| insure | invest | retire |

MassMutual Code of ConductThe Winning Way

Revised as of Jan. 1, 2011

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results

Contents 1 | MESSAGE FROM ROGER CRANDALL 2 | OUR MISSION AND WINNING WAYS 3 | INTRODUCTION

Responsibilities of Managers Governing Laws Conviction of a Crime Waiver Discipline Employment Contract

6 | SPEAKING UP AND SEEKING GUIDANCE Speaking Up Seeking Guidance

8 | INTERACTING WITH OTHERS Statement of Respect Equal Employment Opportunity Harassment Workplace Violence Drugs and Alcohol Health, Safety and Environment

10 | PROTECTING AND USING INFORMATION Confidential Information Safeguarding Confidential Information Employee Privacy Customer Privacy Insider Trading Information Barriers

13 | MASSMUTUAL PROPERTY Using MassMutual Property Technology Intellectual Property

15 | RECORDKEEPING MassMutual Records Document Retention and Destruction Business Reporting and Financial Management

17 | CONFLICTS OF INTEREST Corporate Opportunities Outside Employment and Other Activities Directorships Business Courtesies and Entertainment Third Party Relationships Family and Personal Relationships

20 | BUSINESS DEALINGS Antitrust and Competition Laws Fair Dealings Fraud Anti-Money Laundering Sanctions and the Office of Foreign Assets Control Anti-Boycott Anti-Bribery and Anti-Corruption

23 | INTERACTING WITH THE GOVERNMENT Personal Political Contributions Political Activity Lobbying Government Contracting/Interactions Communicating with Regulators, Attorneys and Investigators

25 | RESOURCES 26 | QUESTIONS AND ANSWERS

Last Updated Jan. 1, 2011

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results 1

Message from Roger Crandall

For 160 years at MassMutual we have helped our customers build a financially secure future. We have also built strong relationships and a tradition of trust with our customers and fellow employees. At the core of these relationships is our commitment to act ethically and with integrity.

To do business ethically and with integrity, we all need to understand what is expected of us. Our Code of Conduct applies

to all MassMutual employees. The Code establishes the standards for our behavior and helps guide us when we are faced with making difficult decisions. To help you understand these standards, please read the Code and company policies. Ask questions if you are uncertain about how to handle a situation, and report any compliance or ethics issues or concerns.

Doing business the right way, with ethics and integrity, benefits MassMutual and our customers and employees and is critical to our continued success. That is why it is so important to make good decisions – decisions based on ethical behavior, integrity and doing the right thing – each and every day. Please join me in upholding MassMutual’s commitment to ethics and integrity by following the standards outlined in our Code every day.

Thank you.

Roger W. Crandall Chairman, President and Chief Executive Officer

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results

Our Mission and Winning Ways

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Our mission is to be viewed as the leading mutual life insurance company based on financial security, high dividends and quality service. To achieve our strategic goals and objectives, it is critical that we follow the MassMutual Winning Ways. The Winning Ways are our core values, what we hold true and what we must do as individuals and as a company to succeed:

• Focus on the Customer

Knowyourcustomerswell;addvaluewithasenseofurgency.

• Act with Integrity

Betrustworthy,adheretohighethicalstandards,adhereto

theletterandspiritofapplicablelaws,rules,regulationsand

companypolicies.

• Value People

Leadpeopletosuccess;appreciatediversebackgrounds,ideas

andexperiences.

• Work Collaboratively

Partnerwithotherstoachieveresultsthatleverage

therightresources.

• Achieve Results

Focusonwinning;consistentlyexceedexpectations,beat

thecompetition.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results 3

Introduction

At MassMutual, acting ethically, with integrity and in compliance with applicable laws and regulations is not only the right thing to do, it is how we do business. For 160 years, MassMutual has been committed to high standards of ethics and integrity, and we continue to hold ourselves to these standards every day.

OurCodeofConductdescribesourWinningWaysandestablishesthe

standardsforourbehavior.WhiletheCodecannotaddresseverysituation

wemayface,itprovidesinformationabouthowtoraiseissuesorconcerns

andavailableresourcestohelpguideuswhenadecisionisnotclearor easy.

TheCodealsoprovidesabroadoverviewofcertainkeycompanypolicies.

YoucanfindmorespecificinformationonvarioustopicsinMassMutual’s

policies,manyofwhicharereferencedandlinkedthroughouttheCode.Ifa

policyprovidesmorespecificguidancethantheCode,youshouldcomply

withthepolicy.Youshouldspeakwithyourmanageraboutanyquestions

relatedtotheCodeandcompanypolicies.

TheCodeappliestoallMassMutualemployeesandtoemployeesofcertain

MassMutualsubsidiaries.

WealsoexpectotherMassMutualbusinesspartners,includingagents,

brokersandotherdistributors,vendors,suppliers,andotherthirdparties,

tofollowthestandardsintheCodewhenworkingwithoronbehalfof

MassMutual.Referencesto“you,”“we”and“our”throughouttheCode

includeMassMutualemployeesandotherindividualswhoarecoveredby

the Code.

ethicsA set of principles of right conduct.

integrityAdherence to a strict ethical code.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results4

Introduction

Forallemployees,compliancewiththeCodeandcompany

policiesisaconditionofemployment.Toensurethatyou

understandyourobligationsundertheCode,youmust

acknowledgethatyouhavereadandunderstandtheCode

eachyear.Youwillalsoneedtoprovidecertainadditional

certificationsandinformationdisclosures.Ifanyofthe

conditionstowhichyoucertifychangeoverthecourseof

theyear,youmustnotifyMassMutual’sChief Compliance

Officer or Corporate Compliance.

Responsibilities of ManagersManagerssetanexampleofhowtoactintheworkplaceand

arearesourcewhenemployeeshavequestionsorconcerns.

Asleaders,weexpectmanagerstoactethicallyandwith

integrityandtoencouragethisbehaviorinothers.Managers

shouldeducateemployeesabouttheCodeandcompany

policiesandmakesureemployeesunderstandwhatis

expectedofthem.

Itisimportantformanagerstomaintainopencommunica-

tionchannelsandencourageemployeestoexpresstheir

ideasandopinions.Managersshouldencourageemployees

toaskquestionsandraiseissuesorconcerns.Managersalso

needtounderstandhowtoescalateissuesorconcerns,if

necessary,thatemployeesraise.

Governing LawsBecauseMassMutualdoesbusinessinmanyjurisdictions,

itissubjecttomultiplelawsandregulationsand,therefore,

maydobusinesssomewhatdifferentlyfromjurisdictionto

jurisdiction.Onethingisconstant:whereverMassMutual

doesbusiness,wearecommittedtoconductingbusiness

ethicallyandinfullcompliancewithapplicablelawsand

regulations.Unethicalorillegalbehaviorisnotjustifiedin

anycircumstance.

Conviction of a CrimeVariouslawsandregulationsrequireMassMutualtodeter-

mineifanyofitsemployeeshavecertaincriminalor

regulatoryviolations.Yourabilitytoholdaparticularposi-

tionatMassMutualmayalsodependonwhetheryouhave

certaincriminalorregulatoryviolations.

Inordertomeettheserequirements,MassMutualwill

provideyouwithadisciplinarydisclosurequestionnaire

thatyoumustcompleteeachyear.

Ifyouhaveanyquestionsabouttheserequirementsor

thequestionnaire,youshouldrefertotheCriminal,

Disciplinary and Regulatory Disclosure Policyorcontact

Corporate Compliance.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results 5

WaiverQuestionsaboutwaiversorexceptionstotheCodeshouldbe

discussedwiththeChief Compliance Officer.

DisciplineEmployeeswhoviolatetheCodeorothercompanypolicies

maybesubjecttodisciplinaryaction,includingtermination

ofemployment.Disciplinaryactionmayalsobetakenagainst

individualswhofailtotakeappropriateactionagainstillegal,

unethicalorimproperconduct.Dependingonthesituation,

theindividualsinvolvedandMassMutualmayalsobesubject

tobothcivilandcriminalpenalties.

Employment ContractMassMutualisanat-willemployer,whichmeansthatboth

employeesandMassMutualarefreeatanytimetoendthe

employmentrelationshipwithoutnoticeorcause.TheCode,

otherpolicies,practicesorbenefitsofMassMutualdonot

createanexpressorimpliedemploymentcontractbetween

youandMassMutual.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results6

Speaking UpIfyoususpectorareawareofaMassMutualemployeeor

representativeactingunethicallyorillegally,youhaveaduty

to“speakup”andreportyourconcerns.Whenyouspeakup

andreportcomplianceorethicsissuesorconcerns,youhelp

usaddressissuespromptlyandappropriately.Byraising

complianceorethicsissuesorconcerns,youareprotecting

yourself,yourcolleaguesandMassMutual.

Thereareanumberofreportingchannelsavailableto

you,including:

• yourmanager

• yourHR Business Partner

• Employee Relations

• MassMutual’sChief Compliance Officer

• yourbusiness or corporate unit compliance officer

• LawDivisioncounsel

Speaking Up and Seeking Guidance

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results 7

Ifyouarenotcomfortablediscussingtheissueorconcernwithanyof

theseindividuals,youmayalsocontacttheMassMutualCompliance

andEthicsReportingHotline,whichisadministeredbyanindepen-

dentthirdpartyvendor.YoucanreachtheHotlinetwenty-fourhours

aday,sevendaysaweek,bycalling1-800-422-1381orviathewebat

www.massmutual.com/ethicspoint.ReportstotheHotlinecanbemade

onanidentifiedoranonymousbasis.WhiletheHotlineallowsfor

anonymousreporting,anonymitymaybedifficulttomaintainduring

thecourseofaninvestigation.

Reportsofunethicalorillegalbehaviorwillbehandledpromptly.We

makeeveryefforttokeepreportsconfidential,butinformationmay

needtobesharedwithindividualswhoareinvolvedininvestigating

thereportsotheycaninvestigateandfollow-upappropriately.Ifyou

becomeinvolvedinacompanyinvestigation,youmustcooperatefully

andprovidecompleteandhonestanswerstoallquestions.

MassMutualvaluesreportsofcomplianceorethicsissuesorconcerns

andwillsupportyouforcomingforwardtoraiseanissueorconcern

ingoodfaith.Anyonewhoengagesinretaliatoryconductagainsta

personwhohasingoodfaithraisedacomplianceorethicsissueor

concernwillfacedisciplinaryaction,uptoandincludingtermination.

For more information, please refer to the Speaking Up Policy.

Seeking GuidanceSometimesyoumayfaceasituationwheretherightdecisionis

notclearoreasy.Tohelpyoumaketherightdecision,considerthe

questionsinourEthicalDecision-MakingFramework.Youmayalso

contactyourmanageroranyoftheresourceslistedintheSpeakingUp

sectionoftheCodeforguidance.

Our Ethical Decision-Making Framework

When you are unsure how to handle a situation or question whether it is the right thing to do, consider the following questions:

· Is my decision or action consistent with the standards in the Code, company policies or legal requirements?

· Is my decision or action consistent with MassMutual’s values – our Winning Ways?

· Does something feel wrong about the situation?

· How will my decision or action impact others?

· Would I feel comfortable explaining my decision or action to others?

· Would I feel comfortable if my decision or action appeared in a newspaper or otherwise became public?

· Should I ask for advice before acting?

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results8

We will be respectful to others and welcome and encourage diverse opinions, attitudes, attributes and feelings.

Statement of RespectWearecommittedtofosteringaworkenvironmentinwhichourdiverse

opinions,attitudes,attributesandfeelingsarerespected.Aspartofthis

environment,weareexpectedtotreateachotherfairlyandrespectfully.

For more information, please refer to the Statement of Respect.

Equal Employment OpportunityWearecommittedtodiversityandtomaintainingaworkenvironmentin

whichallindividualshavetheopportunitytoreachtheirfullpotential.We

baseemploymentdecisionsonbonafideoccupationalrequirements–noton

race,color,religion,age,sex,maritalstatus,sexualorientation,geneticinfor-

mation,genderidentity,nationalorigin,citizenshipstatus,ancestry,veteran

status,pastorpresenthistoryofmentaldisorder,mentalretardation,learning

disability,orphysicaldisability,includingbutnotlimitedtoblindness.

For more information, please refer to the Statement of Respect or the Equal Employment Opportunity Policy.

HarassmentItisimportantthatweallhelpcreateandmaintainapositiveworkplacethat

isfreefromalltypesofunlawfulharassment,includingsexualharassment.

Actions are considered harassing if they:• Createanintimidating,hostileoroffensiveworkenvironment;

• Unreasonablyinterferewithanindividual’sworkperformance;or

• Adverselyaffectanindividual’semploymentopportunities.

Harassmentcanoccurverbally,physically,throughwrittencommunications

orbyothermeans.Ifyoubecomeawareofharassingorinappropriate

behavior,youshouldreportthatbehaviortoyourmanageroroneofthe

resourceslistedintheSpeakingUpsectionoftheCode.

Wewillinvestigateallreportsofdiscriminationorharassmentandtake

appropriatedisciplinaryactionasnecessary.

For more information, please refer to the Statement of Respect or the Harassment Policy.

Interacting with Others

Harassment may take many different forms such as:

· unwelcome gestures or physical contact

· unwanted sexual advances

· telling inappropriate jokes

· displaying sexually explicit or offensive materials

· negative stereotyping

· slurs

· e-mailing inappropriate or sexual communications

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results 9

For more information about what MassMutual does to make a difference in the lives of our customers and employees and in our community, please review our Corporate Responsibility Report.

Health, Safety and EnvironmentTohelpkeepourworkplacesafeandfreefrompreventable

hazards,wemustcomplywithapplicablehealth,safetyand

environmentallawsandregulations.

Inadditiontoprotectingouremployees,wearecommittedto

creatingacleaner,greenerandenvironmentallyresponsible

atmosphere.Wesupportanumberofinternalconservation

andrecyclingprogramstohelpusdecreaseourcarbon

footprint.Ifweexperienceanenvironmentalincident,we

willrespondquicklyandeffectively.Wealsorequirethat

hazardousmaterialsbestored,handledanddisposedofin

compliancewithapplicablelawsandregulations.

Certainconditionsbeyondourcontrolmayimpactourability

toconductbusiness.Intheeventofadisaster,pandemicor

otherlossofoperations,theEnterprise Continuity Program

providesprocessesandprocedurestorecoverresourcesand

resumeoperations.

For more information related to health, safety and environmental policies, please contact Environmental and Safety Compliance.

Workplace ViolencePartofmaintainingasafeworkplacemeanstreatingeach

otherprofessionallyandcourteously.Violentorthreatening

behaviorhasnoplaceatMassMutual.Ifyoubecomeaware

ofviolentorthreateningbehavior,youshouldcontact

Security,HumanResourcesoryourmanager.

For more information, please refer to the Workplace Violence Policy.

Drugs and AlcoholOurjobresponsibilitiesaredemandingandrequireour

completefocusandattention.WhileonMassMutualproperty,

youmaynotbeundertheinfluenceof,use,sellorpossessdrugs

oralcoholinviolationofapplicablelawsorcompanypolicy.

TheEmployee Assistance Programisavailabletoassistwith

problemsyoumayface,includingdrugoralcoholproblems.

TheEmployeeAssistanceProgramoffersinformation,

counseling,referralservicesandconfidentialassistancefora

varietyofworklifeandpersonalconcerns.

For more information, please refer to the Drug and Alcohol Abuse Policy and the Alcoholic Beverages at Company Sponsored Events Policy.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results

Safeguarding Confidential InformationItisimportantthatwealldoourparttosafeguardconfidential

information.Allconfidentialinformationissensitive,butwe

needtotakeextracarewhenhandlingcertaintypesofinforma-

tion,includingnon-publicpersonallyidentifiableinformation,

protectedhealthinformationandfinancialinformation.When

handlingconfidentialinformation,makesureyousecureit,do

notleaveitunattended,donotdiscussitinpublicoronsocial

mediasites,andtransmititusingasecuremethod.

Youmayreceivearequestforconfidentialinformationfrom

someoneatMassMutualorfromsomeoneoutsidethecompany.

Beforesharingtheinformation,youmustdetermineifprovid-

ingtheinformationcomplieswithapplicablelawandcompany

policyandifthereisabusinessneedforthepersontoknowthe

information.Itisalsoimportanttoconsiderhowtobestprotect

theprivacyandpropertyrightsofMassMutual,ourcustomers

andemployeesifyouprovidetheinformation.

For more information, please refer to the following policies:

• Communications with the Media and Other External Parties• Confidential Information and Intellectual Property• Enterprise Information Risk Management Policy

and Standards• Social Media• Telephones and other Recording and Transmission Devices• Workstation Appearance and Privacy Safeguarding

10

We will protect confidential information related to MassMutual, our customers and employees against unauthorized access, use or improper disclosure.

Confidential InformationWeareallresponsibleforproperlyhandlingandusingconfi-

dentialinformation.Confidentialinformationincludesall

non-publicinformationthatmightbeofusetocompetitorsor

harmfultoMassMutual,ourcustomersoremployeesif

improperlyaccessed,usedordisclosed.Thisincludes

MassMutual’sproprietaryinformation,aswellascertain

informationaboutourcustomersandemployees.Even

informationreceivedfromanothercompany,includinga

competitor,maybeconfidentialinformation.Wewillnotuse

confidentialinformationthatwasimproperlyobtainedfrom

theowneroftheinformationorfromathirdparty.

Protecting and Using Information

Examples of non-public personally identifiable information include: · first name or first initial and last name · Social Security number · e-mail address · account number

Examples of protected health information include:

· information about an individual’s health condition · information about an individual’s health care

Examples of proprietary information include: · pricing information · customer lists · technology, products and systems

Only authorized employees may communicate with the media or serve as a spokesperson for MassMutual. If you receive a media inquiry or an invitation to speak at an event where members of the press may be in attendance, contact Media

Relations to determine what information you may share.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results 11

Employee Privacy

Ouremployeesexpectustoproperlysafeguardandrespect

theirinformation.Wemayonlyuseemployeeinformation

forbusinesspurposes,andwemayonlyshareemployee

informationwithotherswhohaveabusinessneedtoknow

theinformation.

Customer PrivacyWerespectourcustomers’privacy,andwetakestepsto

maintaintheirprivacyandtoprotecttheinformationthey

sharewithus.Wecollect,use,shareandprotectcustomer

informationconsistentwithapplicablelawsandas

describedinourPrivacy Notice.Weonlysharecustomers’

non-publicpersonallyidentifiableinformationwiththose

whohaveabusinessneedtoknowit,andwerequirethat

anyonewesharetheinformationwithprotectit.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results12

Protecting and Using Information

What is material information?

Material information is information that a reasonable person is likely to consider important when making an investment decision – including buying, holding or selling securities. Information that is reasonably certain to have an impact on the price of a security may also be material information.

Examples of material information about a company may include:

· merger or acquisition proposals or agreements

· significant new contracts

· information about new products

· internal financial information – earnings, revenues or performance

· significant management developments

What is non-public information?

Non-public information is information that has not yet been widely disseminated to the marketplace. Information is considered public when it is:

· generally publicly available (i.e., it is included in a public filing with the SEC or appears in a publication of general circulation such as The Wall Street Journal); and

· the securities markets have had reasonable time to absorb or digest the information

Insider TradingWhileworkingatMassMutual,youmaybecomeawareofor

haveaccesstomaterial,non-publicinformation–alsoknown

asinsideinformation.Youmayhaveaccesstoinsideinforma-

tionindifferentways–fromconversationsyouparticipatein

aboutMassMutual’sinvestmentactivitiestoamemoabouta

potentialacquisitionthatcrossesyourdesk.Buyingorsell-

ingsecuritiesbasedoninsideinformationisknownasinsider

trading,anditisillegal.Sharinginsideinformationwith

otherswhousethatinformationtobuyorsellsecuritiesis

alsoillegal.

IfyouareinvolvedinMassMutual’sinvestmentadvisory

businessorhaveaccesstonon-publicinformationabout

investmentactivities,additionalpersonalsecuritiesobliga-

tionsapplytoyou.PleaserefertoMassMutual’sInvestment

Advisory Code of Ethicsformoreinformation.

Information BarriersSometimesitmaybenecessarytorestrictaccesstosensi-

tiveinformation,includinginsideinformation,withinthe

companyoramongmembersoftheMassMutualFinancial

Group.Informationbarriersor“firewalls”aremaintainedto

preventemployeesfromsharingcertaininformationwithin

thecompanyorwithcertainmembersoftheMassMutual

FinancialGroup.

For more information, please refer to the Insider Trading Policy and the Information Barrier and Firewall Policy.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results 13

We will use MassMutual property for business purposes and protect it from misuse, theft or damage.

Using MassMutual PropertyMassMutualprovidesuswithproperty,suchasfacilitiesandequipment,

informationandtradesecrets,forauthorizedbusinesspurposes.Itisupto

eachofustohelpprotectMassMutualpropertyfrommisuse,theftordamage.

ThisincludesmakingsurethatMassMutualpropertyorotherservicesare

usedforbusiness,notpersonal,purposes.

For more information, please refer to the following policies:

• Removing Equipment from the Company

• Safeguarding Company Property and Equipment

• Telephones and other Recording and Transmission Devices

• Use of Company Equipment

TechnologyMassMutualmakesmultipletechnologyresourcesavailabletohelpusdoour

jobs.Insomecases,youmayevenbeabletousecertainpersonaldevicesto

performcertainwork-relatedfunctions.Itisimportantthatwealltakesteps

toprotecttheinformationstoredonorsentthroughthesevariousresources.

WhileyouhaveaccesstoMassMutuale-mail,telephonesystemsand

computersforbusinesspurposes,youmayalsousethesesystemsforlimited

andappropriatepersonaluse.WhenusingMassMutualsystems,remember

thatyoushouldhavenoexpectationofprivacyrelatedtocommunicationsand

informationsent,receivedorstoredonMassMutual’ssystems.MassMutual

mayaccess,reviewanddiscloseallcommunicationsandinformationstored

onorsentoveritssystemsforanypurpose.

For more information, please refer to the following policies:

• Computer Password Security Standards

• Computer Virus

• E-Mail and Internet

• Enterprise Information Risk Management Policy and Standards

• Telephones and other Recording and Transmission Devices

• Workstation Appearance and Privacy Safeguarding

MassMutual Property

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results14

MassMutual Property

Intellectual PropertyIntellectualpropertyisavaluableassetofMassMutualthat

wemustprotect,maintainandproperlyuse.Intellectualprop-

ertyincludesexistingcompanytrademarksorservicemarks,

existingorpendingpatents,copyrightedmaterialandtrade

secrets.Intellectualproperty,includinginventions,ideasor

conceptsthatyouwereeitherhiredtodeveloporimplement

orthatyoucreatedbasedonopportunitiesorworkdonefor

MassMutual,arethepropertyofMassMutual.

Itisalsoimportantthatweprotecttheintellectualproperty

rightsofthirdparties,includingtradesecrets,copyrighted,

trademarkedorpatentedmaterial.Youmustobtainpermis-

sionbeforeusinganythirdpartyintellectualproperty.

For more information, please refer to the Confidential Information and Intellectual Property Policy.

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Recordkeeping

We will create and maintain documents and records that are accurate, honest and timely.

MassMutual RecordsItisimportantthatwecreateandmaintainrecordsthatareauthentic,reliable,

completeandunaltered,andreadilyaccessibleandunderstandable.

Recordscanbecreatedinanyform,includingpaperdocuments,electronic

documents,e-mailandvoicemail.

Examples of records include:•insurancepolicies •documentssupportingfinancialstatements

•annuitycontracts andcontractswiththirdparties

•401(k)plans •employmentperformancematerials

•claims •policiesandprocedures

Document Retention and DestructionMassMutualrecordsmayonlybedestroyedwhentheyhavemetall

applicableretentionrequirements.Failuretoproperlyretainordestroy

MassMutualrecordsmayresultinseriousconsequencestoyouandthe

company.Youmaydestroyarecordafteritsretentionperiodhasbeenmet,

providedthatyoureceivetheappropriateapprovalanditisnotsubjecttoa

destructionhold.

For more information, please refer to the Document Management/Retention Program. You may also contact your Unit Records Coordinator or the Office of Corporate Records with questions. record

A record is any document that reflects MassMutual’s official business.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results

To help ensure the accuracy of MassMutual’s records, be aware of the following when creating or reviewing records:

• inaccurate information

• information that differs from performance

• requests to change information without underlying documentation

16

Business Reporting and Financial ManagementItisuptoeachofustoreportbusinessinformationaccurately,honestlyandin

atimelyfashion.Todothis,weareexpectedtofollowourinternalcontrols

andreportalltransactionsthatareincludedinMassMutual’sbooksandrecords

accuratelyandhonestly.Wemustalsomakesurethatmanagementauthorizes

alldisbursementsandotherfinancialtransactions.Noundisclosedorunre-

cordedfundsmaybeestablishedforanypurpose.MassMutual’sfundsmust

notbeplacedinanypersonalornon-corporateaccount.

Employeeswhosejobresponsibilitiesincludegathering,reportingand

managingfinancialinformation,whoareresponsibleforcontrolsregard-

ingfinancialinformation,orwhoreport,directlyorindirectly,tothe

ChiefFinancialOfficermustalsoreviewandcomplywiththeFinancial

Management Code of Ethics.

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We will avoid conflicts of interest between ourselves and MassMutual.

Inordertomaintainourreputationforintegrity,wemustavoidconflicts

ofinterest,andtotheextentpossible,eventheappearanceofconflictsof

interest.Sometimesaconflictofinterestmaybeunavoidable.Ifthatisthe

case,theconflictmustbedisclosedtoMassMutualsoitcanbeproperly

managed.YoushouldcontactCorporate Compliancewithanyquestions

aboutconflictsofinterest.

Corporate OpportunitiesWemaynottakepersonaladvantageofopportunitiesthatarediscovered

throughourpositionswithMassMutual.Instead,weareallexpectedto

advanceMassMutual’sinterestswhenopportunitiesarise.

Outside Employment and Other ActivitiesWemaynotacceptoutsideemploymentorparticipateinotheractivities

whichmaycompetewithMassMutual’sbusinessorinterferewithour

abilitytoperformourMassMutualwork,includingmaintainingapersonal

bookofbusiness.WemustalsouseMassMutual’sresourcesortimefor

businesspurposes,nottodevelop,establishoroperateanoutsidebusiness.

Weshouldavoidacquiringanysignificantinterestorinvestmentinany

company,businessorventurethatcompeteswithorisasupplierorvendorto

MassMutual,iftheinterestorinvestmentcouldcompromiseourability

toperformourobligationsonbehalfofMassMutualobjectivelyandfairly.

PleasecontactCorporate Compliancewithanyquestionsaboutoutside

employmentorotheractivitiesorinterests.

Conflicts of Interest

A conflict of interest occurs when your personal interests interfere with–or even appear to interfere with – your ability to objectively and fairly perform your responsibilities on behalf of MassMutual. Conflicts of interest can arise when you or a family member benefit or could benefit personally as a result of your position with MassMutual.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results

DirectorshipsIfacceptingadirectorshipcouldconflictwithyourobli-

gationstoMassMutual,youmustputyourobligationsto

MassMutualfirstanddeclinetheposition.

Employeeswhoareservinginapersonalcapacityandnotas

arepresentativeofMassMutualmayserveasadirectortoa

businessentityornon-profitentity,aslongasthedirectorship

doesnototherwiserepresentaconflictofinterest.Employees

whoareelectedofficersofMassMutualmaynotacceptor

holddirectorshipsofotherbusinessentities(otherthana

non-profitentityoraMassMutualsubsidiaryoraffiliate)

unlessapprovedbytheInvestmentCommitteeofthe

BoardofDirectors.

PleasecontactCorporate Compliancewithanyquestions

aboutdirectorships.

Business Courtesies and EntertainmentBusinesscourtesiesorentertainmentareoftenanappropriate

partofestablishingormaintainingMassMutual’sbusiness

relationshipswiththirdparties.However,givingoraccept-

ingbusinesscourtesiesorentertainmentmayalsocreatea

conflictofinterestbyinfluencing,orappearingtoinfluence,

ourabilityorthethirdparty’sabilitytomakebusinessdeci-

sionsobjectively.Tohelpavoidthecreationofaconflictof

interest,followtheguidelinesintheBusiness Courtesies and

Entertainment Policywhengivingorreceivingbusiness

courtesiesorentertainment.

Youshoulddiscussanyquestionsyoumayhavewithyour

managerortheBusiness Courtesies and Entertainment

Policy Administrator.

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Conflicts of Interest

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Third Party Relationships

Whencreatingormaintainingbusinessrelationshipswiththirdparties,

includingvendorsandsuppliers,therelationshipsshouldbebasedonobjec-

tivefactorssuchasquality,performanceandprice.Personalrelationships

withthirdpartiescouldcreatetheappearancethatthepersonalrelationship

influenceddecisionsrelatedtothebusinessrelationship.Youshoulddisclose

personalrelationshipswiththirdpartiesthatworkwithorarelikelytowork

withMassMutualtoCorporate Compliance.

Ifyougiveorreceivebusinesscourtesiesorentertainmenttoorfromathird

party,includingvendorsandsuppliers,makesurethebusinesscourtesies

andentertainmentdonotcreatetheappearanceofanimproperattemptto

influencebusinessandotherwisecomplywiththeBusiness Courtesies and

Entertainment Policy.

Family and Personal RelationshipsWedonotpermitnepotism,orfavoritismtowardfamilymembers,in

connectionwithemploymentatMassMutual.Familyandpersonalrelation-

shipsbetweenemployeescanleadtoaperceptionofpreferentialtreatment

intheworkplace.Inthesesituations,otherswithinoroutsideofMassMutual

mayperceiveaconflictofinterest.Asaresult,undercertaincircumstances

werestrictfamilymembersfromworkingatMassMutualorotherwise

workinginthesamebusinessarea.

Romanticrelationshipsbetweencolleaguesmayalsoleadtoaperceptionof

preferentialtreatmentintheworkplace.Ifaromanticrelationshipdevelops

betweenindividualswhoareinareportingrelationship,thesupervisormust

disclosetherelationshiptohisorhermanagerandHR Business Partner.

Appropriatenextstepswillbetaken.

For more information, please refer to the Anti-Nepotism Policy.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results20

Business Dealings

We will conduct business ethically, with integrity and in compliance with applicable laws and regulations.

Antitrust and Competition LawsAntitrustandcompetitionlawsaredesignedtoprotectconsumersby

preservingcompetitioninthemarketplace.Topreservecompetition,

pricesmustbesethonestly,independentlyandwithoutagreements

between competitors.

When communicating with competitors or participating in industry groups, you must not take certain actions, including:

• agreeingtofixpricesorrigcompetitivebidding

• exchangingcompetitivelysensitiveinformation

• allocatingmarkets,territoriesorcustomers

• agreeingtoboycottcustomers,suppliersorcompetitors

For more information, please refer to the Antitrust Policy.

Fair DealingsWecompetevigorously,butfairly.Weprideourselvesonsellingour

productsandservicesbasedontheirqualities,notbymanipulating,

concealingordisparagingcompetitors,theirproductsorservices.Weare

allresponsibleforMassMutual’sreputationforimpeccableintegrityinthe

marketplace,andthewayweactinbusinessdealingsplaysanimportantrole

inrepresentingMassMutual.Wewillnotprovideuntrue,unsubstantiatedor

non-publicinformationaboutacompetitortoanycustomerorotherpartyin

ordertogainabusinessadvantage.

Even something that seems like an innocent discussion or agreement with a competitor or a response to a competitor or an outside survey could be an antitrust violation.

You should avoid responding to surveys or participating in discussions or agreements with competitors regarding competitively sensitive topics including:

• marketing strategies

• underwriting/risk classifications

• rates or prices for products

• claims settlement practices

• policy forms, limits, coverages or deductibles

• sales volume

• market share

• strategic plans

• costs and profits

• policyholder dividend

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results 21

FraudFraudoccurswhensomeonemisrepresentsinformationor

deceivessomeoneelseinordertoobtainabenefitorharm

anotherperson.Fraudcanbecommittedinanumberofways

andbyanumberofdifferentpeople,includingcustomers,

employees,agentsorotherthirdparties.Wemustalldoour

parttopreventfraud.Youshouldbeonalertforpotential

fraudandreportanysuspectedfraudulentbehaviortothe

Chief Compliance Officer,Special Investigation Unitoryour

LawDivisioncounsel.

Examples of fraud may include:

• theftofMassMutualorcustomerfunds

• falsificationoromissionofinformationonaclaim

formorpolicyapplication

• deceptionofcustomersinconnectionwiththesaleof

MassMutual’sproducts

Anti-Money Laundering

Money laundering is a process by which an individual, company or other entity tries to hide the existence, nature or source of illegally obtained funds in order to make the money appear legitimate.

Wearecommittedtopreventingmoneylaunderingwhen

conductingourbusiness.Itisimportantthatweareallaware

ofmoneylaundering“redflags”andthatwereportanypoten-

tialmoneylaunderingactivitiesto Corporate Compliance.

Examples of money laundering “red flags” may include:• Thepurchaseofaninsuranceproductthatis

inconsistentwithacustomer’sneeds.

• Unusualpaymentmethods,suchascash,moneyorders,traveler’schecksorstructuredmonetary instruments.

• Earlyterminationofaproduct,especiallywhenthereisacosttothecustomer.

• Paymentmadebyorarefunddirectedtoanappar-entlyunrelatedthirdparty.

• Transferringthebenefitofaproducttoanapparentlyunrelatedthird party.

• Acustomerwithlittleconcernforaproduct’sinvestmentperformancebutalotofconcernfortheproduct’searlyterminationfeatures.

• Acustomerwhoisreluctanttoprovideidentifyinginformation–orwhoprovidesminimalorseeminglyfictitiousinformation–whenpurchasingaproduct.

• Acustomerwhoborrowsthemaximumamountavailableshortlyafterpurchasingaproduct.

• Acustomerinvestsinalong-termvehicleandshortlythereafterrequeststhattheinvestmentbeliquidated.

• Acustomerwantstoengageintransactionsthatlackbusinesssenseorapparentinvestmentstrategyorare inconsistentwiththecustomer’sstatedinvestmentstrategy.

For more information, please refer to the Anti-Money Laundering Policy.

Sanctions and the Office of Foreign Assets ControlWecomplywithU.S.tradesanctionsandembargoesagainst

targetedforeigncountries,terrorists,terrorismsponsoring

organizations,thoseengagedinactivitiesrelatedtothe

proliferationofweaponsofmassdestruction,andinterna-

tionalnarcoticstraffickers.

IfyouhavequestionsaboutU.S.tradesanctionsandembar-

goes,youshouldcontactCorporate ComplianceoryourLaw

Division counsel.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results22

Business Dealings

Anti-BoycottWedonotparticipateinforeignboycottsorrequeststo

complywithforeignboycottsthatarenotapprovedorjoined

bytheU.S.government.

Ifyoureceivearequesttoparticipateinaboycottorto

provideinformationthatmaybeusedtofurtheraboycott,you

shouldcontactCorporate Compliance.

For more information, please refer to the Anti-Boycott Policy.

Anti-Bribery and Anti-CorruptionManycountrieshaveadoptedlegislationthatcriminalizesthe

briberyofgovernmentofficialsorotherparties.Forexample,

intheU.S.,theForeignCorruptPracticesActprohibitsoffer-

ing,promisingorprovidinganythingofvalue,includingcash,

giftsorfavors,toforeigngovernmentofficialsinconnection

withobtainingorretainingbusiness.Bribingothersissimply

notpartofhowwedobusiness.Wewillnotcorruptlyoffer,

promiseorprovidemoneyoranythingofvalue,directlyor

througharepresentative,toretainorobtainbusinessortogain

animproperbusinessadvantage.Youshouldcontactyour

LawDivisioncounselorCorporate Compliancewithques-

tionsabouttheForeignCorruptPracticesActorotheranti-

briberyoranti-corruptionlaws.

For more information, please refer to the Anti-Bribery and Anti-Corruption Policy.

Customer Complaints

It is important that we resolve customer complaints promptly and appropriately. A “complaint” is a written statement from a customer or any person acting on behalf of a customer expressing a grievance. In certain states, a complaint may also include certain verbal grievances regarding reimbursement or payment of benefits under the terms of a contract.

Make sure you understand your department’s complaint-handling procedures and that you promptly refer customer complaints or complaint-related regulatory inquiries to Customer Relations, Retirement Compliance or your customer complaint reporting channel. You should not attempt to resolve or handle customer complaints unless you have been authorized to do so by Customer Relations, Retirement Compliance or your customer complaint reporting channel.

23Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results

Interacting with the Government

We will comply with applicable laws and regulations when participating in the political process or when interacting with the government.

23

Personal Political ContributionsWeencourageouremployeestoparticipateinthepoliticalprocessasprivate

citizens.However,politicalcontributionsorsolicitationactivityby

employeesincertainstatesorlocalitiescanimpactMassMutual’sabilityto

dobusinesswithstateorlocalgovernments.Asaresult,youneedtopre-clear

anypersonalpoliticalcontributionsorsolicitationactivitywithGovernment

RelationstomakesuretheseactivitiesdonotresultinMassMutual’s

violationofapplicablelawsandregulations.

For more information, please refer to the Political Contributions Policy.

Political ActivityPoliticalactivityatorbyMassMutualisrestrictedbyanumberoflawsand

regulations.AnyuseofMassMutualresources,includingmoney,time,

equipment(e-mail,computersandphones),suppliesorfacilities,forpoliti-

calactivitiesneedstobeapprovedinadvancebyGovernment Relations.

LobbyingLobbying,orattemptingtoinfluencegovernmentdecisions,isanactivity

inwhichonlycertainapprovedMassMutualemployeesmayparticipateon

behalfofthecompany.Becauseofthenumberoflawsgoverninglobbying

activities,anyonewhointendstocontactgovernmentofficialsonbehalfof

MassMutualmustfirstcontactGovernment Relations.

In addition, you must contact Government Relations prior to retaining or hiring any of the following individuals to represent or work for MassMutual in any capacity:

• publicofficial

• formerpublicofficial

• anyonewhois,orwouldbe,requiredtoregisterasalobbyistby

federal,stateorlocallaw

24 Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results

Communicating with Regulators, Attorneys and InvestigatorsOnlyindividualswhosejobrequiresthattheycommunicate

withregulators,governmentagenciesorlawenforcement

onMassMutual’sbehalfareauthorizedtocontactthose

individualsthemselvesorinresponsetoaninquiry.Ifyou

receiveaninquiryfromaregulator,governmentagencyor

lawenforcement,informyourLawDivisioncounselabout

the inquiry.

Ifyoureceiveacomplaint,subpoena,noticeofauditbya

thirdpartyorotherlegaldocumentrelatedtoMassMutual,

orarecontactedbyanattorneyorotherpersonaboutactual

orpotentiallitigationagainsteitherMassMutualoryouasan

employee,contactyourLawDivisioncounsel.Remember

thatonlymembersoftheLawDivisionmayretainoutside

counselonbehalfofMassMutual.

For more information, please refer to the Communications with the Media and Other External Parties Policy.

Government Contracting/InteractionsAsagovernmentcontractor,MassMutualisheldtocertain

standards,manyofwhicharemorecomplexandstringent

thanintheprivatesector.Becauseofthesestandards,itis

importanttocontactGovernment Relationsbeforeinteracting

withacurrentorformergovernmentemployee.Forexample,

wheninteractingwithagovernmentemployeeorpublicoffi-

cial,youmustnotgive,offerorpromiseanythingofvalueto

thatindividualorhisorherfamilymembers,includingmeals,

beverages,businessentertainmentandbusinesscourtesies

withoutpriorapprovalfromGovernment Relations.

YoumustalsocontactGovernment Relationswhenconsid-

eringwhethertohiresomeonewhoisorwasagovernment

employeeorpublicofficial,astherearecertainrestrictions

aroundevendiscussingemploymentwithcurrentorformer

governmentemployees.

Ifyouareinteractingwithforeigngovernmentofficials,you

shouldalsoreviewadditionalinformationrelatedtoanti-brib-

eryandcompliancewiththeForeignCorruptPracticesAct.

24

25Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results

Business Courtesies and Entertainment Policy Administrator

Business or Corporate Unit Compliance Officers

Chief Compliance Officer

Compliance and Ethics Reporting Hotline

Corporate Compliance

Customer Complaints:

• Customer Relations

• Retirement Compliance

Employee Relations

Environmental and Safety Compliance

Government Relations:

• questions regarding personal political contributions or lobbying

• questions regarding government contracting

HR Business Partners

Media Relations

Office of Corporate Records

Special Investigation Unit

Unit Records Coordinators

Resources

25

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results26

The Code of ConductQ: Where can I find a copy of the Code of Conduct?

A: YoucanfindtheCodeofConductontheCompliancePageon

MMInfoandonmyHR.Companypoliciesarelocatedoneither

myHRoranotherMMInfopage.

Speaking Up and Seeking Guidance Q: I noticed some behavior between two of my colleagues that does not

seem appropriate. I’m not sure if the behavior violates the Code or company policy. How should I handle this situation?

A: IfyoususpectorareawareofaMassMutualemployeeorrepre-

sentativeactingunethicallyorillegally,youhaveadutyto“speak

up”andreportyourconcerns.Thereareanumberofreporting

channelsavailabletoyoutoreportacomplianceorethicsissueor

concern, including:

• yourmanager

• yourHR Business Partner

• Employee Relations

• MassMutual’sChief Compliance Officer

• yourbusinessorcorporateunitcomplianceofficer

• LawDivisioncounsel

YoumayalsocontacttheMassMutualComplianceandEthics

ReportingHotline,whichisadministeredbyanindependentthird

partyvendor.YoucanreachtheHotlinetwenty-fourhoursaday,

sevendaysaweek,bycalling1-800-422-1381orviathewebat

www.massmutual.com/ethicspoint.ReportstotheHotlinecanbemade

onanidentifiedoranonymousbasis.Pleaserefertothe Speaking Up

and Seeking GuidancesectionoftheCodeortheSpeaking Up Policy

formore information.

Questions & Answers

27Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results

yourHR Business Partner,Employee Relations or

theChief Compliance Officer,amongothers.You

canalsoreportthesituationthroughMassMutual’s

Compliance and Ethics Reporting Hotline.Pleaserefer

totheInteracting with OtherssectionoftheCode,the

Statement of Respect ortheHarassment Policyfor

moreinformation.

Protecting and Using InformationQ: I need to provide confidential information to a customer.

In the past, the customer had trouble opening secure e-mails. Since I know who the customer is and that they have a business need for the information, can I send the information in an unsecure e-mail?

A: No.Wemustallprotectconfidentialinformation.When

sendingconfidentialinformationbye-mail,particularly

non-publicpersonallyidentifiableinformation,you

needtotakestepstoprotectthatinformationfrombeing

accessedbythirdpartiesorhackers,suchasbysending

informationthroughsecuree-mail.Youshouldalso

considerothermeansofprovidingtheinformationtothe

customer,includingmailingtheinformationordiscuss-

ingitonthephone.

Ifyousendconfidentialinformationtothewrongrecipi-

entorbecomeawareofaprivacybreach,contactyour

manageroryourbusiness or corporate unit compliance

officer.Theywillworkwithyoutofollowtheneces-

sarystepstoreportandinvestigatetheissuewiththe

appropriateindividuals.Anycommunicationwiththe

customerregardingaprivacybreachneedstobecoordi-

natedwithCorporate Compliance.

PleaserefertotheProtecting and Using Information

sectionoftheCode,theConfidential Information and

Intellectual Property PolicyortheE-mail and the

Internet Policyformoreinformation.

Interacting with OthersQ: I am interviewing candidates for an open position in

my group. When interviewing a candidate, are there certain types of questions that I should avoid asking?

A: Yes.MassMutualiscommittedtomaintaininganondis-

criminatoryworkenvironment.Employmentdecisions,

includinghiring,arebasedonbonafideoccupational

requirementsandnotonrace,color,religion,age,sex,

maritalstatus,sexualorientation,geneticinformation,

genderidentity,nationalorigin,citizenshipstatus,

ancestry,veteranstatus,pastorpresenthistoryof

mentaldisorder,mentalretardation,learningdisability,

orphysicaldisability,includingbutnotlimitedto

blindness.Therefore,whenconductinganinterview,

youcannotaskajobcandidatequestionsaboutcertain

legallyprotectedtopicssuchasanindividual’srace,sex,

sexualorientation,religion,age,nationalorigin,marital

status,orfamilymatters.

Priortoconductinganinterview,youshouldcontact

HumanResourcesortheLawDivisionwithanyques-

tions.PleaserefertotheInteracting with Otherssection

oftheCode,theStatement of Respect ortheEqual

Employment Opportunity Policyformoreinformation.

Q: Several people in my group occasionally share deroga-tory jokes with each other, and while it makes me uncomfortable, nobody else seems bothered. I don’t want to be a troublemaker, but the jokes often offend me, and it is becoming more difficult for me to get my work done. What should I do?

A: MassMutualiscommittedtocreatingandmaintaininga

respectfulworkenvironmentthatisfreefromunlawful

harassmentordiscrimination,includingthingslike

derogatoryjokes.Ifyoudonotfeelcomfortabledirectly

askingyourco-workerstostop,youshoulddiscussthe

situationwithyourmanager.Ifyouarenotcomfortable

speakingwithyourmanager,youshouldraiseitthrough

oneoftheotheravailablereportingchannels–including

27

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results28

Questions & Answers

Q: What can I do as an employee to protect confidential information?

A: Thereareanumberofstepsyoushouldtakewhen

handlingorsafeguardingconfidentialinformation.

Forexample:

• onlyaccess–orattempttoaccess–confidentialinfor-

mationifyouareauthorizedtoviewtheinformation

• keepconfidentialinformationinyourcontroland

promptlyremoveconfidentialdocumentsfrom

printersorothersharedspaces

• storeconfidentialinformationinalockedor

secure area

• “lock”yourcomputerscreenwhenyouneedtoleave

yourworkarea

• followallapplicablecomputersecurityproceduresto

protectconfidentialinformationinelectronicformat

• keeppasswordsthatgiveyouaccesstoMassMutual

systemssecureanddonotsharethemwithothers

• usesecureorencryptede-mailtosendconfidential

informationovertheinternet

• removeconfidentialinformationfromMassMutual

premisesforbusinesspurposesonly,ifallowedin

yourbusinessunit.Thisincludesremovalof

confidentialinformationineitherhardcopyor

electronicformat.

• donotstoreconfidentialinformationonanon-

MassMutualdevice

• properlydisposeofconfidentialinformationthatis

nolongerneeded,meetsapplicablerecordretention

requirements,andisnotsubjecttoalitigationor

regulatoryhold

• becarefulwhendiscussingconfidentialinformation–

forexample,donotdiscussconfidentialinformation

aroundotherswhodonothaveabusinessneedto

knowtheinformation.Thisincludesconversationson

telephonesorwirelesscommunicationdevices.

• contactyourmanageroryourbusiness or corporate

unit complianceofficerforguidanceifyouareaware

oforsuspectunauthorizedaccesstooruseof

confidentialinformation

Pleaserefertothe Protecting and Using Information

sectionoftheCodeortheConfidential Information and

Intellectual Property Policyformoreinformation.

Q: I recently helped conduct due diligence on a company MassMutual is considering buying. As part of the due diligence, I learned important information about the company. What can I do with this information?

A: Wemustprotectconfidentialinformation,suchas

informationlearnedinconnectionwithduediligence,

fromunauthorizedaccess,useorimproperdisclosure.

Youcannotuseorsharetheinformationyoulearnabout

theothercompanywithanybodyunlesstheyhavea

businessneedtoknowtheinformation.Thisinformation

mayalsobeconsideredinsideinformation,andyou

cannotbuyorsellsecuritiesbasedonthatinformation.

Sharinginsideinformationwithotherswhobuyorsell

securitiesbasedonthatinformationisalsoillegal.Ifyou

believeyouareinpossessionofinsideinformation,you

shouldcontactCorporate Compliance.

PleaserefertotheProtecting and Using Information

sectionoftheCode,theInsider Trading Policy,

the Information Barrier and Firewall Policyorthe

Confidential Information and Intellectual Property

Policyformore information.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results 29

MassMutual PropertyQ: My manager spoke to me about some personal e-mail

communications I recently sent on my @massmutual.com e-mail address. She told me that my e-mails were reviewed and determined to be inappropriate and that I may be subject to disciplinary action. Can MassMutual review my personal e-mails?

A: Yes.Youshouldhavenoexpectationofprivacyrelated

toeitherbusinessorpersonalcommunicationsyousend

orreceivethroughMassMutual’ssystems.Forexample,

whileoccasionalpersonaluseofMassMutual’sservice

ispermitted,youre-mailaccountisgenerallyavailable

forworkpurposesonly.Whenexchangingpersonal

e-mails,rememberthatthecontentshouldbe

appropriate–andthatyoure-mailmaybereviewed.

PleaserefertotheMassMutual Propertysectionof

theCodeortheE-mail and Internet Policyfor

more information.

Q: One of my colleagues is constantly on the Internet, and whenever I walk by a different website is on his computer screen. He always knows what’s going on in the world and is the first to let me know if something important happens. Is this ok to do at work?

A: No.MassMutualprovidesyouwithInternetaccessfor

business-relatedpurposes.YoumayalsousetheInternet

forlimitedandappropriatepersonaluse.Inaddition,

youarenotpermittedtoaccesscertainwebsitesatwork

orusingMassMutual’sproperty,including:pornog-

raphy,hategroups,gaming(e.g.,gamblingandvideo

games),onlineprize/clubsweepstakes,fantasysports

sitesandotherinappropriatewebsites.Pleasereferto

theMassMutual PropertysectionoftheCodeorthe

E-mail and Internet Policyformore information.

Q: I recently started running a business out of my home, and things are really taking off. I’ve been using the Internet at MassMutual to order some supplies and follow up on some of my orders. It’s easier for me to keep track of orders and payments on the computer, but I don’t have a good program on my home computer. I’ve been keeping track of the information in a spreadsheet on my work computer, and I’ve been printing out the information to take home with me at the end of each day. Is there anything wrong with this?

A: Yes.MassMutualprovidesproperty,materialsand

supplies,suchascomputers,forbusinessuse.Youmay

alsomakelimitedpersonaluseofMassMutualproperty,

butthatdoesnotincluderunningahomebusinessfrom

work.PleaserefertotheMassMutual Propertysection

oftheCodeortheUse of Company Equipment Policy

formore information.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results30

Questions & Answers

RecordkeepingQ: I am going through my files and would like to throw

out some of my old documents. How do I know if I am permitted to throw out a document?

A: TheRecords Retention Schedulespecifiesthelength

oftimeyoumustretainMassMutualrecords.Ifyou

retainedarecordfortheproperamountoftimeandit

isnotsubjecttoadestructionhold,youmaysendthe

recordtoCorporateBoxStorageforproperdisposal.

Youmaydisposeofdocumentsthatarenotcompany

recordswhentheyarenolongerusefulandprovided

theyarenotsubjecttoadestructionhold.Youshould

refertotheRecordkeepingsectionoftheCodeorthe

Document Management/Retention Programformore

informationandproperdestructionprocedures.

Q: Are the e-mails I send from my @massmutual.com account considered MassMutual records that need to be retained?

A: Ifane-mailreflectsMassMutual’sofficialbusiness,itis

acompanyrecordandmustberetainedinaccordance

withtheDocument Management/Retention Program.

Forexample,junk-mailcommunicationsarenotrecords

anddonotneedtoberetained.Alle-mailssentor

receivedbyregisteredrepresentativesorassociated

persons,regardlessofcontent,areretainedinaccor-

dancewithSECandFINRAregulations.Inaddition,

alle-mailssentorreceivedbysupervisedpersonsas

definedunderMassMutual’sInvestment Advisory Code

of EthicsarealsoretainedinaccordancewithSEC

regulations.PleaserefertotheRecordkeepingsection

oftheCodeortheDocument Management/ Retention

Programformoreinformation.

Conflicts of InterestQ: I recently started working a part-time job at a local store a

few evenings a week and on weekends. Is this permitted?

A: Potentially.Whenconsideringtakingonadditionaljobs,

weareallexpectedtoputourjobresponsibilitiesat

MassMutualfirst.Ifanoutsidepositionwouldcompete

withorinterferewithyourabilitytofulfillyourjob

responsibilitiesatMassMutual,youmaynotaccept

theoutsideposition.Workingatalocalstoreafew

eveningsaweekmaynotinterferewithyourobligations

atMassMutual,butacceptingasecondpositionwith

oneofMassMutual’scompetitorswouldmostlikely

createaconflictofinterest.PleaserefertotheConflicts

of InterestsectionoftheCodeformoreinformation.

Q: I recently solicited a number of proposals from vendors in connection with a new project at MassMutual. Several of the prospective vendors offered to take me to lunch to discuss their proposals, and one offered me two tickets to an upcoming baseball game. How do I know if I can accept any of these offers?

A: Givingorreceivingbusinesscourtesiesorentertainment

toorfromexistingorpotentialvendorsorotherthird

partieswithwhomMassMutualmaydobusinessmay

createtheappearanceofanimproperrelationshiporan

attempttoinfluenceabusinessdecision.Tohelpavoid

actualorpotentialconflictsofinterest,MassMutual

hasestablishedanumberofguidelinesrelatedtowhat

employeesmaygivetoorreceivefromvendorsorother

thirdparties.Inthissituation,itisalsoimportantto

considertheproprietyofacceptingmealsorticketstoa

gamefromvendorswhoarecompetingforourbusiness

duringavendorselectionprocess.Pleaserefertothe

Conflicts of InterestsectionoftheCodeortheBusiness

Courtesies and Entertainment Policyforspecific

requirementsrelatedtogivingorreceivingbusiness

courtesiesandentertainment.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results 31

Q: My brother mentioned that his company is working hard to do business with MassMutual, and he thinks they have a good chance of being selected in a vendor selection process. Does our family relationship pose a problem?

A: Potentially.Wemustenterintoandmaintainvendor

relationshipsbasedonfairandobjectivefactorslike

quality,performanceandprice.Theexistenceofa

personalrelationshipwithaprospectiveorexisting

vendorandaMassMutualemployeecouldcreatethe

appearanceofaconflictofinterest.Employeeswho

haveapersonalrelationshipwithavendorshould

notbeinvolvedinmakingdecisionsrelatedtothat

vendor.Youareexpectedtotakereasonablestepsto

determineifsucharelationshipexistsandtodisclose

therelationshiptoCorporate Compliance.Please

refertotheConflicts of InterestsectionoftheCodefor

more information.

Business DealingsQ: The president of a foreign government-owned company

with whom MassMutual would like to do busi-ness will be in Massachusetts on business in a few weeks. While in the U.S., the official would like to bring her family to the U.S. Open, and she asked that MassMutual provide tickets and transportation to and from New York. Can we provide her with tickets and transportation?

A: Asageneralrule,no.UnderU.S.anti-briberylawssuch

astheForeignCorruptPracticesAct,U.S.companies,

theirU.S.affiliatesandsubsidiariesmustnotmake

apaymentorprovideanythingofvaluetoaforeign

governmentofficialforthepurposeofobtainingor

retainingbusiness.“Anythingofvalue”caninclude

cash,goods,servicesandothernon-cashbenefitsand

favors,suchasU.S.Openticketsandtransportation

toandfromNewYork.Theterm“foreigngovernment

official”isalsobroadlydefined,anditincludesofficers

andemployeesofforeigngovernment-ownedcompa-

nies.YoushouldconsultwithLawDivisioncounsel

todeterminewhat,ifanything,isacceptablebusiness

entertainment.PleaserefertotheBusiness Dealings

sectionoftheCodeortheAnti-Bribery and

Anti-Corruption Policyformoreinformation.

Q: I received a survey from an industry group that asks a number of general questions about MassMutual as well as specific questions about premiums, deductibles and future plans. From what I can tell, the responses are anonymous. Can I respond to the survey?

A: Itdepends.Ingeneral,theantitrustlawsseektoprotect

consumersbyencouragingcompetition.Discussing

orexchangingcompetitivelysensitiveinformation

withacompetitormayviolatetheantitrustlaws.

Competitivelysensitiveinformationcaninclude

marketingstrategies,underwritingclassifications,costs

andprofitsandsalesvolume.Whenyourespondto

surveyquestions,youmaybeexchangingcompeti-

tivelysensitiveinformationwithacompetitor,which

couldcreateanantitrustrisk.Beforerespondingtoa

surveythatseekscompetitivelysensitiveinformation,

youshouldcontacttheLawDivisionorCorporate

Complianceforguidance.PleaserefertotheBusiness

DealingssectionoftheCodeortheAntitrust Policyfor

more information.

Focus on the Customer | Act with Integrity | Value People | Work Collaboratively | Achieve Results32

Questions & Answers

Interacting with the GovernmentQ: I want to support a candidate for City Council and

would like to donate money to the campaign. Do I need to discuss this with anyone at MassMutual before contributing money?

A: Yes.Manystateandlocalgovernmentshavepassed

lawsthatattempttolimittheconnectionbetween

politicalcontributionsandgovernmentcontracting.

These“paytoplay”lawsrestrict,prohibitorrequire

disclosureofcertainpoliticalcontributionsorsolicita-

tionactivitybyacompanyoritsemployeesonbehalf

ofastateorlocalpoliticalcandidateorincumbent,

anexistingstateorlocalelectedofficial,orapolitical

partycommittee.Priortomakingapoliticalcontribu-

tionorparticipatinginasolicitationactivityonbehalf

ofacandidate,youneedtoaccessthepolitical pre-

clearance websiteandsubmitanonlinepre-clearance

questionnaire.PleaserefertotheInteracting with

the GovernmentsectionoftheCodeorthePolitical

Contributions Policyformore information.

Q: I want to contact a potential client about MassMutual’s products or services. The potential client is a public school system. Do I need to do anything before contacting them?

A: Yes.Manystatesandlocalitiesnowconsidernormal

salesactivities,suchasmakingaphonecallorsending

ane-mail,tobelobbyingwhentheyinvolveapublic

employeeoranelectedofficialinhisorherofficial

capacity.Thisconductmaybesubjecttothesame

restrictionsandreportingrequirementsastraditional

“legislative”lobbying.Inaddition,anumberofstates

restrict“interestedparties,”includingcontractorsor

potentialcontractors,fromprovidinganynormalbusi-

nesscourtesies,suchasfoodandbeverage.Youshould

contactGovernment Relations priortocontactinga

publicemployeeoranelectedofficialinhisorher

officialcapacity.PleaserefertotheInteracting with the

Government sectionoftheCodeformore information.

©2011MassachusettsMutualLifeInsuranceCompany,Springfield,MA.Allrightsreserved.www.massmutual.com. B3349 211