<SEC-DOCUMENT>0001144204-16-116250.txt : 20160803
<SEC-HEADER>0001144204-16-116250.hdr.sgml : 20160803
<ACCEPTANCE-DATETIME>20160803163021
ACCESSION NUMBER:		0001144204-16-116250
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160801
ITEM INFORMATION:		Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160803
DATE AS OF CHANGE:		20160803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARCUS CORP
		CENTRAL INDEX KEY:			0000062234
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE THEATERS [7830]
		IRS NUMBER:				391139844
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12604
		FILM NUMBER:		161804285

	BUSINESS ADDRESS:	
		STREET 1:		100 EAST WISCONSIN AVENUE
		STREET 2:		SUITE 1900
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202-4125
		BUSINESS PHONE:		4142726020

	MAIL ADDRESS:	
		STREET 1:		100 EAST WISCONSIN AVENUE
		STREET 2:		SUITE 1900
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202-4125
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v445933_8k.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Pursuant to Section 13 or 15(d) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 117pt; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Report</FONT></TD>
    <TD STYLE="width: 45%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Date of earliest</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">event reported):</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2016</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 117pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-transform: uppercase">The
Marcus Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant
as specified in its charter)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; text-decoration: underline"><u>&nbsp;&nbsp;&nbsp;Wisconsin&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; text-decoration: underline"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-12604&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
    <TD STYLE="width: 33%; padding-right: -0.8in; padding-left: 5.4pt; text-align: center; font-size: 10pt; text-decoration: underline"><u>&nbsp;&nbsp;&nbsp;39-1139844&nbsp;&nbsp;&nbsp;&nbsp;</u></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(State or other</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">incorporation)</P></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Commission File</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Number)</P></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Identification No.)</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>&nbsp;&nbsp;100 East
Wisconsin Avenue, Suite 1900, Milwaukee, Wisconsin 53202-4125&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices,
including zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>&nbsp; (414) 905-1000
&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>&nbsp; Not Applicable
&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><U>Item 5.05</U>.</TD><TD STYLE="text-align: justify"><U>Amendment
to the Registrant&rsquo;s Code of Ethics, or Waiver of a Provision of the Code of Ethics</U>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">On August 1, 2016, the
Corporate Governance and Nominating Committee of the Board of Directors of The Marcus Corporation (the &ldquo;Company&rdquo;) approved
amendments to The Marcus Corporation Code of Conduct (the &ldquo;Code of Conduct&rdquo;) effective August 1, 2016. The Code of
Conduct applies to all employees, including executive officers and directors, of the Company. The substantive amendments to the
Code of Conduct consist of updates or enhancements to the following subject areas: &ldquo;Concerning Customers&rdquo; and &ldquo;Concerning
Fellow Associates.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The foregoing summary
of the amendments to the Code of Conduct is subject to and qualified in its entirety by reference to the full text of the Code
of Conduct filed herewith as Exhibit 14.1 and incorporated herein by reference. Additionally, the current version of the Code of
Conduct is, and future versions once effective will be, available under the &ldquo;Governance&rdquo; section of the Company&rsquo;s
website, <I>www.marcuscorp.com</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><U>Item 9.01</U>.</TD><TD STYLE="text-align: justify"><U>Financial Statements and Exhibits</U>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>Exhibits</U>. The following exhibit is being filed herewith:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(14.1)</TD><TD STYLE="text-align: justify">The Marcus Corporation Code Of Conduct, as amended August 1, 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 207pt; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE MARCUS CORPORATION</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 36%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: August 3, 2016</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Thomas F. Kissinger</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas F. Kissinger</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Executive Vice President, General Counsel<BR>
 and Secretary</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.5pt; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE MARCUS CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit Index to Current Report on Form
8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Number</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(14.1)</TD><TD STYLE="text-align: justify">The Marcus Corporation Code Of Conduct, as amended August 1, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"></P>

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<DESCRIPTION>EXHIBIT 14.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 14.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(<I>Additions are indicated by underlining,
and deletions are indicated by strikethrough.</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">THE MARCUS CORPORATION<BR>
Code of Conduct</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Adopted: March 13, 2006</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">As Last Revised: <FONT STYLE="color: red"><STRIKE>February
3,</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>August 1,</U></FONT> 2016</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>INTRODUCTION</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a growing company,
The Marcus Corporation and its subsidiaries (&ldquo;Company&rdquo;) can anticipate new ethical demands resulting from its business
expansion and otherwise as a result of it being a New York Stock Exchange listed public company. Further, the legal requirements
impacting on the Company will undoubtedly increase as the Company&rsquo;s business interests become more diverse. For these reasons,
and the basic philosophy that the Company must both remain as and be understood to be a good corporate citizen, it is mandatory
that the Company have a guiding code of ethical conduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Code of Conduct
is in addition to, and is not intended to change or interpret, any federal or state law or regulation, the rules of the Securities
and Exchange Commission (&ldquo;SEC&rdquo;), the listing standards of the New York Stock Exchange (&ldquo;NYSE&rdquo;), the Wisconsin
Business Corporation Law, or the Company&rsquo;s Articles of Incorporation or Bylaws. This Code of Conduct is subject to modification
and interpretation by the Board of Directors and/or its Corporate Governance and Nominating Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Code of Conduct
shall be posted on the Company&rsquo;s website, distributed or otherwise made available to all Associates, and made available in
print to any requesting shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>CODE OF CONDUCT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is the policy of
the Company that the directors, officers, associates and representatives of the Company (&ldquo;Associates&rdquo;) shall exercise
and display good judgment and high ethical standards in all business dealings. Situations which may involve an actual or potential
conflict between the personal interests of an Associate and the business interests of the Company, and even the appearance of impropriety
with respect to such actual or potential conflicts, must be avoided or otherwise appropriately approved by the Company&rsquo;s
General Counsel (for all Associates, other than directors, executive officers and senior financial officers) or the Corporate Governance
and Nominating Committee of the Company&rsquo;s Board of Directors (for all directors, executive officers and senior financial
officers) in each case after full disclosure. A &ldquo;conflict of interest&rdquo; occurs when an Associate&rsquo;s private interests
interfere in any way &ndash; or even appears to interfere &ndash; with the business interests of the Company. A conflict situation
may arise when an Associate takes actions or has interests that may make it difficult to perform his or her job objectively and
effectively, or that otherwise may harm the Company. Conflicts of interest also may arise when an Associate, or a member of his
or her family, receives improper personal benefits as a result of his or her position in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consistent conduct
of the Company&rsquo;s business in an honest and ethical manner is vitally important to maintaining public trust and confidence
in the Company and its Associates. In many situations involving ethical and moral judgments, it may be difficult to determine a
proper course of action with certainty. In such cases, the Company&rsquo;s General Counsel or the Corporate Governance and Nominating
Committee of the Board of Directors must be consulted to ensure that the proper course of action is followed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is strongly
committed to upholding the principles in this Code of Conduct and will not take, or allow any Associates to take, any action (including
any discharge, demotion, suspension, transfer, threat, harassment or discrimination) against any Associate who, in good faith,
raises a question concerning ethical or moral practices or an actual or potential breach or violation of this Code. Nevertheless,
the Company recognizes that in many instances when situations involving ethical and moral judgments or an actual or potential breach
or violation of this Code arise, you may not feel comfortable raising these issues with our General Counsel. If so, you should
raise the matter by sending a confidential letter to the Chairman of the Corporate Governance and Nominating Committee of the Company&rsquo;s
Board of Directors (for all non-financial/accounting related issues) to the address listed on page 16 of this Code or to the Chairman
of the Audit Committee of the Company&rsquo;s Board of Directors (for all accounting and financial issues) to the address listed
on page 9 of this Code. Only independent directors serve on these committees of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>SPECIFIC POLICIES AND EXAMPLES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is not possible
in a Code of Conduct such as this one to describe all the circumstances and conditions which have the potential of raising ethical
considerations and/or that may constitute a conflict of interest. For this reason, specific applications of our Code of Conduct
to your dealings with various of our constituencies and examples of some of the situations which may be of concern are found below.
If you find yourself or another Associate in a situation that raises an ethical or moral question, or a potential breach or violation
of this Code, that is not covered by these specific policies or examples, or if you are not sure whether your or another Associate&rsquo;s
situation raises any such question, you should discuss the matter with the Company&rsquo;s General Counsel, or by sending a confidential
letter to the Chairman of the Corporate Governance and Nominating Committee of the Company&rsquo;s Board of Directors (for all
non-financial/accounting related issues) to the address listed on page 16 of this Code or to the Chairman of the Audit Committee
of the Company&rsquo;s Board of Directors (for all accounting and financial issues) to the address listed on page 9 of this Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Customers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify">It is an absolute obligation of the Company and each Associate to protect our customer relationships
through consistently fair and honorable dealings with everyone who is a user of our facilities or services.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify">This Code prohibits misrepresentation, fraudulent action or omission, failure to make proper adjustments
if the Company is at fault, or any behavior that denies to any customer the full receipt of the specified benefits of the product
or service for which he or she is paying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">3.</TD><TD STYLE="text-align: justify">Under no circumstances may an Associate give a gift of money or cash equivalents to any customer
or any gift that the Associate knows will violate a customer&rsquo;s business practices. Associates are also prohibited from making
gifts, loans or granting unreasonable favors to customers for the purpose of obligating or inducing them to compromise their responsibilities
to their employers on our behalf or for our benefit. This policy does not extend to gifts or favors of nominal value (less than
$100) or to business dining or casual entertainment, to the extent that these meet generally accepted standards of ethical business
conduct and involve no element of concealment or violation of rules imposed by the recipient&rsquo;s employer. All associates should
also consider the aggregate amount of benefits received from any customer during any calendar year when considering whether to
accept such gifts, favors, dinners or entertainment. Although the amount received on any specific occasion may be permitted<FONT STYLE="text-underline-style: double; color: blue"><U>
(typically less than $100)</U></FONT>, each associate must also ensure that the total annual amount of benefits received is not
inappropriate or give rise to the appearance of impropriety. All expenditures for gifts, favors, business dinners and casual entertainment
must be fully documented in a reimbursement request for Company review and approval.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>You send a gift of a case of expensive French wine to one of our corporate customers to thank
her for booking a convention at the Grand Geneva Resort and Spa and to encourage further bookings in the future. Is this a violation
of our Code of Conduct?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>Yes. Since the value of this gift exceeds $100 and is being made for the principal purpose of
encouraging the customer to continue to do business with the Company (and since the gift probably also violates the customer&rsquo;s
code of conduct), it is not permitted.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>Instead of a case of French wine, you take the corporate customer out to a complimentary dinner
at a fancy restaurant. Is this a violation of our Code of Conduct?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>No. Business dining and casual entertainment of customers, consistent with generally accepted
standards of ethical business conduct and which are not in violation of the customer&rsquo;s code of conduct, are permissible.
You should submit a fully documented reimbursement request for review and approval.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Suppliers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify">All Associates must deal with our suppliers in the highest ethical and professional manner.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify">Under no circumstances may an Associate accept any money or cash equivalents or any gifts from
a supplier that are known to violate the supplier&rsquo;s business practices. Associates must immediately report any such gifts
or offers to the Company&rsquo;s General Counsel.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">3.</TD><TD STYLE="text-align: justify">Under no circumstances may an Associate accept trips and/or loans from any supplier, except for
instances that receive the advance approval of the Company&rsquo;s General Counsel and that are reported to the Chairman of the
Corporate Governance and Nominating Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">4.</TD><TD STYLE="text-align: justify">Associates are also prohibited from receiving gifts or favors from suppliers, other than nominal
gifts or favors (less than $100). This prohibition does not include business dining or casual entertainment that meets generally
accepted standards of ethical business conduct and involves no element of concealment or violation of rules imposed by the provider&rsquo;s
employer. All Associates should also consider the aggregate amount of benefits received from any supplier during any calendar year
when considering whether to accept such gifts, favors, dinners or entertainment. Although the amount received on any specific occasion
may be permitted, each Associate must also ensure that the total annual amount of benefits received is not inappropriate or give
rise to the appearance of impropriety.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">5.</TD><TD STYLE="text-align: justify">Associates shall not be influenced in their business dealings with a supplier by the receipt of
any gift or favor nor shall Associates imply to a supplier that the receipt of any gift or favor will influence a business decision
involving that supplier.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">6.</TD><TD STYLE="text-align: justify">An Associate who is offered and/or receives any prohibited money, cash equivalent, gift, loan,
trip or favor shall promptly and courteously decline such money, cash equivalent, gift, loan, trip or favor with an explanation
that the acceptance of the money, cash equivalent, gift, loan, trip or favor is contrary to our Company&rsquo;s Code of Conduct.
The Associate shall report any such occurrence to the Company&rsquo;s General Counsel.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">7.</TD><TD STYLE="text-align: justify">An Associate may not utilize as a supplier any organization in which the Associate or an immediate
family member has a financial interest, except for instances that receive the advance approval of the Company&rsquo;s General Counsel
and that are reported to the Chairman of the Corporate Governance and Nominating Committee. This policy does not apply to a publicly
traded company in which the Associate (or an immediate family member) owns less than 5% of its stock or other publicly traded equity
securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">8.</TD><TD STYLE="text-align: justify">If an Associate&rsquo;s decline of a gift, loan, trip or favor as outlined in this section could
be a matter of embarrassment or potentially poor business judgment, prior to declining the item involved, the matter should be
discussed with and decided by the Company&rsquo;s General Counsel. If the matter involves a director, executive officer or senior
financial officer of the Company and the Company&rsquo;s General Counsel believes that the gift, loan, trip or favor should not
be declined for business or other reasons, the matter must be raised by the General Counsel and discussed with and decided by the
Company&rsquo;s Corporate Governance and Nominating Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">9.</TD><TD STYLE="text-align: justify">Associates may not purchase merchandise for themselves from Company vendors in excess of $100 using
Company pricing and/or discounts because such discounts may raise the appearance that the discount will influence your use of the
vendor for Company business.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">10.</TD><TD STYLE="text-align: justify">Associates who have historically received prohibited gifts, loans, trips or favors from suppliers
must notify all such suppliers that our Code of Conduct prohibits acceptance of such gift, loan, trip or favor and that the supplier
is encouraged to make a gift to a charity of the supplier&rsquo;s choice in lieu of the gift, loan, trip or favor. This notification
must be made each year in writing by November 15, <SUP> </SUP>with a copy thereof sent to the Company&rsquo;s General Counsel.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>A vendor owns a condominium in a city you will be visiting. It is not his primary </I><BR>
<I>residence and he will not be there at the same time. He invites you to use the condo </I><BR>
<I>free of charge while you are visiting. Can you accept his offer?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>No. The value of the gift can reasonably be considered to be greater than $100 and is otherwise
not consistent with generally accepted standards of ethical business conduct.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>You are attending a two day meeting with a reservation systems company in Utah to work out the
final details of a planned reservation systems roll-out for Hotels division. The meeting is scheduled in February and the vendor
has invited you for an afternoon of skiing at the vendor&rsquo;s expense. Can you accept?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>Yes. Assuming this is not a violation of the vendor&rsquo;s policies, the skiing is only incidental
to the travel and business meeting and is a recreational and casual entertainment opportunity of relatively nominal value consistent
with generally accepted standards of ethical business conduct. However, all other expenses of the trip must be paid for by the
Company, unless otherwise approved by the General Counsel.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>In appreciation of your efforts in coordinating the recently completed remodeling of a Marcus
theatre, the remodeling firm sends a &ldquo;cookie bouquet&rdquo; to your office. Can you accept?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>Yes. The gift is of relatively nominal value and is consistent with generally accepted standards
of ethical business conduct.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>To thank you for your order of office furniture, the vendor&rsquo;s salesman slips you $20 and
says &ldquo;go enjoy a nice lunch on me.&rdquo; Can you accept?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>No. Even though the amount is under $100, the acceptance of cash is never allowed. The same
prohibition applies to loans and cash equivalents.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>As part of a mass mailing advertising campaign, our Internet service provider has sent you a
computer mouse pad displaying its company logo. Can you accept?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>Yes. The gift is an advertising novelty with only nominal value.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>In appreciation of your choosing the location of the Company&rsquo;s purchase of land for a
new movie theatre, the real estate broker sends you a new HDTV. Can you accept?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>No. The value of an HDTV is more than $100 and the gift is not consistent with generally accepted
standards of ethical business conduct. Company resources may be used to return the HDTV to the broker, along with a note advising
the broker that acceptance of the gift is against our Company&rsquo;s Code of Conduct. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>A vendor currently engaged by your department tells you she has two tickets to the Milwaukee
Bucks basketball game tomorrow night. Citing that she is unable to attend, she offers the tickets to you to use as you would like.
Can you accept?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>Yes. As long as this is an isolated offer, the tickets may be accepted because they represent
a relatively common entertainment opportunity consistent with generally accepted ethical business conduct. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>You and your supervisor are invited by a vendor to a two-day conference in a resort area involving
two hours of meetings and a unique opportunity to network with associates of the vendor, as well as with your counterparts from
other lodging companies. The remainder of the time will be devoted to golf, fishing, boating and receptions. The vendor has indicated
it will pay for all of your expenses of travel, lodging, recreation and entertainment. Can you and your supervisor accept?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><I>No. The trip and related activities appear to exceed generally accepted
standards of ethical business conduct. Furthermore, the recreation and entertainment is more than just an incidental part of the
trip and meetings. However, if the opportunity for networking and representing the Company at the conference are viewed by you
and your supervisor as advancing an important business interest of the Company justifying a waiver of our Code, a waiver may be
granted by the Company&rsquo;s General Counsel to authorize the acceptance of part or all of the travel, lodging, entertainment
and recreation and the Company&rsquo;s payment of the remainder. The waiver must then be reported by you on the Company&rsquo;s
next annual Code of Conduct Acknowledgement Form.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning &ldquo;Corporate&rdquo;
Opportunities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Associates owe the
Company a duty to advance the Company&rsquo;s business interests when the opportunity to do so arises. As a result, Associates
are prohibited from taking personal advantage of certain business opportunities in which the Company may be interested. This so-called
&ldquo;corporate opportunity doctrine&rdquo; is complicated and it is not possible to clearly define all of the business opportunities
which belong or could be of interest to the Company and what business opportunities may be taken advantage of personally by Associates.
The most common types of situations falling within this corporate opportunity doctrine prohibit Associates from: (i) personally
taking advantage of any business opportunity that typically would be pursued by, or would be of interest to, one of the Company&rsquo;s
businesses; (ii) personally taking advantage of any other business opportunity that the Company may want to take advantage of if
the opportunity is discovered using Company property, business contacts or information, or that the Associate becomes aware of
because he or she works for the Company; or (iii) competing with or otherwise disadvantaging any of the Company&rsquo;s businesses.
If you have any question regarding whether this corporate opportunity doctrine applies to any potential business opportunity, you
should consult with the Company&rsquo;s General Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>You work in the Company&rsquo;s real estate development department and, through one of your
real estate broker contacts, you learn that a firm the Company has done business with will be offering a certain number of limited
partnership interests in a new real estate venture to those persons and companies that own stock in the firm. You think this is
a good personal investment opportunity. You have heard that others in the real estate development department are looking into this
offer to see if it is the sort of thing in which the Company should invest. Can you go out and personally buy stock in this firm
and then personally subscribe for the firm&rsquo;s partnership units?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>If your subscription for limited partnership interests means that there could be fewer partnership
units available for the Company, then you should not become involved in the subscription, at least not until the Company has decided
not to subscribe or has had the ability to subscribe for all the partnership units it wants. Since there are a limited number of
partnership units, any units you subscribe for will not be available for the Company. That would amount to a diversion of the Company&rsquo;s
business opportunity. Additionally, given your personal interest in the transaction, you should not participate in the Company&rsquo;s
decision making process by which the extent, if any, of the Company&rsquo;s investment is determined, unless you fully disclose
and discuss your personal interest in the venture with the Company&rsquo;s General Counsel and he approves of your participation.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>You are a manager responsible for selecting and dealing with a particular vendor. Your son graduated
recently from college but does not have a job. You would like to ask your counterpart at the vendor about employing your son. Can
you?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><I>No. That would clearly be using the Company&rsquo;s position to achieve
a personal economic benefit for your son. That is not to say that your son, assuming he has the proper qualifications for the job,
cannot independently seek out employment with the vendor, but neither the relationship with the Company nor your position and role
vis-&agrave;-vis that vendor should ever be used to obtain a position for your son. Furthermore, if your son gets a job with the
vendor, it would be a good idea for you to notify the Company&rsquo;s General Counsel of the relationship. Depending on the circumstances,
there may be a question as to whether you can impartially evaluate the performance of the vendor, especially if your son&rsquo;s
work relates to the vendor&rsquo;s contract with the Company. The Company&rsquo;s General Counsel can decide how best to manage
this situation. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Competitors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify">Associates must refrain from all dealings with our competitors for the purpose of setting or controlling
prices, rates, trade practices, costs or any other activities prohibited by the federal and state laws regulating competition.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify">The highest standards of honorable and ethical conduct must be observed in all relationships with
our competitors. The advancement of the Company&rsquo;s business interests through the malicious dissemination of gossip, rumors
or disparaging statements or any other unfair actions intended to damage our competitors is prohibited, as are any other secret
or dishonorable activities for this purpose.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q.</I></TD><TD STYLE="text-align: justify"><I>A corporate client looking to book a large group event is considering both the Pfister Hotel
and the Hyatt in Milwaukee. Can you tell the client that you believe that the Hyatt&rsquo;s water purification system is faulty
and that her group runs the risk of contracting cryptosporidium if they book their event at the Hyatt?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A.</I></TD><TD STYLE="text-align: justify"><I>No. Spreading malicious rumors about our competitors is strictly prohibited.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q.</I></TD><TD STYLE="text-align: justify"><I>You are the manager of a Marcus Hotel. You decide to meet with the manager of your biggest local
competitor to convince her that it would be in her and your best interest to raise rates during an upcoming major convention. Can
you hold the meeting?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A.</I></TD><TD STYLE="text-align: justify"><I>No. Meeting with a competitor to discuss, agree on or set prices is a violation of the federal
antitrust laws and could be punishable by prison and significant fines and penalties. If you are ever approached for a meeting
for such a purpose, or for any other purpose relating to how or where you compete with your competitors, you should immediately
turn down the offer and report the proposal to the Company&rsquo;s General Counsel.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Compliance
With Laws and Regulations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company insists
that all of its businesses be conducted in full compliance with all applicable laws. Failure to obey laws and regulations violates
this Code and may expose both you and the Company to criminal or civil prosecution. As you conduct the Company&rsquo;s business,
you may encounter a variety of legal issues. If you have questions on specific laws, regulations or other legal issues, you should
contact the Company&rsquo;s General Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning the Employment
of Relatives</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify">Relatives of an Associate may not be employed in situations where one relative will be in the line
of supervision of the other, without the pre-approval of the Company&rsquo;s General Counsel, or with respect to issues involving
the Company&rsquo;s directors, executive officers and senior financial officers, the Company&rsquo;s Corporate Governance and Nominating
Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify">As used in this Code of Conduct, the relative of an associate includes the associate&rsquo;s spouse,
partner, parent (including step-parents), children (including step-children) and siblings (including step-siblings).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">3.</TD><TD STYLE="text-align: justify">Relatives of an Associate may not be employed in situations that may impair the Company&rsquo;s
accounting control system of checks and balances.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Accounting
Procedures<BR>
and The Control of Funds and Assets</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify">The Company&rsquo;s financial and accounting books and records must be true, accurate and complete.
No false or artificial entries shall be made in any books or records of the Company for any reason, and no Associate shall engage
in any arrangement that results in such a prohibited act. The Company&rsquo;s accounting and financial records must reflect, in
an accurate, complete and timely manner, all transactions affecting the Company in order to meet statutory requirements and to
ensure proper preparation of the Company&rsquo;s financial statements. Transactions must be properly authorized and approved and
recorded in accordance with both the relevant generally accepted accounting principles and the highest standards of integrity.
There shall be no cash funds, bank accounts, investment or other assets which are not recorded or are inadequately recorded in
the Company&rsquo;s accounting records.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify">No Associate may have so great a span of responsibility as to make it possible for the Company&rsquo;s
accounting control system of checks and balances to be impaired or corporate assets to be diverted.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">3.</TD><TD STYLE="text-align: justify">The use of any funds or other assets of, or the providing of any services by, the Company for any
unlawful purpose is strictly prohibited.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">4.</TD><TD STYLE="text-align: justify">The Company&rsquo;s accounting and financial records must be adequately protected from destruction
or tampering. The accounting and financial records must also be retained for a sufficient period of time to meet both the applicable
legal requirements and those required by the Company&rsquo;s corporate office.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">5.</TD><TD STYLE="text-align: justify">No payment on behalf of the Company shall be approved or made with the intention or understanding
that a part or all of such payment is to be used for any purpose other than as described by the document supporting or requiring
the payment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">6.</TD><TD STYLE="text-align: justify">No Associate may take any action to fraudulently influence, coerce, manipulate or mislead the Company&rsquo;s
independent auditing firm for the purpose of rendering the Company&rsquo;s financial statements misleading.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">7.</TD><TD STYLE="text-align: justify">Any Associate having information or knowledge of any unrecorded fund or asset or any other questionable
financial disclosure or accounting, auditing or financial practice or concern shall promptly report such matter to the Company&rsquo;s
General Counsel. If the Associate is not satisfied that the issue reported has been addressed properly or does not feel comfortable
raising the issue with the Company&rsquo;s General Counsel, he or she shall report the issue directly to the Chairman of the Audit
Committee of the Company&rsquo;s Board of Directors at the following address:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PERSONAL AND CONFIDENTIAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Philip L. Milstein</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Chairman, Audit Committee of The Marcus
Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">100 East Wisconsin Avenue, Suite 1900</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Milwaukee, WI 53202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Senior
Financial Officers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify">In addition to the other policies set forth in this Code of Conduct (including particularly those
set forth in the section above), the Company&rsquo;s senior financial officers (e.g., chief financial officer, principal accounting
officer, controller and other Associates performing similar functions, including at the division level) shall also be subject to
the additional duties and responsibilities described in this section.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify">Each senior financial officer shall ensure the integrity and accuracy of the Company&rsquo;s financial
statements, the Company&rsquo;s compliance with all legal and regulatory requirements related to the Company&rsquo;s financial
statements, and the performance of the Company&rsquo;s internal audit function. The senior financial officers shall immediately
report any failures or deficiencies therein to the Chairman of the Audit Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">3.</TD><TD STYLE="text-align: justify">The senior financial officers shall be responsible for maintaining effective internal audit functions,
internal accounting controls, risk management practices and procedures, and financial reporting and compliance practices, and reporting
thereon (including particularly any deficiencies therein or changes thereto which could adversely affect the Company&rsquo;s financial
condition or results of operation) to the Audit Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">4.</TD><TD STYLE="text-align: justify">The senior financial officers must ensure that the Company&rsquo;s SEC reports that contain the
Company&rsquo;s financial statements fully comply with the applicable requirements of the federal securities laws and that the
information contained in each such report fairly presents, in all material respects, the financial condition and results of operations
of the Company. The senior financial officers shall report any failures or deficiencies therein immediately to the Chairman of
the Audit Committee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">5.</TD><TD STYLE="text-align: justify">The senior financial officers shall be responsible for establishing, maintaining and evaluating
the Company&rsquo;s internal accounting controls and for disclosing to the Audit Committee and the Company&rsquo;s independent
auditing firm any significant deficiencies in such controls, and any fraud involving Associates significantly involved with such
controls, and whether or not there were significant changes in such internal controls or other factors that could significantly
affect such controls. The objective of these internal accounting controls is to provide assurance that all assets are adequately
protected, properly used and that the Company&rsquo;s financial records accurately reflect the assets and liabilities of the Company.
Effective internal accounting controls provide the Company with a system of &ldquo;checks and balances&rdquo; to assist in ensuring
that accounting and administrative policies are complied with throughout the Company. The senior financial officer responsible
for each operating division is responsible for knowing what can go wrong in their area of responsibility, and to be alert for symptoms
of wrongdoing, loss or errors. Notwithstanding this, division controllers or their equivalent are responsible for the overall integrity
of the financial systems and controls in their divisions. Accordingly, they are expected and authorized to intervene to investigate
and take action in situations at operations within their division where they believe financial controls are not meeting standards
or are at risk.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">6.</TD><TD STYLE="text-align: justify">There must be no concealment of information from (or by) senior financial officers, or from the
Company&rsquo;s internal or external auditors or legal counsel.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">7.</TD><TD STYLE="text-align: justify">No senior financial officer shall take, or allow any other Associate to take, any action to fraudulently
influence, coerce, manipulate or mislead the Company&rsquo;s independent public auditing firm for the purpose of rendering the
Company&rsquo;s financial statements materially misleading. If any senior financial officer becomes aware of any such circumstance,
he or she shall report it immediately to the Chairman of the Audit Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">8.</TD><TD STYLE="text-align: justify">The senior financial officers shall ensure that the Company&rsquo;s auditing firm reports directly
to the Audit Committee, and that the Audit Committee is solely responsible for the appointment, compensation and oversight of the
Company&rsquo;s independent auditing firm (including resolving any disagreements between management and the auditing firm over
financial disclosure or accounting or auditing policies, practices or treatment).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">9.</TD><TD STYLE="text-align: justify">Each senior financial officer shall immediately report any Associate complaints regarding financial
disclosure or accounting or auditing matters, including any financial or accounting fraud (whether or not material), to the Chairman
of the Audit Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">10.</TD><TD STYLE="text-align: justify">No senior financial officer shall engage the Company&rsquo;s auditing firm to perform audit or
non-audit services without the Audit Committee&rsquo;s (or its designee&rsquo;s) preapproval in accordance with the Audit Committee&rsquo;s
charter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">11.</TD><TD STYLE="text-align: justify">The senior financial officers shall implement procedures and practices designed to ensure that
any certificates required to be signed by the Company&rsquo;s chief executive officer and/or chief financial officer, and filed
with the SEC or NYSE, comply with all of the requirements thereof and otherwise support and verify the accuracy of such certifications.
The senior financial officers shall report any failures or deficiencies therein immediately to the Chairman of the Audit Committee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">12.</TD><TD STYLE="text-align: justify">The senior financial officers shall advise the Audit Committee on the areas of financial risk that
could have a material adverse effect on the Company&rsquo;s results of operation or financial condition and the Company&rsquo;s
risk assessment and risk management policies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">13.</TD><TD STYLE="text-align: justify">The senior financial officers shall ensure that the Company&rsquo;s off-balance sheet transactions,
liabilities, obligations (including contingent obligations), commitments; relationships with unconsolidated or related party entities;
and derivative transactions are properly accounted for and disclosed in accordance with the requirements of the SEC, the listing
standards of the NYSE and other applicable laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">14.</TD><TD STYLE="text-align: justify">The senior financial officers shall not seek a second opinion on any significant accounting issue
from an accounting or auditing firm other than the Company&rsquo;s independent auditing firm without first obtaining the approval
of the Audit Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">15.</TD><TD STYLE="text-align: justify">The senior financial officers shall be familiar with the requirements, duties and responsibilities
imposed on them by the Audit Committee&rsquo;s charter and will actively and timely comply therewith, and will otherwise comply
with all requests of the Audit Committee or its designees.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Devotion
of Time and<BR>
Ability to the Company&rsquo;s Business</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company respects
the rights of its Associates to engage in activities of a private nature outside of the Company. However, employment or personal
business interests or commitments are prohibited if such activity would tend to impair an Associate&rsquo;s ability to meet his
or her regular job responsibilities to the Company, would affect his or her objectivity in carrying out his or her responsibilities
or would otherwise create a conflict of interest. Any outside employment or other business commitments must be consistent with
the foregoing requirements and receive the approval of the Company&rsquo;s General Counsel, Chairman of the Corporate Governance
Committee and/or chief executive officer, as determined appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>You have an opportunity to take a part-time job outside of work with another firm doing the
same sort of work you do now. Can you take it?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify; padding-right: 2.7pt"><I>That depends. There is no Company policy which outright prohibits moonlighting.
If the other job might require excessive time demands that would diminish your job performance at the Company, or if it might affect
your judgment and objectivity when you are dealing with your duties at the Company (for instance, if it involves work for a competitor
or for a vendor of goods or services to the Company), it would be prohibited. Even if these considerations are not present and
you do accept the job, you must be careful not to use in that job any information that is confidential or proprietary to the Company.
In any case, you must receive the approval of the Company&rsquo;s General Counsel prior to accepting the other job.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Responsibility
for Safeguarding<BR>
Confidential or &ldquo;Inside&rdquo; Information</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify">Complete confidentiality of the Company&rsquo;s Business Information must be respected at all times.
Associates and representatives of the Company are prohibited from releasing the Company&rsquo;s Business Information. The Company&rsquo;s
Business Information is any non-public information involving the Company, or any other company doing business with us, which could
have an impact on the Company&rsquo;s stock price, an acquisition, or the sale of Company assets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify">No material information concerning the Company or any other company which is not public knowledge
may be used by any Associate for the purpose of his or her own personal gain, whether through stock transactions, real estate dealings,
contracting or any other means, nor may such information be transmitted to an individual outside of the Company for their own personal
gain.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">3.</TD><TD STYLE="text-align: justify">Associates may not engage in the &ldquo;short selling&rdquo; of common stock of the Company (e.g.
selling Company stock that the Associate does not own in a transaction from which the Associate would benefit if the value of the
stock declined).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">4.</TD><TD STYLE="text-align: justify">For more information regarding the Company&rsquo;s policies regarding compliance with securities
laws, see the Company&rsquo;s policy entitled Release of Investor Sensitive Information (which is included in the Company&rsquo;s
Policies and Procedures Manual) and the Company&rsquo;s Statement Of Company Policy Prohibiting Insider Trading In Marcus&rsquo;
Stock (which is circulated annually and may be obtained from the Company&rsquo;s General Counsel).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>You become aware that the Company is seriously considering acquiring another publicly-traded
movie theatre company and you want to buy stock in that company stock as well. Can you purchase it?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify; padding-right: 11.7pt"><I>No, that would be prohibited insider trading (even though the stock is
of another company). Similarly, you may not buy the Company&rsquo;s stock based on such inside information. Additionally, you must
not tell anyone outside of the Company about this potential acquisition and you must not encourage other people to buy the stock
of our Company or of such other company until such time as the Company either publicly announces its acquisition or abandons its
acquisition plans.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>You are an Associate in our IT Department and you have been involved in the purchase of some
software from a small publicly-traded corporation. You are so impressed with the corporation that you bought some of its shares
after the Company completed its software purchase. Some time later, you are told privately by a contact at the corporation that
some of the corporation&rsquo;s key software developers will likely be departing the corporation, leaving in doubt the ability
of the corporation to roll out the next generation of software on time, if at all. Is this material &ldquo;inside&rdquo; or non-public
information?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>If the software developers are truly key to the corporation&rsquo;s success such that news of
their departure could affect the price of the corporation&rsquo;s stock and if the news of their imminent departure has not yet
been made public by the corporation, the information is likely to be deemed to be material &ldquo;inside&rdquo; or non-public information.
</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>Can the &ldquo;inside&rdquo; or non-public information be used by the Company to decide whether
or not to buy the next version of software from the corporation?</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>Even if it is &ldquo;inside&rdquo; information, the Company <U>can</U> use this information
in making a business decision on whether or not to go ahead with purchasing or renewing that corporation&rsquo;s software; the
Company is not using the information in deciding to buy or sell any stock. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><I>Q:</I></TD><TD STYLE="text-align: justify"><I>What about the stock of the corporation owned by you
&ndash; if you want to sell it, when can you?</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><I>A:</I></TD><TD STYLE="text-align: justify"><I>Given that the information received by you is material and non-public, you are precluded from
selling your shares, and from telling anyone else about the information who might trade that corporation&rsquo;s shares, until
it becomes public or is no longer material. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Outside
Associations and Activities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to any
desired service on boards of directors of outside organizations that is consistent with the requirements set forth under &ldquo;Concerning
Devotion of Time and Ability to the Company&rsquo;s Business&rdquo; above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify"><U>Non-Profit Boards</U>. The Company strongly encourages its Associates to devote personal time,
attention and funds to the charitable and civic causes of their choice. In this regard, the Company strongly encourages and supports
Associates&rsquo; service on the boards of directors of reputable charitable, civic and community organizations; however, the Company
requests that Associates provide the Company&rsquo;s General Counsel with written notice of any such intention if he or she desires
to serve in such a capacity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify"><U>For-Profit and Industry Boards</U>. If an Associate would like to serve on the board of directors
or advisors of an outside for-profit business or on a board related to the Company&rsquo;s businesses on his or her own personal
time, the Associate must receive prior approval in writing from the Company&rsquo;s General Counsel and Chief Executive Officer.
Unless approved by the Company&rsquo;s General Counsel and Chief Executive Officer, any fees or other monetary remuneration received
by an Associate for serving in such a capacity (other than expense reimbursement) must be turned over to the Company or donated
to charity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Fellow
Associates</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify">All Associates must deal with one another in a fair and truthful manner.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify">All relationships between Associates must be appropriate for a business setting. In particular,
relationships between a supervisor and a subordinate must be conducted so that the conduct of the Associates involved is beyond
reproach. The lending, giving and/or advancing of money between such Associates is expressly prohibited, as is the exchange of
gifts, goods or services, other than those gifts of a nominal value for seasonal or commemorative purposes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">3.</TD><TD STYLE="text-align: justify">Serious social relationships between a supervisor and a subordinate, while not expressly prohibited,
are strongly discouraged as having a high possibility of undesirable later ramifications for both of the Associates involved, as
well as for the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt"><FONT STYLE="text-underline-style: double"><U>4.</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double"><U>Associates&rsquo; social media posts will not result
in any adverse employment action for the posting associate unless a post violates some other Marcus policy, such as Marcus&rsquo;
policies against workplace violence or harassment. </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt"><FONT STYLE="text-underline-style: double; color: blue"><U>5.</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: red"><STRIKE>4. </STRIKE></FONT>These policies are in addition to those set
forth in the Company&rsquo;s policies regarding sexual harassment, racial discrimination and the treatment of disabled Associates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Political
Contributions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify">Because most political contributions by corporations are prohibited by federal and state law, it
is a policy of the Company not to make any political contributions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify">It is also the policy of the Company not to reimburse, directly or indirectly, any Associate, attorney,
agent or third party for any political contributions made by him or her.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">3.</TD><TD STYLE="text-align: justify">No Associate or representative is authorized to make any direct or indirect political contribution
of any kind on behalf of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Real Estate</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Associates and members
of their families are prohibited from acquiring or holding an investment in real estate or other property in which the Company
may have an existing business interest or in which they may have knowledge of a possible business interest. This requirement may
be waived by the Company&rsquo;s General Counsel (for all Associates who are not directors, executive officers or senior financial
officers) or by the Company&rsquo;s Corporate Governance and Nominating Committee (for all Associates who are directors, executive
officers or senior financial officers) when such waiver would further the best interests of the Company and its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning the Environment</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is recognized that
the world&rsquo;s environment is a legacy from the past, which must be preserved for future generations. Consistent with this recognition,
the Company will follow appropriate business practices in the preservation of the environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Questionable
Practices<BR>
or Knowledge of a Prohibited Act</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any Associate having
information or knowledge of any situation and/or act which may constitute a breach or violation of this Code or who has any doubt
as to whether a situation and/or act may constitute a breach or violation of this Code shall promptly report such situation to
the Company&rsquo;s General Counsel. This reporting requirement includes notification of any known future situation and/or act,
which could constitute a breach or violation of this Code. If the Associate is not comfortable discussing the situation with the
Company&rsquo;s General Counsel, the Associate should discuss the matter by sending a confidential letter to the Chairman of the
Corporate Governance and Nominating Committee of the Company&rsquo;s Board of Directors (for all non-financial/accounting related
issues) to the address listed on page 16 of this Code or to the Chairman of the Audit Committee of the Company&rsquo;s Board of
Directors (for all accounting and financial issues) to the address listed on page 9 of this Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Concerning Other Issues
and Behavior</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Code of Conduct
is only one part of the Company&rsquo;s rules governing Associates&rsquo; behavior. Other rules, including the Company&rsquo;s
policies regarding sexual harassment, racial discrimination and the treatment of disabled Associates, are set forth in the Company&rsquo;s
Policies and Procedures Manual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>PROCEDURES TO ENSURE COMPLIANCE
WITH THIS CODE</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">1.</TD><TD STYLE="text-align: justify">This Code of Conduct has been adopted by the Corporate Governance and Nominating Committee of the
Board of Directors. This Code applies to all divisions and subsidiaries of the Company. The Corporate Governance and Nominating
Committee is responsible for overseeing the interpretation and enforcement of this Code. Subject to the Corporate Governance and
Nominating Committee&rsquo;s ultimate authority: (i) each Division President will be responsible for monitoring the enforcement
of this Code and these procedures as they pertain to Associates in their particular Division and (ii) the Company&rsquo;s General
Counsel will be responsible for monitoring (a) enforcement of this Code and these procedures as they pertain to the Company&rsquo;s
directors, executive officers, senior financial officers, Corporate Associates, and Division Presidents, and (b) the steps taken
by each of the Division Presidents with respect to the enforcement of this Code and these procedures. If any questions regarding
possible breaches or violations of this Code are not resolvable by the Company&rsquo;s General Counsel, such questions will be
directed to the Chairman of the Corporate Governance and Nominating Committee (for all non-financial/accounting related issues)
in the manner noted on page 16 of this Code or to the Chairman of the Audit Committee of the Company&rsquo;s Board of Directors
(for all accounting and financial issues) to the address listed on page 9 of this Code.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">2.</TD><TD STYLE="text-align: justify">Every three months and promptly after an issue is raised that might require a waiver of, or change
in, this Code of Conduct, the Company&rsquo;s General Counsel will report to the Company&rsquo;s Corporate Governance and Nominating
Committee concerning compliance with this Code and any breaches or violations or other ethical issues which may have occurred or
been presented. The Corporate Governance and Nominating Committee shall consider all issues brought before it in executive session.
In instances where breaches or violations of this Code or other ethical issues may have been identified, the Company&rsquo;s General
Counsel may make such recommendation as may be appropriate to prevent a recurrence. The ultimate decision with respect to any such
action will, however, be made by the Corporate Governance and Nominating Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">3.</TD><TD STYLE="text-align: justify">Only the Corporate Governance and Nominating Committee may waive this Code with respect to directors,
executive officers and senior financial officers of the Company and only the Corporate Governance and Nominating Committee or Board
may change this Code. All waivers of or changes to this Code for directors, executive officers or senior financial officers must
be publicly disclosed in a manner that complies with the requirements of the SEC, the listing standards of the NYSE and other applicable
laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">4.</TD><TD STYLE="text-align: justify">This Code of Conduct will be published on the Company&rsquo;s website and will be reproduced and
individual copies will be distributed or otherwise made available to all managers, supervisors, sales personnel and those Associates
with purchasing or financial authority on an annual basis. (In addition, this Code is available in the Company&rsquo;s Policies
and Procedures Manual.) Each Associate receiving a copy of this Code will be required to acknowledge in writing that they have
received, read and will abide by this Code. All acknowledgments will be forwarded to the Company&rsquo;s General Counsel for retention
and for appropriate follow-up action, if necessary. All acknowledgments by directors, executive officers or senior financial officers
that disclose interests that breach or violate this Code must be forwarded to the Chairman of the Corporate Governance and Nominating
Committee without delay.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">5.</TD><TD STYLE="text-align: justify">Any Associate to whom substantial discretionary authority is to be delegated and who could possibly
be in a position to breach or violate the provisions of this Code, shall not be delegated such discretionary authority until a
background check has been made of the Associate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">6.</TD><TD STYLE="text-align: justify">All vendors, suppliers, agents, franchisees, joint venture partners and other business relationships
will be informed of the basic principles of this Code. In particular, each vendor, supplier, agent, franchisee, joint venture partner
and other business relationships will be made aware of the necessity of fair and honest dealings in all matters concerning the
Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">7.</TD><TD STYLE="text-align: justify">Associate training programs will be initiated and maintained to fully inform all Associates of
the major tenets of this Code. Compliance responsibilities will be included in the job descriptions of all Associates charged with
such responsibilities. This statement will be included in all manager operational manuals.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">8.</TD><TD STYLE="text-align: justify">In order to fully monitor compliance with this Code, a Corporate Governance and Nominating Committee
of the Company&rsquo;s Board of Directors has been established. This Committee consists solely of independent directors. In the
event any Associate is not comfortable with reviewing an ethics matter or any potential or actual breach or violation of this Code
with the Company&rsquo;s General Counsel, the matter may be addressed to the Chairman of the Company&rsquo;s Corporate Governance
and Nominating Committee as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PERSONAL AND CONFIDENTIAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Bronson Haase</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Chairman, Corporate Governance and Nominating
Committee of The Marcus Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">100 East Wisconsin Avenue, Suite 1900</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Milwaukee, WI 53202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">9.</TD><TD STYLE="text-align: justify">During any investigation of suspected breaches or violations of this Code, all Associates must
fully cooperate with the investigation. The Company reserves the right to discipline any Associate who does not fully cooperate
in any such investigation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">10.</TD><TD STYLE="text-align: justify">Neither the Company nor any Associate will retaliate against any Associate who, in good faith,
raises a question concerning ethical practices or a potential breach or violation of this Code. This means the Company will not
terminate, demote, suspend, threaten, harass, transfer to an undesirable assignment, or otherwise discriminate against any Associate
for calling attention to any suspected illegal, unethical or immoral acts or any potential breach or violation of this Code. This
protection extends to anyone giving information in relation to an investigation. However, the Company reserves the right to discipline
any Associate who knowingly makes a false accusation, provides false information to the Company or otherwise acts improperly.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">11.</TD><TD STYLE="text-align: justify">Based on the degree of responsibility of the Associate involved, compliance with this Code will
be included in the Associate&rsquo;s performance review.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">12.</TD><TD STYLE="text-align: justify">The Company&rsquo;s independent auditing firm, in conjunction with the Corporate Governance and
Nominating Committee, will perform a yearly review of the Company&rsquo;s compliance with this Code and these procedures and the
Corporate Governance and Nominating Committee shall consider whether any amendments to this Code and the procedures are necessary
or appropriate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE MARCUS CORPORATION<BR>
ACKNOWLEDGEMENT OF COMPLIANCE WITH CODE OF CONDUCT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Please return this Acknowledgement immediately
to the General Counsel of The Marcus Corporation)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To:&#9;Thomas F. Kissinger</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From:&#9;________________________________________________________________&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Division:&#9;________________________________________________________________&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email:&#9;________________________________________________________________&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Phone Number:&#9;________________________________________________________________&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Office Location:&#9;________________________________________________________________&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Supervisor:&#9;________________________________________________________________&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 1pt solid">I have read, understood and will abide
by The Marcus Corporation&rsquo;s Code of Conduct. I have no interests contrary to, and I have otherwise not breached or violated
(or obtained a waiver of or change in) this Code, and I have no knowledge of any other Associate&rsquo;s breach or violation of
this Code, except as specifically described in detail below (If none, please state &ldquo;None&rdquo;) <U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exceptions <B>(<I>please describe any situations
you may be involved in that may conflict with or violate the Code, whether or not such activities have been pre-approved by the
Company&rsquo;s General Counsel</I>)</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><U>Date</U></TD>
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><U>Description of Situation</U></TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">Breach or <BR>
<U>Violation of Code</U></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><U>Preapproved</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, at any future date, I become involved
in any matter which might constitute a breach or violation of this Code or if I learn that another Associate may be involved in
any matter that might constitute a breach or violation of this Code, I will immediately disclose such circumstance in detail to
the Company&rsquo;s General Counsel (or to the Company&rsquo;s Corporate Governance and Nominating Committee Chairman or Audit
Committee Chairman) by a further memo of this nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">Dated:<U STYLE="text-decoration: none">&#9;</U></TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">Signed:<U STYLE="text-decoration: none">&#9;</U></TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0; text-align: left"></P>

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