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CODE OF CONDUCT

Seatrade Reefer Chartering N.V.

1 June 2016

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CC OO DD EE OO FF CC OO NN DD UU CC TT PAGE Message from the Executive Board 3 Company 4

Strategic Approach 5 Vis ion & Miss ion 5 Entrepreneursh ip 5 Operat ional excel lence 5 Customer focus 5 Network synerg ies 5 Openness 5 Act ion-or iented 5

Respect for Business 6 Pol icy 6 Ant i -corrup t ion & br ibery 6 F inanc ia l repor t ing 6 Fai r compet i t ion 6

Respect for Cargo 7 Pol icy 7 Customer needs 7 Cargo care 7

Respect for People 8 Pol icy 8 Ant i -d iscr iminat ion & equal opportun i t ies 8 Labour s tandards 8 Contr ibut ion to loca l economy 8 Educat ion 8 Respect for Envi ronment 9 Pol icy 9 Fuel e f f ic iency 9 Sulphur emiss ion 9 “Save food” in i t ia t i ve 9 Respect for Regulat ions 10 Pol icy 10 Ashore 10 Vessels 10 Ant i -narcot ics 10 Compliance with the Code of Conduct 11 Reputat ion damage 11 Compl iance team 11 Procedures in case of inc idents 11 Compl iance s takeholders 11 Communicat ion wi th s takeholders 11 Evalua t ion 11 Network map 13 Safeguards 14 Seatrade suppl ier noti f icat ion 15

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M ESSAGE FROM THE EXECUTIVE BO ARD

Dear Seatraders , What does Seatrade s tand for? And what does i t mean to be par t o f th is company? These are two essent ia l quest ions we have asked ourse lves whi le wr i t ing th i s Code of Conduct . Though both quest ions seem s imple enough, f ind ing the r ight words to answer to them, p roved to be hard work . A t the same t ime the p rocess of wr i t ing th is Code of Conduct was an energ iz ing exper ience because i t forced us to be very c lear and prec ise about what we cons ider to be important . The need to address these quest ions in a Code of Conduct resu l ted f rom the cont inuous changes wi th in our company as wel l as the envi ronment in which we opera te. Wor ldwide there a re more and more Seat raders f ind ing the i r way in our company’s cu l tu re and th is Code of Conduct is in tended to gu ide and d i rec t a l l o f us in our da i ly work . Seatraders make Seatrade. P lease read th is Code of Conduct carefu l l y and le t your conduct be a va luable contr ibut ion to the success of our company. Thanks in advance to each of you fo r your support and a l l the work you do for us . Wal ter W i ldöer

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COM PANY Seatrade Reefer Charter ing N.V. , as genera l agents for

Seatrade Group N.V. , operates the widest va r ie ty o f fu l l y re f r igerated vessels or “ reefer vessels” , purpose-bui l t sh ips for ocean t ransport o f per ishable and f rozen cargo.

From i ts Antwerp docks ide of f ices, Seatrade operates a f leet o f around 100 sh ips , managing every vessel commerc ia l ly and operat ional l y through permanent communicat ion wi th vessel capta ins and a wor ldwide network of dedicated agents .

Seatrade can re ly on operators , commerc ia l managers and technica l managers t ra ined to handle any and a l l o f your bus iness needs. The i r exper ience, dedicat ion and access ib i l i ty ensure smooth sa i l ing around the c lock a l l year long.

The s ta r t o f any sh ipp ing so lu t ion is choos ing the r ight vessel type fo r your bus iness needs. Our f leet covers a wide var ie ty o f vessel t ypes wi th a to ta l cargo capac i ty wel l over 50 mi l l ion cubic feet . That 's enough space to load some 460,000 pal le ts in the ho lds. Many of our vessels a lso of fer addi t ional on-deck conta iner capac i ty, to ta l l ing around 4,700 FEU, wh ich adds another 104,000 pal le ts cargo capac i ty.

The benefi ts of long-term partnerships Seatrade is more than jus t a sh ipp ing company. At the hear t o f our o rganisat ion is a long- term commitment to remain creat i ve and f lexib le . Spec i f ica l l y in a long- term par tnersh ip our know-how and exper ience wi l l be o f maximum benef i t to your bus iness. A simple phi losophy Seatrade o f fers you the commitment to keep you invo lved throughout the sh ipp ing process and the f lexib i l i ty to keep pace wi th your changing bus iness needs. Contact Seatrade Reefer Char ter ing N.V. Noorder laan 147, 2030 Antwerp Belg ium Phone: (32) 3 544 9493 E-mai l : mai lbox@seat rade.com Websi te : www.seat rade.com

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STRATEGIC APPROACH

Vision & Mission

Vision Mission

To be the pre ferred per i shable log is t ics ’

par tner .

Rel iab i l i t y , Innovat ion, Qual i t y and F inanc ia l

St rength are the cr i t ica l success fac tors for

Seatrade to be the lead ing and susta inable

log is t ics service provider /carr ie r o f

per ishable cargoes.

We s t r ive to mainta in the h ighest customer and employee sat is fac t ion leve ls whi le provid ing the h ighest qual i ty o f service and act ing in the best in terest o f a l l s takeholders .

Who we are

Entrepreneurship Operat ional excel lence

� We encourage entrepreneursh ip

throughout the Seat rade organisat ion.

� We constant ly develop our bus iness

and seek new opportun i t ies .

� We combine a cost -consc ious at t i tude

wi th h igh commerc ia l awareness.

� We pursue a hands-on approach and

act pragmat ica l ly .

� We aspi re to ach ieve the h ighest qual i ty

and service leve ls by concentrat ing on

our core competences.

� We constant ly seek to improve our

per formance by chal lenging the s ta tus

quo.

� We have a shared respons ib i l i ty to

ach ieve excel lence.

Customer focus Network synergies

� We st r ive to meet our customers ’

needs wi th ta i lo r -made so lu t ions.

� We bui ld long- term par tnersh ips wi th

our bus iness par tners and mainta in

c lose communicat ion t ies .

� We endorse co-operat ion, f i rmly

be l ieving that we are s t ronger together

than apar t .

� We operate independent ly, but we are

s t ra teg ica l ly l inked.

� We aim for a common ‘Seatrade fee l ing ’

whi le we respect the ind iv idual i t y o f our

Pool par tners and agenc ies.

� We take a loca l approach to g lobal

bus iness.

Openness Action-or iented

� We have an open cu l tu re. Management

va lues the op in ions of employees and

invo lves them in dec is ions.

� We accept that mis takes can be made

and view them as an opportun i ty to

learn.

� We encourage our employees to take

ownersh ip.

� We bel ieve in the empowerment o f our

people.

� We focus on tak ing dec is ions and

act ions.

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RESPECT FOR BUSINE SS

Policy:

We pursue prof i tab le bus iness. Our employees wor ldwide combine a can-do menta l i t y wi th a cost -consc ious at t i tude and h igh commerc ia l awareness. We do bus iness in a respons ib le , re l iab le and open manner. Corrupt ion, br ibery and pr ice f i xing a re against our co re va lues.

Anti -corruption & bribery Fair competi t ion

Seatrade is dedicated to comply wi th a l l

ant i -corrupt ion laws that apply to

Seatrade’s operat ions wor ldwide - inc lud ing

the U.S. Fore ign Cor rupt Pract ices Act

( “FCPA”) and the UK Br ibery Act .

I t is s t r ic t l y proh ib i ted to o f fer , g i ve , so l ic i t

or accept any form o f br ibe or “k ickback” as

wel l as any money, ext ravagan t g i f t or

o ther favour to secure a bus iness

advantage . Only the normal , t rad i t ional

seasonal corporate g i f t s o f l imi ted va lue

can be accepted.

Seatrade guarantees that a l l bus iness

t ransact ions wi l l be conducted in a fa i r and

t ransparent manner.

Pr ice f i x ing, f i x ing other t rad ing

condi t ions, market shar ing, l imi t ing or

contro l l ing product ion or investment ,

co l lus ion tender ing, jo in t buying/se l l ing

and in format ion shar ing are not a l lowed.

Financial report ing

Our per formance is measured against our

records.

A l l ent r ies made fo r account ing or repor t ing

purposes must accurate ly and c lear l y

re f lec t each t ransact ion. Seatrade wi l l

ensure that a l l account ing documents are

fu l l , fa i r , accurate, t imely, t raceable to the

t ransact ion and unders tandable.

Seatrade wi l l use appropr ia te procedures

to a t tes t the t ru th , fa i rness and

completeness of our f inanc ia l repor t ing and

a l l re la ted s ta tements . Al l re levant f i les

and documents , whether in e lec t ron ic or

paper form, wi l l be secure ly re ta ined for a

per iod as s t ipu la ted by law, or as requi red

by Seatrade, whichever i s the longer .

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RESPECT FOR CARGO

Policy:

Being spec ia l is ts for spec ia l is ts , we bel ieve in the power of co -operat ion. Together wi th our supply chain par tners we a im to t ransport and de l iver cargo in the best poss ib le condi t ion and mainta in our re la t ionship wi th the people behind i t .

Customer needs Cargo care

Short t rans i t t ime, schedule re l iab i l i ty and

temperature management are the most

important qual i t y fac tors for the products

we carry.

Through the Fast , Di rec t and Dedicated

approach:

� We achieve the best t rans i t t imes.

� We sai l f rom f ru i t por t to f ru i t por t ,

wi thout t ranshipment .

� We cal l a t dedicated terminals and have

a 360 Qual i t y programme in p lace.

� We take a par tnersh ip approach wi th

our customers and agents and bu i ld up

knowledge together .

� We have d i rec t contact wi th people in

the supply chain and the products we

carry .

Our spec ia l is ts moni tor the voyages of our

sh ips 24/7 to ensure that cargo is de l ivered

on t ime and in a per fec t condi t ion.

Seatrade bel ieves in focus ing on ‘Cargo

Care ’ in the complete supply chain. The

requi rements are la id down in the 360

Qual i t y Code. Th is Code is based on a

food safety r isk assessment and covers

requi rements for vesse ls , terminals and

t rades that a re ver i f ied by independent

accredi ted inspect ion companies.

Inspect ion check l is ts and gu idance notes

are avai lab le on www.360qual i ty.o rg

We care for a c lean sh ip , a pro fess ional

c rew and good cargo condi t ion.

Co-opera t ion wi th our supply chain

par tners is v i ta l in meet ing our s tandards

and ensur ing that cargo is de l ivered in the

best poss ib le way for our customers.

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RESPECT FOR PEOPLE Policy:

We respect our wor ldwide employees. They are our g reatest assets . W e provide our employees wi th opportun i t ies to develop and succeed. A safe , heal thy and s t imulat ing work envi ronment has the h ighest pr ior i t y in every th ing the organisat ion does.

Anti -discr imination & equal opportunit ies Labour s tandards

Seatrade t reats i ts employees and

s takeholders wor ldwide wi th respect .

We are a mul t icu l tura l company and th is

makes us s t ronger. Our work envi ronment

is based on mutual t rus t where everyone

in teracts in a fa i r , respect fu l and open

manner. Our work envi ronment is f ree f rom

d iscr iminat ion and harassment and of fers

equal opportun i t ies for a l l .

We communicate openly and ef fec t i ve ly

wi th in a cu l ture of to lerance - both onboard

as wel l as ashore.

Seatrade wi l l not to le ra te ch i ld or forced

labour . Employment shal l be f ree ly chosen.

Seatrade employees are s t r ic t ly proh ib i ted

f rom work ing when under the in f luence of

a lcohol or drugs.

We convince by our per formance, take

pr ide in our job and a re respons ib le , bo th

as an ind iv idual and as a team.

Contribut ion to local economy Education

Seatrade works wi th a wor ldwide network . We encourage the use of loca l suppl iers and support ind iv idual economies, whi ls t ensur ing t ransfer o f knowledge and good pract ices to our emloyees and s takeholders .

Seatrade of fe rs employees the opportun i ty

to take courses. These courses are

funct ion-re la ted and support the

competence and profess ional ism of the

employee in h is /her da i l y work .

For c rew onboard , safety t ra in ing is g iven

ashore in order to create safety

awareness. On board ‘dr i l l s ’ take p lace to

br ing th is t ra in ing in to p ract ice.

We endeavour to invi te our Capta ins to v is i t the of f ice af ter complet ion of the i r contract onboard. These vis i ts support the in teract ion between sh ip and shore , provid ing an opportun i ty to g ive feedback and to learn f rom each o ther .

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RESPECT FOR ENVIRONMENT Policy:

Sh ipp ing is by far the most energy ef f ic ient means of cargo t ransport . Through d i rec t voyages, the food mi les and carbon footpr in t o f our sh ips a re reduced.

Seatrade is commit ted to safety-consc ious and envi ronmenta l l y f r iendly p ract ices and cont inuous ly s t r i ves to save energy for the p lane t by fur ther improving our fue l e f f ic iency and reduc ing our carbon footpr in t .

Fuel eff ic iency “Save Food” ini t ia t ive

Seatrade takes fue l management very

ser ious ly and operates wi th a s t rong focus

on fue l savings.

Our services are des igned for fas t , d i rec t

and dedicated log is t ics wi thout the use of a

“hub and spoke” system and wi thout

unnecessary s teaming.

Seatrade checks the fue l e f f ic iency of i ts

sh ips on a da i ly bas is and takes act ion i f a

sh ip ’s fue l consumpt ion is uneconomic .

Seatrade a lso takes in to cons iderat ion the

e lec t r ica l e f f ic iency of conta iners –

whereby lower ing the energy consumpt ion

of the auxi l ia ry engines wi l l reduce the

CO2 emiss ion.

“The absurd rea l i t y tha t one th i rd o f a l l

food we produce is los t or wasted each

year has s ign i f ican t impacts on people and

p lanet” , accord ing to the UN.

Reduc ing the amount o f los t o r waste

produce wi l l s ign i f icant ly reduce the

pressure on our envi ronment .

Seatrade is a member of the “Save Food”

in i t ia t ive. Our Fast , Di rec t and Dedicated

concept and our 360 Qual i ty requi rements

for vessels and terminals contr ibute to

extend shel f l i fe and min imise food waste.

Su lphur emiss ion

The Tr ident Al l iance is a coal i t ion of sh ip owners and operators who share a common in terest in robust enforcement o f mar i t ime su lphur regulat ions for the benef i t o f the envi ronment and human heal th . Seatrade is member of the Tr ident Al l iance and i ts sh ips comply wi th the su lphur l imi ts for fue l used in Sulphur Emiss ion Contro l Areas (SECA).

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RESPECT FOR REGULATIONS Policy:

Seatrade operates on a g lobal sca le . The management wi l l ensure that a l l ac t ions are gu ided by good judgement and common sense and are grounded in regulatory compl iance.

Ashore Anti -narcotics

Seatrade takes care that a l l employees

comply a t a l l t imes wi th loca l , nat ional and

in ternat ional laws, ru les and regulat ions as

wel l as in-house d i rec t i ves.

Seatrade takes care of i ts employees,

thereby address ing hea l th and wel fare of

i ts personnel .

Seatrade wi l l use a l l means at i ts d isposal

to ascer ta in that drugs do not end up in i ts

customers ’ supply chains.

Seatrade wi l l co-operate fu l ly wi th a l l

po l ice forces and author i t ies concern ing

drug-re la ted mat ters . Seatrade cons iders

i t i ts duty to ass is t in combat ing th is

abhorrent t rade and ins is ts that a l l in the

Seatrade ne twork p lay the i r par t to the fu l l .

By be ing t ransparent about i ts in tent ions,

Seatrade t r ies to p rotect i ts people.

Vessels

Seatrade vessels comply wi th a l l nat ional

and in ternat ional regulat ions.

Each sh ip manager undertakes to have a

qual i ty sys tem in p lace . The operat ion of

th is qual i ty sys tem is ver i f ied by a

recognised inspect ion body.

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COMPLIANCE WITH THE CODE OF CONDUCT

Reputat ion damage Compliance team

Seatrade has ga ined the conf idence of i ts

bus iness par tners through cons is tent and

re l iab le per formance dur ing the las t 65

years . Non-compl iance wi th th is Code of

Conduct could ser ious ly damage

Seatrade’s reputat ion.

Therefore Seat rade’s employees, agenc ies

and par tners must be acquainted wi th th is

Code and l i ve by i t ( ‘walk the ta lk ’ ) .

Non-compl iance must be repor ted to the

Compl iance team. In case of any doubt on

any mat te rs , th is team can be consul ted for

advice.

Contact one of the fo l lowing members of

the compl iance team for d i rec t advice or to

repor t any observed vio la t ion:

Mrs . E. W oud

HR manager (Chai r )

E-mai l : E l len .W oud@seatrade.com

Mr. J . de Vr i j

Legal manager

E-mai l : Jan.de.Vr i j@seatrade.com

Mr. W . van Hui js tee

Compl iance/Qual i ty manager

E-mai l : W out .van.Hui js tee@seatrade.com

Procedure in case of incidents Compliance stakeholders

The compl iance team wi l l invest igate each

repor ted issue and provide the resu l ts to

the management o f Seat rade.

The management wi l l determine i f

correct ive act ion and/or a sanct ion is

needed.

A l l service suppl iers and par tners must

comply wi th th is Code.

Communicat ion to stakeholders

When doing bus iness wi th Seatrade,

suppl iers have to comply wi th the

‘Seatrade suppl ie r not i f i cat ion ’ .

Th is Code of Conduct wi l l be an in tegra l

par t o f the Pool agreement in order to

in form our Pool par tners .

Seatrade employees are in formed by our

in terna l in t ranet p la t fo rm: Sharepoint .

Evaluat ion

Seatrade wi l l car ry out a year l y

assessment to ver i fy compl iance wi th th is

Code of Conduct .

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Certified vessels • Education • Co - operation • Long-term partnerships • Multicultural •

Perishables •Commercial awareness •Regulatory compliance • Reducing carbon footprint

Cost-conscious • 360 Quality Code• RESPECT•CUSTOMER FOCUS•CARGO• Employees

“Save Food” initiative•Flexibility•NETW •No transhipment

Fuel savings•Anti-narcotics • LOGI • Specialists for Specialists• Financial reporting

Fair competition•Reliable• REGU NS • ENT • Short transit times

Anti-discrimination • ENVIR NT • ACTION-O •Fast, Direct, Dedicated

• OPERATIONAL EXCEL • Anti-corruption & -bribery

24/7 Temperature management • Comply with sulphur limits • Worldwide • Stakeholders

Labour standards • Supply chain • Purpose - built ships • Close communication ties •

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NETWORK MAP

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SAFEGUARDS

Respect for Business � Ant i -corrup t ion & br ibery procedure. � Ant i -compet i t ion p rocedure. � Annual accountant commitment .

Respect for Cargo

� 360 Qual i t y Code & FDD approach. � 360 Qual i t y inspect ion gu ide l ines and check l is ts for

Vessel , Terminals and Trades. � 360 Qual i t y recommendat ions for Conta iner Depots and PTI

s ta t ions. � 360 Qual i t y manual on board Seat rade vessels . � Pool agreement , 360 Qual i ty malus system in case of non-

compl iance. � Seanews in fo rmat ion. � Inc ident analys is . � Weather rout ing.

Respect for People

� MLC2006 cer t i f ied vesse ls . � Work ru les of employment .

• Prevent i ve a lcohol and d rug po l icy . • Procedure against v io lence, bu l ly ing, sexual

harassment and d iscr iminat ion. • Procedure fo r equal pay male and female.

� Company regulat ions. • Welfare and heal th po l icy.

� Tra in ing programmes.

Respect for Envi ronment

� Cert i f ied vessels . � Fuel Savings procedure.

• Performance moni to r ing. • Propel ler and hu l l c leaning. • Voyage p lanning. • Port p lanning . • Awareness.

� Fuel management team. � Records and measurements of ac t ions.

Respect for Regulat ions

� Cert i f ied qual i t y management system of each sh ip manager.

� Val id cer t i f icates, l icenses or reg is tered documents per vessel .

� Ant i -narcot ics p rocedure .

Compliance with the Code of Conduct

� Records of compl iance. � Agreed contracts o f which th is Code of Conduct i s par t .

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SEATR ADE SUPPLIER NOTIF ICAT ION

Introduction Th is Suppl ie r Not i f ica t ion commits the suppl ier to conduct bus iness act iv i t ies in the sp i r i t o f Seatrade’s Code of Conduct and a l l appropr ia te laws and regulat ions. Th is not i f icat ion sets min imum standards for suppl iers . I t is the suppl ier ’s respons ib i l i ty to in form h is employees, agenc ies, subcontractors and other representat i ves about th is not i f icat ion and ins t ruc t them to honour Seatrade’s Code of Conduct .

“Suppl ier ” is def ined as any ind iv idual o r ent i ty tha t has a commerc ia l re la t ionship wi th Seatrade to de l iver any fo rm of service.

Respect for Business Seatrade does business in a responsible, re l iable and open manner. In th is respect the Seatrade Code of Conduct requi res compl iance wi th U.S Fore ign Corrup t Pract ices Act , the UK Br ibery Act , and a l l o ther loca l laws prohib i t i ng br ibery or corrupt pract ices.

Respect for Cargo

Seatrade del ivers cargo in the best possible condit ion. Seatrade requi res i ts supply chain par tners to respect food safety aspects a t a l l t imes. To comply wi th the food safety requi rements , s tevedore and terminal companies wi l l work in accordance wi th the 360 Qual i t y Code.

Respect for People Seatrade respects employees worldwide and creates a safe, healthy and st imulat ing work envi ronment. Seatrade expects i ts suppl iers to comply wi th a l l laws and regulat ions proh ib i t ing ch i ld labour , s lavery and human t ra f f ick ing in the coun tr ies where i t operates.

In do ing bus iness wi th Seatrade, suppl iers are expected to provide safe and hea l thy work ing condi t ions and, where appl icab le, l iv ing condi t i ons for the i r employees.

Respect for Envi ronment Seatrade saves energy for the planet by reducing i ts carbon footprint . In do ing bus iness wi th Seatrade the suppl ier i s expected to comply wi th a l l appl icab le nat ional and loca l envi ronmenta l laws and regula t ions.

Respect for Regulat ions

Seatrade complies with al l internat ional laws, regula t ions and requirements. Seatrade operates on a g lobal bas is and expects i ts suppl iers to comply wi th a l l loca l , nat ional and in ternat ional laws, ru les and regulat ions.

The suppl ie r be low agrees to comply wi th the sp i r i t o f the above pol ic ies :

Name of suppl ier :

Date:

Signature:

……………………………………………

……………………………………………

……………………………………………

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Seatrade Reefer Chartering N.V. Branch Office Noorderlaan 147 2030 Antwerp Belgium Tel (32) 3 544 9493 mailbox@seatrade.com

www.seatrade.com

Seatrade Reefer Chartering N.V., Curacao Kaya Flamboyan 11 Willemstad Curacao Tel (599) 9 737 0386

general@seatrade-group.com