obligations of, Covered Parties and their family members may

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