罗纳德·J的来信. Kruszewski, 申博菲律宾app的首席执行官

Dear fellow directors, officers, associates,

At a time in which corporate malfeasance and declining investor sentiment has become more prevalent, it is imperative that firms reiterate the importance of maintaining a commitment to integrity and respect for business ethics. 成立于1890年， 申博菲律宾app has long been a respected member of the St. 路易斯商业界 and has since grown to be a leading, investment banking and brokerage firm. The trust our clients, colleagues, regulators, shareholders, the general public have placed in our firm can be considered our greatest asset, we must handle 对这个资产要格外小心.

As a firm, 申博菲律宾app has adopted a philosophy that can be best described as our "Of 选择”策略. It is our mission to continue to be the Firm of Choice for our associates, the Advisor of Choice to our clients, the Investment of Choice to 我们的股东. In order to maintain these three, key relationships, we must, as directors, officers, associates, adhere to a strict code of conduct.

Guidelines for our firm's Code of Conduct are clearly set forth in the 申博菲律宾app Associate Handbook, which is distributed to each associate upon his or her "new hire" orientation. These guidelines provide each associate with an understanding of how they should conduct themselves on a daily basis and help each associate understand his or her duty, as a representative of 申博菲律宾app, to preserve the integrity of the firm.

While human error in business is sometimes unavoidable, blatant violation of security laws, regulations, business ethics will not be tolerated under any circumstances. The laws and regulations of the exchanges in which we have a membership, the Financial Industry Regulatory Authority (美国金融业监管局), and any other self-regulating organization must be respected and adhered to at all times.

The guidelines that have been set forth by 申博菲律宾app cover the general business conduct 我们公司的. At times, there may be situations or circumstances in which an associate will have questions regarding these policies or procedures. 鼓励员工 联系他们的主管, 申博菲律宾app's Compliance Department or General Counsel, or any member of senior management 具体指导.

At 申博菲律宾app, we pride ourselves on our dedication to our clients, investors, associates alike and foster an atmosphere that is built upon honesty, strong principles, 卓越. It is the role of each and every associate of 申博菲律宾app to take a personal responsibility for their conduct in order to continue the outstanding tradition and commitment that 申博菲律宾app's founders created.

罗纳德·J. Kruszewski
Chairman and Chief Executive Officer