Supplier Code of Conduct

Introduction

The principles set out in this document complement Nilsson Shipping's current policies regarding gifts, hospitality and conflicts of interest. Nilsson Shipping reserves the right to do business with whom it chooses. This communication is designed to ensure that arrangements in this respect are consistent with "Best Practice", and to inform suppliers of conduct which Nilsson Shipping expects from them.

General Provisions

Nilsson Shipping's suppliers accept that they will at all times:

• Maintain an unimpeachable standard of integrity in all their business and personal dealings.
• Reject all improper business practices.
• Not abuse the trust placed in them by Nilsson Shipping employees.
• Not misuse opportunities arising in the course of their interaction with Nilsson Shipping for their personal gain.
• Seek constantly to maintain and enhance the standards of professional competence of themselves.
• Adopt policies and practices which align with those of Nilsson Shipping in terms of labour practices, affirmative action initiatives and human relations policies.

Provisions Relating to Particular Situations

• Confidential information, to which a supplier has access in the course of his or her work, may not be disclosed without the express permission from the appropriate Nilsson Shipping employee authorised to grant such dispensation.
• All information given by suppliers to Nilsson Shipping in the course of their work shall be accurate and calculated not to mislead. Nilsson Shipping reserves the right to request an audit of such information where deemed appropriate.
• The establishment of long term and close relations between suppliers and their customers is recognised, in the right context, as having the potential to benefit both the parties. However, suppliers are to avoid relationships with Nilsson Shipping personnel which are, or which have the appearance of being, contrary to the principles of fair competition. Nilsson Shipping’s policy is to select suppliers on the basis of evaluations of quality and prices as well as reliability, technical expertise and integrity.

Entertainment

The entertainment of customers and contacts and the provision of corporate gifts is an accepted commercial practice. However, in providing hospitality or gifts to Nilsson Shipping employees, care must be taken to avoid any course of conduct that is, or could reasonably be construed as, improper.

In particular:

• Business gifts should be marked with the supplier's name and/or logo.
• Any business gifts or entertainment offered should be appropriate to the generally accepted practice; in any event a gift should not be of such a nature as to place or be capable of being construed as placing an Nilsson Shipping employee under undue obligation to the supplier or of improperly influencing the recipient.