简介 Exp World Holdings，Inc.(及其子公司，“公司”)致力于为其员工、董事和高级管理人员(“参与者”)营造行业领先的工作氛围，并已制定本“商业行为和道德准则”(“守则”)以促进这一目标。该计划是培养和确保开放的沟通、积极的社区和合法合规的商业环境的重要组成部分。公司首席执行官和总法律顾问在公司董事会的监督下，促进和执行本准则中的政策和原则。 公司发布了本准则，适用于所有参与者，以阻止不当行为，并促进： ·所有参与者的诚实和道德行为，包括合乎道德地处理个人和职业关系之间的实际或明显的利益冲突； ·在公司向美国证券交易委员会(“美国证券交易委员会”)提交或向美国证券交易委员会(“Sequoia Capital”)提交或提交给美国证券交易委员会的报告和文件中，以及在公司的其他公开通信中，进行全面、公平、准确、及时和易于理解的披露； ·遵守适用的法律、规则和法规(统称为“适用法律”)， 包括适用的联邦和州证券法律、规则和法规(统称为“证券法”)； ·促进对公司资产的保护，包括公司机会和 机密信息； ·促进公平交易实践； ·任何违反本准则的行为及时向公司的适当人员进行内部报告；以及 ·遵守本准则的责任。 本准则的有效性在一定程度上取决于所有参与者的合作， 迅速向公司内部的适当人员(S)披露被认为违反公司 标准的任何行为。本公司已建立程序，确保参与者可以匿名举报任何疑似违规行为，并对所有举报进行调查。公司 要求报告任何可能违反本守则的行为，并通过 善意举报不报复的政策来鼓励这一点。 公司致力于促进和维护遵守所有适用法律 和最高商业行为标准的文化。公司的每个人都应该推广这种合规文化。违规者将受到公司认为适当的纪律处分，包括立即终止雇用。本守则既不是一份合同，也不是一本全面的手册，涵盖了参与者

可能会遇到。如果您对本守则的条款或在特定情况下应如何行事有任何疑问，请咨询您的主管或部门负责人、公司首席执行官或总法律顾问。 行为标准 利益冲突和公司机会 您必须确保您在工作场所以外参与的任何财务、业务或其他活动与您对公司的责任不存在冲突。当您的私人利益以任何方式干扰--甚至似乎是干扰--公司的利益时，可能会发生“利益冲突”。当个人具有可能影响其对公司客观履行职责的 利益时，可能会出现冲突情况。当个人(或其家庭成员)因其在公司的职位而获得不正当的个人利益时，也可能出现利益冲突。 您必须向公司披露您认为可能会对您客观行事并符合公司最佳利益的能力产生怀疑的任何事项。以下是应披露的涉及潜在利益冲突的情况的非详尽示例列表： ·公司向任何参与者提供的任何贷款或公司对参与者的任何个人义务的担保； ·受雇于公司或作为公司的顾问或代理人独立行事 竞争对手、客户、供应商或其他商业合作伙伴； ·将公司业务指导给员工或近亲成员拥有重大利益的任何人； ·拥有或拥有公司的任何竞争对手、客户、供应商或其他业务合作伙伴的大量权益； ·利用公司资产、知识产权或其他资源谋取个人利益；以及 ·接受与公司有业务往来或寻求与公司有业务往来的人提供的任何超过名义价值的东西，如礼物、折扣或 薪酬， 与业务有关的日常娱乐和餐饮除外。 董事和管理人员必须向首席执行官和董事会审计委员会披露任何实际或潜在的冲突情况。非主管人员的员工必须向适当的主管或部门负责人、首席执行官或总法律顾问披露他们所知道的所有此类情况。收到此类报告的所有主管和部门负责人必须立即将其转发给公司的首席执行官或总法律顾问。

你对公司负有促进其合法利益的责任。这意味着您不能： ·利用公司财产、信息或职位发现的公司机会，而不首先向公司提供此类机会； ·利用公司财产、信息或职位谋取个人利益；或 ·与公司竞争。 公司董事和高级管理人员必须坚持其诚实信用的基本职责、 应有的谨慎和对所有股东的忠诚，并始终以公司及其股东的最大利益为出发点行事。董事与公司之间的任何业务安排或交易，如涉及任何直接或间接的重大经济利益，必须 经公司董事会批准，或根据适用法律和法规的要求，并与公司的政策相一致。 您必须对公司、其客户或业务合作伙伴委托给您的业务、技术或其他信息保密，除非经授权或法律要求披露。机密信息包括所有非公开信息，如果披露，这些信息可能会被竞争对手使用或对公司、其客户或业务合作伙伴有害。 此义务是您 已与公司签订的任何保密协议要求之外的要求。 公平交易 在代表公司与其任何客户、供应商、竞争对手、员工和其他业务合作伙伴进行任何交易时，您必须公平、诚实和真诚地行事。您不得 通过操纵、隐瞒、滥用特权信息、歪曲重要事实或任何其他不公平交易行为来不公平地利用任何人。 保护和正确使用公司资产 您必须保护并确保授权使用公司资产，包括公司的专有信息。专有信息包括商业秘密、专利、商标和版权等知识产权以及商业和营销计划、 工程和制造理念、设计、数据库、记录和任何非公开财务 数据或报告。您应防止不当披露、盗窃或滥用 公司的知识产权和实物财产。未经授权或不当披露、盗窃或滥用任何此类公司财产可能是非法的，并可能导致民事或刑事处罚 并可能导致纪律处分，包括解雇。公司的资产，包括电子邮件和所有计算机系统，应仅用于公司的合法业务目的。公司电子通信的内容

基础设施(电子邮件、语音邮件、互联网访问)不受任何个人隐私权的保护 公司可以随时访问和监控，恕不另行通知。 遵守法律、规则和法规 公司承诺遵守适用的法律。公司还维护可由公司首席财务官 获得的关于内幕交易等事项的政策。 董事的每位高管和员工必须在文字和精神上遵守公司在任何地方运营的所有适用的法律、规则和法规。尽管并非所有参与者都应了解所有适用的法律、规则和法规的详细信息，但重要的是， 必须充分了解以确定何时向适当人员寻求建议。有关合规问题的问题或 关注应通过以下 “报告和执行机制”中指明的任何方式提出。 处理政府雇员 参与者在与政府雇员进行任何 交易时，必须遵守影响政府雇员的法律法规。在与联邦或州政府雇员打交道时，这意味着 不提供或主动提供任何有价值的东西-甚至是正常的商业礼貌，如 支付午餐费用。参与者在与政府雇员打交道时必须始终诚实。 这意味着如果被问到一个问题，不要猜测或猜测。任何董事、官员和 工作人员不得对政府工作人员进行虚假证明。在向任何政府雇员提供雇用之前，必须咨询公司首席执行官 。 向政府官员支付款项 公司不得向任何政府官员支付任何款项，目的是影响政府官员的任何行为或决定，或诱导官员利用个人影响影响任何政府行为或决定。“付款”是指直接或间接通过行业协会、代理商、顾问或其他机构转账、赠送礼物或提供有价值的任何东西的要约或承诺。“政府官员”包括 官员或雇员或任何为政府或政府单位行事或代表政府或政府单位行事的人。 美国《反海外腐败法》 许多国家都有法律禁止向政府官员行贿。美国《反海外腐败法》(简称《反海外腐败法》)也禁止本公司为了获得有利的 政府行动或维持政府业务而向美国以外的政府官员 行贿。具体地说，该法禁止公司直接或间接向政府官员提供、承诺支付或支付金钱或任何有价值的东西，目的是： ·影响官员的行为或决定，

·诱使官员或不作为违反其职责，或 ·诱使官员利用其影响力协助为任何人获得或保留业务或将业务转给任何人。 法律还禁止使用中间人(例如，外国附属机构、代理人和顾问)为同样目的向政府官员支付款项。本法 适用于本公司及其所有员工和代理人，无论其 住所或国籍如何。该公司预计其员工会拒绝支付有问题的付款。此外，员工不得参与任何可能被解释为代表公司或与公司相关的游说活动。任何可能被解释为代表本公司或与本公司相关的向政府官员或游说活动提出的付款或礼物，必须事先通过致电本公司的总法律顾问进行审查和批准。员工应该意识到，如果违反公司的政策或法律，他们实际上不必 支付费用，因为仅提供、承诺或授权就足够了。 遵守证券法 证券法的主要目标是确保公众拥有准确和 完整的信息，以作为投资决策的基础。每一位董事、高管和 员工在编制或核实公司的 财务报表和其他财务信息时，必须确保公司的账簿、 记录和账户得到准确保存。董事的每一位高管和员工都必须 与公司的会计和内部审计部门以及公司的独立会计师和法律顾问充分合作。参与公司披露流程的每一位董事、高管和员工 必须： ·熟悉并遵守公司的披露控制程序和程序以及财务报告的内部控制；以及 ·采取一切必要步骤，确保美国证券交易委员会的所有备案文件和所有其他有关公司财务和业务状况的公开信息提供全面、公平、准确、及时和可理解的披露。 如果您获得的信息使您相信公司的账簿或记录 没有保存，或者其财务状况或经营结果没有 根据公司的财务报告和披露控制以及 程序进行披露，您必须按照公司举报人政策的要求直接报告此事。 为了履行其公开披露义务，公司将与股东、投资者和证券分析师打交道的责任限制在选定的一组 高管身上。股东、投资者或分析师的任何询问都应立即提交给公司的首席执行官。

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