BANK MUTUAL CORPORATION 
CODE OF CONDUCT

VIII.     REPORTING A DISCREPANCY OR A VIOLATION

Whether or not you are personally involved, you shall make prompt and full disclosure of any discrepancy or violation of Bank Mutual's CODE OF CONDUCT, any applicable laws and regulations or regulatory requirements, or any activities that might adversely affect the safety and soundness of Bank Mutual.

Reports of a discrepancy or a violation may be made to your supervisor, to Bank Mutual's Chief Executive Officer, Chief Financial Officer or any other executive officer, or to the Bank Mutual Human Resources Department. If your report concerns any of Bank Mutual's Executive Officers, a report also may be made to the Chairman of the Audit Committee of the Bank Mutual Corporation Board of Directors (William J. Mielke, Ruekert and Mielke, W233 N2080 Ridgeway Parkway, Waukesha, WI 53188-1020). If you wish to make your report anonymously, you may deliver or route your report in a sealed envelope marked "confidential" to any of these persons or, if it is to the Chairman of the Audit Committee, to the corporate Secretary who will assure that it is delivered to the Chairman. If your department or area has any other special procedures for reporting issues, you may also comply with those provisions.

Reports of violations or discrepancies may be made using your name or anonymously. If you use your name, we will be able to respond directly to you, or ask you for further information if necessary or appropriate. If you choose to make an anonymous report, please be sure to give enough information so that we can accurately and adequately address your concerns since we will not be able to follow up with you if we need more information.

Whether or not you choose to give your name, no retaliatory action will be taken against any Bank Mutual personnel as a result of any truthful report, referral or complaint which is made pursuant to this Code of Ethics or Code of Conduct or if you provide truthful information regarding a violation of federal laws to law enforcement officials.

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Table of Contents

* Code Of Conduct
I Personal Conduct
II Confidentiality of Information
III Personal Finances and Investments
IV Conflicts of Interest
V Professional Conduct
VI Full and Fair Disclosure; Additional Provisions for Senior Financial Officers
VII Violations, Penalties and Disciplinary Action
VIII Reporting a Discrepancy of a Violation

 

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Bank Mutual Corporation, November 2006