Association President, Chief Executive Officer, Chief Financial Officer, and other Senior Officers.

The association and its directors, officers, and employees have committed to conduct business in accordance with the highest ethical standards as set forth in the Standards of Conduct Policy. The Standards of Conduct Policy is applicable to the directors, officers, and employees relating to ethical conduct, conflicts of interest, and compliance with the law.

This Code of Ethics applies to the chief executive officer and senior officers. The association is responsible for the preparation and distribution of its financial statements and related disclosures and for providing relevant information that is true, accurate, and complete to stockholders and other parties through its financial statements and related disclosures. All employees are expected to act in accordance with the highest standards of personal and professional integrity in all aspects of their activities, to comply with all applicable laws, rules and regulations, to deter wrongdoing, and abide by its Standards of Conduct Policy and other policies and procedures. This Code of Ethics is intended to supplement the Conduct/Conflict of Interest Policy.

Employees and officers shall agree to:

a. Engage in and promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

b. Avoid conflicts of interest and disclose to the standards of conduct officer any material transaction or relationship that reasonably could be expected to give rise to a conflict.

c. Take all reasonable measures to protect the confidentiality of non-public information about the association and its customers obtained or created in connection with its activities and to prevent the unauthorized disclosure of this information unless required by applicable law or regulation or legal or regulatory process.

d. Produce full, fair, accurate, timely, and understandable disclosure in association financial statements and related financial reports or communications as well as reports and documents filed with, or submitted to, the Funding Corporation and the Farm Credit Administration.

e. Comply with applicable governmental laws, rules, and regulations, as well as the rules and regulations of self-regulatory agreements to which the association is a party.

f. Promptly report any possible violation of this Code of Ethics to the standards of conduct officer/chief executive officer.

Employees and officers are prohibited from directly or indirectly taking any action to fraudulently influence, coerce, manipulate, or mislead anyone for the purpose of rendering financial statements that are misleading. Employees and officers shall be held accountable for adherence to the Code of Ethics.