TSR, INC.
CODE OF ETHICS

1. Application and Purpose

This Code of Ethics (this “Code”) shall apply to all TSR employees and officers, including employees and officers of TSR subsidiaries (“Employees”), as well as each member of the Company’s Board of Directors (“Directors”). Every Employee and Director must be familiar with and understand the provisions of this Code. The purpose of this Code is to promote:

2. Honest and Ethical Conduct

All Employees and Directors shall perform their duties in an honest and ethical manner. This includes:

TSR encourages Employees and Directors to avoid even the appearance of a conflict of interest and to raise ethical questions or concerns with appropriate individuals within the Company, including supervisors, managers, senior management, or human resources personnel. Based upon TSR’s prior experience, TSR believes that many, if not most, of these issues can be addressed informally, after appropriate discussion and analysis.
If any Employee or Director would feel uncomfortable in any way raising ethical issues as set forth above, or if they raise such issues and they are not resolved appropriately, then s/he should consult with those individual(s) designated by the Audit Committee to address such matters (the “Ethics Officer(s)”) or the Chair of the Audit Committee, who will follow the procedures approved by the Audit Committee for resolving such matters. The Ethics Officer(s) will also follow the procedures described in Section 4 below. Any Employee or Director who becomes involved in a situation that gives rise to an actual conflict of interest must promptly inform the Ethics Officer(s) of such conflict.

3. Full, Fair, Accurate, Timely and Understandable Disclosure

TSR is committed to ensuring that all disclosures in reports and documents that the Company files with, or submits to the SEC, as well as other public communications made by the Company are full, fair, accurate, timely and understandable. The Company’s CEO and CFO (“Senior Officers”) are ultimately responsible for taking all necessary steps to ensure that this occurs. All Company Employees and Directors shall take appropriate steps within their area of responsibility to ensure the same.

4. Internal Reporting of Code Violations

Any Employee or Director who in good faith believes or suspects that any portion of this Code has been violated (including any violation of Section 3 of this Code) and does not feel comfortable addressing the issue with individuals identified in Section 2 should immediately report such violation to the Ethics Officer(s) or to the Chair of the Audit Committee of the Board of Directors. Any such report will be promptly evaluated and/or investigated. While the Company strongly prefers that any individual who wishes to make such a complaint identify him/herself (to assist in the understanding of the concerns expressed), any person may make such a complaint anonymously. Any person reporting such a violation should be prepared to provide as much detail as possible about the suspected violation, including the individuals involved, the nature of the violation, documentation of the violation, or any other information which may be helpful in the Company’s evaluation and, if necessary, investigation of the complaint. Prompt disclosure to the appropriate parties is vital to ensure a thorough and timely evaluation and appropriate resolution. A violation of this Code is a serious matter and could have legal implications. Allegations of such behavior are not taken lightly and should not be made to embarrass someone or put him or her in a false light. Therefore, reports of suspected violations should always be made in good faith.

5. No Retaliation

The Company will not tolerate any retaliation against any person who provides information in good faith to a Company or law enforcement official concerning a possible violation of any law, regulation or this Code. Any Employee or Director who violates this rule may be subject to civil, criminal and administrative penalties, as well as disciplinary action, up to and including termination of employment.

6. Consequences for Non-Compliance with this Code

Corrective Actions: Any violation of applicable law or any deviation from the standards embodied in this Code will result in appropriate corrective and/or disciplinary action, up to and including termination of employment.
Required Government Reporting: Whenever conduct occurs that requires a report to the government, the Ethics Officer(s), under the direction of the Audit Committee, shall be responsible for complying with such reporting requirements.

7. Publication of this Code; Amendments and Waivers

Adopted by the Audit Committee. May 14, 2004