簡介 Exp World Holdings，Inc.(及其子公司，“公司”)致力於為其員工、董事和高級管理人員(“參與者”)營造行業領先的工作氛圍，並已制定本“商業行為和道德準則”(“守則”)以促進這一目標。該計劃是培養和確保開放的溝通、積極的社區和合法合規的商業環境的重要組成部分。公司首席執行官和總法律顧問在公司董事會的監督下，促進和執行本準則中的政策和原則。 公司發佈了本準則，適用於所有參與者，以阻止不當行為，並促進： ·所有參與者的誠實和道德行為，包括合乎道德地處理個人和職業關係之間的實際或明顯的利益衝突； ·在公司向美國證券交易委員會(“美國證券交易委員會”)提交或向美國證券交易委員會(“Sequoia Capital”)提交或提交給美國證券交易委員會的報告和文件中，以及在公司的其他公開通信中，進行全面、公平、準確、及時和易於理解的披露； ·遵守適用的法律、規則和法規(統稱為“適用法律”)， 包括適用的聯邦和州證券法律、規則和法規(統稱為“證券法”)； ·促進對公司資產的保護，包括公司機會和 機密信息； ·促進公平交易實踐； ·任何違反本準則的行為及時向公司的適當人員進行內部報告；以及 ·遵守本準則的責任。 本準則的有效性在一定程度上取決於所有參與者的合作， 迅速向公司內部的適當人員(S)披露被認為違反公司 標準的任何行為。本公司已建立程序，確保參與者可以匿名舉報任何疑似違規行為，並對所有舉報進行調查。公司 要求報告任何可能違反本守則的行為，並通過 善意舉報不報復的政策來鼓勵這一點。 公司致力於促進和維護遵守所有適用法律 和最高商業行為標準的文化。公司的每個人都應該推廣這種合規文化。違規者將受到公司認為適當的紀律處分，包括立即終止僱用。本守則既不是一份合同，也不是一本全面的手冊，涵蓋了參與者

可能會遇到。如果您對本守則的條款或在特定情況下應如何行事有任何疑問，請諮詢您的主管或部門負責人、公司首席執行官或總法律顧問。 行為標準 利益衝突和公司機會 您必須確保您在工作場所以外參與的任何財務、業務或其他活動與您對公司的責任不存在衝突。當您的私人利益以任何方式幹擾--甚至似乎是幹擾--公司的利益時，可能會發生“利益衝突”。當個人具有可能影響其對公司客觀履行職責的 利益時，可能會出現衝突情況。當個人(或其家庭成員)因其在公司的職位而獲得不正當的個人利益時，也可能出現利益衝突。 您必須向公司披露您認為可能會對您客觀行事並符合公司最佳利益的能力產生懷疑的任何事項。以下是應披露的涉及潛在利益衝突的情況的非詳盡示例列表： ·公司向任何參與者提供的任何貸款或公司對參與者的任何個人義務的擔保； ·受僱於公司或作為公司的顧問或代理人獨立行事 競爭對手、客户、供應商或其他商業合作伙伴； ·將公司業務指導給員工或近親成員擁有重大利益的任何人； ·擁有或擁有公司的任何競爭對手、客户、供應商或其他業務合作伙伴的大量權益； ·利用公司資產、知識產權或其他資源謀取個人利益；以及 ·接受與公司有業務往來或尋求與公司有業務往來的人提供的任何超過名義價值的東西，如禮物、折扣或 薪酬， 與業務有關的日常娛樂和餐飲除外。 董事和管理人員必須向首席執行官和董事會審計委員會披露任何實際或潛在的衝突情況。非主管人員的員工必須向適當的主管或部門負責人、首席執行官或總法律顧問披露他們所知道的所有此類情況。收到此類報告的所有主管和部門負責人必須立即將其轉發給公司的首席執行官或總法律顧問。

你對公司負有促進其合法利益的責任。這意味着您不能： ·利用公司財產、信息或職位發現的公司機會，而不首先向公司提供此類機會； ·利用公司財產、信息或職位謀取個人利益；或 ·與公司競爭。 公司董事和高級管理人員必須堅持其誠實信用的基本職責、 應有的謹慎和對所有股東的忠誠，並始終以公司及其股東的最大利益為出發點行事。董事與公司之間的任何業務安排或交易，如涉及任何直接或間接的重大經濟利益，必須 經公司董事會批准，或根據適用法律和法規的要求，並與公司的政策相一致。 您必須對公司、其客户或業務合作伙伴委託給您的業務、技術或其他信息保密，除非經授權或法律要求披露。機密信息包括所有非公開信息，如果披露，這些信息可能會被競爭對手使用或對公司、其客户或業務合作伙伴有害。 此義務是您 已與公司簽訂的任何保密協議要求之外的要求。 公平交易 在代表公司與其任何客户、供應商、競爭對手、員工和其他業務合作伙伴進行任何交易時，您必須公平、誠實和真誠地行事。您不得 通過操縱、隱瞞、濫用特權信息、歪曲重要事實或任何其他不公平交易行為來不公平地利用任何人。 保護和正確使用公司資產 您必須保護並確保授權使用公司資產，包括公司的專有信息。專有信息包括商業祕密、專利、商標和版權等知識產權以及商業和營銷計劃、 工程和製造理念、設計、數據庫、記錄和任何非公開財務 數據或報告。您應防止不當披露、盜竊或濫用 公司的知識產權和實物財產。未經授權或不當披露、盜竊或濫用任何此類公司財產可能是非法的，並可能導致民事或刑事處罰 並可能導致紀律處分，包括解僱。公司的資產，包括電子郵件和所有計算機系統，應僅用於公司的合法業務目的。公司電子通信的內容

基礎設施(電子郵件、語音郵件、互聯網訪問)不受任何個人隱私權的保護 公司可以隨時訪問和監控，恕不另行通知。 遵守法律、規則和法規 公司承諾遵守適用的法律。公司還維護可由公司首席財務官 獲得的關於內幕交易等事項的政策。 董事的每位高管和員工必須在文字和精神上遵守公司在任何地方運營的所有適用的法律、規則和法規。儘管並非所有參與者都應瞭解所有適用的法律、規則和法規的詳細信息，但重要的是， 必須充分了解以確定何時向適當人員尋求建議。有關合規問題的問題或 關注應通過以下 “報告和執行機制”中指明的任何方式提出。 處理政府僱員 參與者在與政府僱員進行任何 交易時，必須遵守影響政府僱員的法律法規。在與聯邦或州政府僱員打交道時，這意味着 不提供或主動提供任何有價值的東西-甚至是正常的商業禮貌，如 支付午餐費用。參與者在與政府僱員打交道時必須始終誠實。 這意味着如果被問到一個問題，不要猜測或猜測。任何董事、官員和 工作人員不得對政府工作人員進行虛假證明。在向任何政府僱員提供僱用之前，必須諮詢公司首席執行官 。 向政府官員支付款項 公司不得向任何政府官員支付任何款項，目的是影響政府官員的任何行為或決定，或誘導官員利用個人影響影響任何政府行為或決定。“付款”是指直接或間接通過行業協會、代理商、顧問或其他機構轉賬、贈送禮物或提供有價值的任何東西的要約或承諾。“政府官員”包括 官員或僱員或任何為政府或政府單位行事或代表政府或政府單位行事的人。 美國《反海外腐敗法》 許多國家都有法律禁止向政府官員行賄。美國《反海外腐敗法》(簡稱《反海外腐敗法》)也禁止本公司為了獲得有利的 政府行動或維持政府業務而向美國以外的政府官員 行賄。具體地説，該法禁止公司直接或間接向政府官員提供、承諾支付或支付金錢或任何有價值的東西，目的是： ·影響官員的行為或決定，

·誘使官員或不作為違反其職責，或 ·誘使官員利用其影響力協助為任何人獲得或保留業務或將業務轉給任何人。 法律還禁止使用中間人(例如，外國附屬機構、代理人和顧問)為同樣目的向政府官員支付款項。本法 適用於本公司及其所有員工和代理人，無論其 住所或國籍如何。該公司預計其員工會拒絕支付有問題的付款。此外，員工不得參與任何可能被解釋為代表公司或與公司相關的遊説活動。任何可能被解釋為代表本公司或與本公司相關的向政府官員或遊説活動提出的付款或禮物，必須事先通過致電本公司的總法律顧問進行審查和批准。員工應該意識到，如果違反公司的政策或法律，他們實際上不必 支付費用，因為僅提供、承諾或授權就足夠了。 遵守證券法 證券法的主要目標是確保公眾擁有準確和 完整的信息，以作為投資決策的基礎。每一位董事、高管和 員工在編制或核實公司的 財務報表和其他財務信息時，必須確保公司的賬簿、 記錄和賬户得到準確保存。董事的每一位高管和員工都必須 與公司的會計和內部審計部門以及公司的獨立會計師和法律顧問充分合作。參與公司披露流程的每一位董事、高管和員工 必須： ·熟悉並遵守公司的披露控制程序和程序以及財務報告的內部控制；以及 ·採取一切必要步驟，確保美國證券交易委員會的所有備案文件和所有其他有關公司財務和業務狀況的公開信息提供全面、公平、準確、及時和可理解的披露。 如果您獲得的信息使您相信公司的賬簿或記錄 沒有保存，或者其財務狀況或經營結果沒有 根據公司的財務報告和披露控制以及 程序進行披露，您必須按照公司舉報人政策的要求直接報告此事。 為了履行其公開披露義務，公司將與股東、投資者和證券分析師打交道的責任限制在選定的一組 高管身上。股東、投資者或分析師的任何詢問都應立即提交給公司的首席執行官。

To promote compliance with applicable Securities Laws, the Company has adopted an Insider Trading Policy, which applies to all of the Company’s directors, officers, employees, consultants and contractors and governs transactions involving the Company’s securities. Health and Safety The Company is committed to providing safe and healthful working conditions for its employees, contractors and visitors. The Company will conduct all operations and activities in a manner that protects human health and the quality of life. The Company recognizes that the responsibilities for safe and healthful working conditions are shared in the following ways: · The Company will establish and implement health and safety programs and policies, and provide the safeguards required to ensure safe and healthful conditions; · Supervisors and managers will create an environment where employees have genuine concern for safety and all operations are performed with the utmost regard for the safety and health of all personnel involved; and · All employees are expected to conduct their work in a safe manner and comply with all health and safety programs, policies, procedures and laws. No employee may bring a firearm, weapon or explosive substance into the workplace. The prohibition on firearms and weapons does not apply to security guards who are licensed and expressly authorized to carry a firearm or weapon. Discrimination and Harassment The Company is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. Examples of prohibited conduct include derogatory comments based on race, gender, ethnicity or sexual preference and unwelcome sexual advances. Media Relations and Speaking Publicly Since the Company’s reputation is one of its most important assets and because of the need to provide honest and consistent responses to the media, all inquiries and contacts from the media should be directed to the Chief Executive Officer. You should refer all media inquiries to the Chief Executive Officer and you should make no comments on behalf of the Company, whether officially or “off the record.” All press releases concerning the Company may be issued only with the approval of the Chief Executive Officer or, in his absence, the Chief Financial Officer. You may not publish or post any material in written or electronic format (including articles, social media postings, blogs, videos or other media), give interviews or make public appearances that disclose confidential Company business-related information such as information concerning the Company’s technologies, services or business partners, without prior approval from your supervisor. Employees communicating in any public venue or forum without approval must not give the appearance of speaking or acting on the Company’s behalf.

Cybersecurity The Company has a strong commitment to information security and the prevention of cyber-attacks. This commitment is vitally important to sustaining compliance and competitiveness, and protecting our reputation in the marketplace. Security controls are in place and reviewed regularly to protect against emerging cyber threats. The Company reserves the right, without notice, to monitor the use of the Company information systems in order to, among other things, ensure the integrity of the systems and identify unauthorized use, access or release of Company data and systems. You are personally responsible for knowing and complying with the Company’s information security policies and practices and those of third-parties that apply to the Company. The inappropriate use of information technology or data may expose the Company to risks, including cyber-attacks and security breaches of information technology. Do not intentionally compromise or subvert the Company’s cybersecurity controls. You must be careful when handling information tools and systems in order not to inadvertently allow unauthorized access to confidential information. You must report any suspected cybersecurity exposures or incidents to your manager and the IT Department immediately. WHISTLEBLOWER POLICY Anonymous Reporting and Enforcement Mechanisms Among your most important responsibilities in this Company are the obligations to (1) comply with this Code and all Applicable Laws, including Securities Laws, and (2) report any situation or conduct you believe may constitute a possible violation of this Code or Applicable Laws. If you should learn of a potential or suspected violation of this Code, you have an obligation to report the relevant information. This policy allows you to submit confidential, anonymous complaints through any of the methods set forth below. · Telephone hotline: Call (866) 259-2738 to submit your complaint. The number is a recorded line on which a caller can confidentially leave his/her complaint and any information related to the complaint. You need not leave your name or other personal information. The investigation that follows from this call will be conducted in a manner that protects the confidentiality and anonymity of the person making the call. · Secure web form: The Company’s confidential and anonymous financial concern hotline website, https://www.openboard.info/EXPI/. You may address questions about ethics issues and raise any concerns about a possible violation of this Code or Applicable Laws to: · A supervisor or department head; · The Company’s Chief Executive Officer and/or

• The Company’s General Counsel. Frequently, a supervisor or department head will be in the best position to resolve the issue quickly. However, you also may raise any question or concern with any of the other persons listed above. You may do so orally or in writing and, if preferred, anonymously. Actions prohibited by this Code involving directors or executive officers must be reported to the Audit Committee. After receiving a report of an alleged prohibited action, the Audit Committee must promptly take all appropriate actions necessary to investigate. If the issue or concern relates to the Company’s financial statement disclosures, accounting practices, internal controls or auditing matters or possible violations of the Securities Laws, you are required to promptly report it pursuant to the procedures set forth in this Whistleblower Policy. In accordance with this policy, such report may be anonymous. Policy Against Retaliation The Company will not tolerate retaliation in any form against any person who in good faith reports suspected violations of the Code, voices other ethical concerns or who is involved on the Company’s behalf in investigating or helping to resolve any such issue. The Company will not discharge, demote, suspend, threaten, harass or in any other manner discriminate against any employee for providing information, causing information to be provided or otherwise assisting in an investigation of any conduct that such person reasonably and in good faith believes constitutes a violation of this Code. Any acts of retaliation against an employee for any such conduct will be treated as a serious violation of this Code and may result in discipline, including immediate termination by the Company and/or criminal or civil sanctions. If you believe you have been subjected to such retaliation, you should report the situation as soon as possible to the Company’s Chief Executive Officer or General Counsel. PENALTIES FOR VIOLATIONS The Company is committed to taking prompt and consistent action in response to violations of this Code. Any covered person who violates the Code is subject to disciplinary action, including immediate termination. The Company will promptly internally investigate reports of suspected violations. It will evaluate suspected violations on a case-by-case basis and apply an appropriate sanction, including, in its sole discretion, reporting the violation to authorities. WAIVER/AMENDMENTS Any of the Company’s Chief Executive Officer, General Counsel or Board of Directors may waive application of any provision of this Code for any persons other than a member of the Company’s Board of Directors or an executive officer. Only the Company’s Board of Directors may amend this Code or waive application of this Code for a director or an executive officer. Any waiver for

a director or an executive officer shall be disclosed as required by SEC and Nasdaq Stock Market rules. Adopted Effective Sept. 21, 2018