BRADY MINIMUM ADVERTISED PRICE POLICY

Effective December 1st, 2009

Brady Corporation ("Brady") has adopted this Internet Minimum Advertised Price ("MAP Policy"), which is applicable to all authorized Brady distributors and resellers ("Authorized Sellers"). In recognition of the worldwide reach of Internet advertising, Brady has adopted this MAP Policy in order to promote the quality of Brady branded products, preserve individual pricing decisions, and maintain a fair business environment for all of our Authorized Sellers.

1. All Authorized Sellers advertising BRADY branded products on the Internet are subject to this Policy. This MAP Policy is incorporated into Authorized Seller's Distribution or Reseller Agreement by and between Brady and Authorized Seller. Authorized Seller's use of Brady's trademarks implies Authorized Seller's consent to be bound by this MAP Policy.

2. This Policy is applicable to all Internet advertised prices. An Internet advertised price is defined as the price for a product shown on a web browser search, Authorized Seller home page, content on a webpage within the Authorized Seller's site or domain or, if the Authorized Seller is conducting e-commerce through a third party site or domain, content on third party sites or domains.

3. Each Authorized Seller remains free to establish its own resale prices and to sell BRADY products at any price it chooses. To remain eligible for all program elements and current distributor discount levels and be linked to the Brady website, Authorized Sellers may not advertise or otherwise promote BRADY branded products sold on the Internet at a net price that is below the published Minimum Suggested Retail Price ("MSRP") through the use of broadcast e-mails or placement of ads on any other internet sites, including destination pages and third-party sites such as portal sites, natural or paid search engine listings, social media sites, shopping sites and auction sites, including banner advertisements, and pages that follow upon "click-through".

4. This Policy does not prohibit a "click for price" feature on a website whereby the actual price for the item being sold may be obtained from or negotiated with Authorized Seller.

5. The following are examples of MSRP advertising that is compliant and not compliant with this MAP Policy but such examples shall not be considered all inclusive:

• Value-add promotions on BRADY products can be advertised as long as the Brady product is advertised at MSRP, the MSRP is the only price shown, and the value-add is stated separately in small type below. The below-MSRP price cannot be visible to the customer.
  
  Example A: $299.00 (MSRP)
  Compliant -$59.00 BRADY product value -add (in smaller type)
  
  Example B: $299.00 (MAP)
  Not Compliant -$59.00 BRADY product value-add
  Your price $240.00
  
  
• Shipping and handling incentives may not be used to circumvent the MSRP. Sales incentives can be advertised but not in a way that results in advertising or showing a price for the product that is below MSRP.
  
  Example A: $200.00 (MSRP)
  Compliant with Free Shipping & Handling
  
  Example B: $175.00
  Not Compliant plus $25.00 Shipping & Handling
  Your price $200.00
  
  
• Discounts on products given in a percentage and/or together with statements such as, "We will match all competitive pricing", "Everything on the website" or "All Brady products on the website" are allowed provided that the BRADY products are advertised at MSRP and the MSRP is the only price shown for that product. The below MSRP price cannot be visible to the customer.
  
  
• Product promotions with a price lower than MSRP price shall not be considered a violation of this MAP Policy given they are advertised in conjunction with Brady promotional initiatives.

Authorized Seller shall promptly correct any violations which Brady notifies Authorized Seller about within 24 hours of such notice. Failure to do so may be considered a violation of this MAP Policy and Authorized Seller's Distribution or Reseller Agreement. In the event that Authorized Seller fails to abide by this MSRP Policy, Brady reserves the right to withhold program elements which may include but are not limited to co-op funds and volume rebates, distributor or reseller discounts, and/or terminate Authorized Seller's Distributor or Reseller Agreement.

All matters of interpretation and application of the terms of this Policy shall remain within the sole discretion of Brady.

6. Advertising compliance is required for marketplace consistency to end-users. Product identification must contain the proper description, model number, and MSRP if the Authorized Reseller wishes to include a price term in its Internet advertising. Authorized Seller's "own" part numbers are acceptable if they are consistent with Brady product specifications and MSRP. Authorized Sellers may not circumvent this MAP Policy by implementing their own part numbers or part numbering schemes.

7. Brady reserves the right at any time to: a) change the prices of products subject to this Policy; and b) change the terms and conditions of this Policy.

8. This MAP policy will be governed and construed in accordance with the laws of the State of Wisconsin, excluding its conflict of laws rules.

9. Authorized Distributors should be in compliance with this Policy by December 1, 2009.

Last Revised 10/23/2009