Badger is committed to being the world's premier technology licensing company focused on the styrenics and phenolics businesses. To that end, we must continuously achieve superior financial and operating results while simultaneously adhering to high ethical standards. The following principles guide our relationships with our shareholders, customers, secondees, and communities:

Customers

Success depends on our ability to consistently satisfy ever-changing customer preferences and needs. We commit to be innovative and responsive, and to always offer high quality products and services that deliver superior value.

People

The exceptional quality of our workforce provides a valuable competitive edge. To build on this advantage, we will strive to staff Badger with the most qualified people available from the shareholder organizations and to maximize their opportunities for success through training and development. We are committed to maintaining a safe work environment enriched by diversity and characterized by open communication, trust, and fair treatment.

Communities

We commit to be a good corporate citizen in all the places we operate worldwide. We will maintain high ethical standards, obey all applicable laws, rules, and regulations, and respect local and national cultures.

Shareholders

We are committed to enhancing the long term value of the investments and assets entrusted to us by, or through our shareholders. By running the business profitably and responsibly , we expect our shareholders to be rewarded with superior returns. We remain separate from our shareholders and our decision making must always be in the best interest of Badger Licensing LLC's objectives while protecting the interests of our shareholders. This commitment drives the management of Badger.

Badger aspires to be at the leading edge of competition in every aspect of our business. This requires all our resources to be deployed wisely and evaluated regularly. While we maintain flexibility to adapt to changing conditions, the nature of our business requires a focused, long term approach. We will consistently strive to improve efficiency and productivity through learning, sharing, and implementing best practices. We will be disciplined and selective in evaluating the range of opportunities to grow our business. We will continuously seek to develop proprietary technologies that provide a competitive edge by increasing value for our customers. We aspire to achieve our goals by flawlessly executing our business plans and by adhering to these guiding principles.

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