Dear Fellowes Employees:

When Walter Nickel and Harry Fellowes founded the Bankers Box Company in 1917, they were determined to conduct business in a manner that was consistent with their personal values. They would conduct business on a handshake and be true to their word. They felt ethical business was the recipe for long term growth - and they were proven correct.

A century later, our company still thrives based on the values instilled by our founders. We continually strive to do what is right. It is no secret that the world has changed in the last 100 years and business has become much more complicated. Business is increasingly more competitive and moves at a faster pace than ever. There are new regulations to interpret and comply with, cultural differences to bridge, and all too many individuals in business that don’t share our values.

Our success is driven by how people perceive the Fellowes brand. Having a reputation as a trustworthy and ethical corporation among customers, shareholders, employees and within the communities in which we serve and live is necessary to maintain a positive brand perception.

To protect the reputation of our brand, we must each hold ourselves to the highest standards. While being an ethical company starts with our shared values, it still takes continuous effort from each of us. There are times in business when the right way may not be clear. In those instances, we must look to our values, the Fellowes Way, this Code of Conduct and each other to ensure that our actions are beyond reproach.

This Fellowes, Inc. Code of Conduct is designed to support our efforts and guide our performance to meet the highest ethical standards within the workplace. It is our responsibility to understand and act upon the Code of Conduct as we conduct business day to day.

Thank you for contributing to the legacy of integrity we enjoy at Fellowes.

Sincerely,

John E. Fellowes

James Fellowes