This Code of Ethics is designed to protect and enhance the reputation and integrity of Standard Register, its affiliate companies, and their associates. When we refer to the "Company" in this Code of Ethics, we are including Standard Register and its subsidiary and affiliate companies.

We are committed to the highest standards of legal and ethical business conduct. These standards are non-negotiable. The foundation of our Code of Ethics is compliance with the law. However, many of our standards go beyond legal requirements in order to prevent even the appearance of improper conduct. Because our associates represent the Company to customers, vendors and the community, all associates must become informed of the standards set forth in the Code of Ethics, and must be committed to complying with the Code both in letter and in spirit. Importantly, the Code of Ethics applies to all associates of the Company, including Officers and members of our Boards of Directors.

The Code of Ethics covers business conduct when associates are working with customers, suppliers, other associates and the public. It addresses protection of Company assets, conflict of interest situations that may arise between an associate's personal interest and his or her position with the Company, and other vital topics. In addition, the Code describes administration and enforcement of the legal and ethical standards set forth in the Code.

While the Code of Ethics can provide answers and guidance on many issues, it is not a rule book. It cannot possibly cover all complex business situations in which our associates may find themselves. However, it does represent our corporate standards and states our expectation that all associates will address such situations from a framework of the highest levels of personal integrity.

The Code of Ethics can be supplemented or amended by the Board of Directors. All waivers of any Code of Ethics provisions for any officer or Director may only be made by the Board and will be promptly disclosed to shareholders.