<DOCUMENT>
<TYPE>EX-99.CODEETH
<SEQUENCE>2
<FILENAME>a2152148zex-99_codeeth.txt
<DESCRIPTION>EX-99.CODE ETH
<TEXT>
<Page>

                                                             EXHIBIT 99.CODE ETH

                             FPA CAPITAL FUND, INC.
                                 FPA FUNDS TRUST
                              FPA NEW INCOME, INC.
                            FPA PARAMOUNT FUND, INC.
                            FPA PERENNIAL FUND, INC.
                              SOURCE CAPITAL, INC.

                       CODE OF ETHICS FOR SENIOR EXECUTIVE
                             AND FINANCIAL OFFICERS

I.      Introduction

The Board of Directors/Trustees of each registered investment company that is
managed, sponsored, and distributed by First Pacific Advisors, Inc. ("FPA")
(each an "FPA Fund" and collectively the "FPA Funds") has adopted this code of
ethics ("Code") as required by the Section 406 of the Sarbanes-Oxley Act. The
Code applies to the individuals in positions listed on Exhibit A ("Covered
Officers"). All Covered Officers, along with employees of FPA, are subject to
separate and distinct obligations from this Code under a Code of Ethics adopted
pursuant to Rule 17j-1 under the Investment Company Act of 1940 ("17j-1 Code of
Ethics"), policies to prevent the misuse of non-public information, and other
internal compliance guidelines and policies that may be in effect from time to
time.

        This Code is designed to promote:

    -   Honest and ethical conduct, including the ethical handling of conflicts
        of interest;
    -   Full, fair, accurate, timely, and understandable disclosure in reports
        and documents that an FPA Fund files with, or submits to, the U.S.
        Securities and Exchange Commission, or in other public communications
        made by the FPA Funds or FPA;
    -   Compliance with applicable laws, governmental rules, and regulations;
    -   Prompt internal reporting to those identified in the Code of violations
        of the Code; and
    -   Accountability for adherence to the Code.

II.     Actual or Apparent Conflicts of Interest

        A. Covered Officers should conduct all activities in accordance with the
           following principles:

               1.   Shareholders' interests come first. In the course of
                    fulfilling their duties and responsibilities to FPA Fund
                    shareholders, Covered Officers must at all times place the
                    interests of FPA Fund shareholders

<Page>

                    first, and avoid serving their own personal interests ahead
                    of the interests of FPA Fund shareholders.

               2.   Conflicts of interest must be avoided. Covered Officers must
                    avoid any situation involving an actual or potential
                    conflict of interest with respect to their duties and
                    responsibilities to FPA Fund shareholders.

               3.   Compromising situations must be avoided. Covered Officers
                    must not take advantage of their position of trust and
                    responsibility. Covered Officers must avoid any situation
                    that might compromise or call into question their exercise
                    of full independent judgment in the best interests of FPA
                    Fund shareholders.

All activities of Covered Officers should be guided by and adhere to these
fiduciary standards regardless of whether the activity is specifically described
in this Code.

        B. Restricted Activities

               1.   Gifts. Under no circumstances shall any Covered Officer
                    accept money, stocks, bonds, notes, etc. from any entity
                    that does business with or on behalf of the FPA Funds. No
                    Covered Officer shall accept any other type of gift or other
                    thing of more than de minimis value ($250) from any person
                    or entity that does business with or on behalf of the FPA
                    Funds. Written documentation of any gift or other thing with
                    an estimated value of more than $100 should be submitted
                    within ten days of receipt and approved by J. Richard Atwood
                    or Christopher H. Thomas.

               2.   Prohibition on misuse of FPA Funds' property. Covered
                    Officers are prohibited from making use of time, equipment,
                    services, personnel or property of any FPA Fund for any
                    purposes other than the performance of their duties and
                    responsibilities in connection with the FPA Funds.

III.    Disclosure and Compliance

        A. Each Covered Officer should be familiar with the disclosure
           requirements generally applicable to the FPA Funds.

        B. Each Covered Officer should not knowingly misrepresent, or cause
           other to misrepresent, facts about the FPA Funds to others, including
           to the FPA Funds' directors/trustees and auditors, or to government
           regulators and self-regulatory organizations.

        C. Each Covered Officer should, to the extent appropriate within the
           Covered Officer's area of responsibility, consult with other officers
           and employees of FPA and of an FPA Fund with the goal of promoting
           full, fair, accurate, timely and understandable disclosure in the
           reports and documents the FPA

<Page>

           Fund files with, or submits to, the SEC and in other public
           communications made by an FPA Fund.

        D. It is the responsibility of each Covered Officer to promote
           compliance with the standards and restrictions imposed by applicable
           laws, rules, regulations, and the 17j-1 Code of Ethics.

IV.     Reporting and Responsibility

        A. Each Covered Officer must:

               1.   Upon adoption or amendment of the Code (or thereafter as
                    applicable, upon becoming a Covered Officer), affirm in
                    writing that he or she has received, read, and understands
                    the Code;

               2.   Affirm at least annually in writing that he or she has
                    complied with the requirements of the Code;

               3.   Not retaliate against any other Covered Officer or any
                    employee of FPA for reports of potential violations of the
                    Code that are made in good faith; and

               4.   Notify J. Richard Atwood or Christopher H. Thomas promptly
                    if the Covered Officer knows of any violations of this Code.

        B. The FPA Funds will use the following procedures in investigating and
           enforcing this Code:

               1.   J. Richard Atwood or Christopher H. Thomas is responsible
                    for applying this Code to specific situations and has the
                    authority to interpret this Code in any particular
                    situation. All determinations made by J. Richard Atwood or
                    Christopher H. Thomas will be reported to the Board of
                    Directors/Trustees of the FPA Funds in an annual report
                    regarding activities subject to the Code.

               2.   J. Richard Atwood or Christopher H. Thomas will take all
                    appropriate action to investigate any potential violations
                    of the Code that are reported.

               3.   If, after investigation, J. Richard Atwood or Christopher H.
                    Thomas believes that no material violation of the Code has
                    occurred, no further action is required to be taken.

               4.   Any matter that J. Richard Atwood or Christopher H. Thomas
                    believes is a material violation of the Code will be
                    reported to the Board of Directors/Trustees of the FPA
                    Funds.

               5.   If the Board of Directors/Trustees of the FPA Funds concurs
                    that a material violation of the Code has occurred, the
                    Board will consider

<Page>

                    appropriate action. Appropriate action may include
                    reassignment, suspension, or dismissal of the applicable
                    Covered Officer(s), or any other sanctions the Board deems
                    appropriate. Appropriate action may also include review of,
                    and appropriate modifications to, applicable policies and
                    procedures.

               6.   Any changes to or waiver of this Code will, to the extent
                    required, be disclosed as provided by SEC rules.

V.      Other Policies and Procedures

This Code shall be the sole code of conduct adopted by the FPA Funds for
purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the FPA Funds, FPA, or other service providers govern
or purport to govern the behavior or activities of the Covered Officers, they
are superseded by this Code to the extent that they overlap or conflict with the
provisions of this Code.

FPA's and the FPA Funds' 17j-1 Code of Ethics, policies to prevent the misuse of
non-public information, and other internal compliance guidelines and policies
that may be in effect from time to time are separate requirements applying to
the Covered Officers and others, and are not part of this Code.

VI.     Amendments

This Code may not be amended except by the approval of a majority vote of the
FPA Funds' Boards of Directors/Trustees. All amendments must be in writing and
communicated promptly to the Covered Officers, who shall affirm receipt of the
amended Code in accordance with Section IV.A.1.

VII.    Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be
considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be
disclosed to anyone other than the FPA Funds' Boards of Directors/Trustees, and
J. Richard Atwood or Christopher H. Thomas.

Date: December 8, 2003

<Page>

                                    EXHIBIT A
                          TO THE FPA CAPITAL FUND, INC.
                                 FPA FUNDS TRUST
                              FPA NEW INCOME, INC.
                            FPA PARAMOUNT FUND, INC.
                            FPA PERENNIAL FUND, INC.
                              SOURCE CAPITAL, INC.

                       CODE OF ETHICS FOR SENIOR EXECUTIVE
                             AND FINANCIAL OFFICERS

COVERED OFFICERS OF FPA FUNDS:

President & CIO
President & Portfolio Manager
Executive VP & Portfolio Manager
Senior VP & Fixed-Income Manager
Vice Presidents
Treasurer
Secretary
Assistant Treasurer
</TEXT>
</DOCUMENT>
