TAYLOR DEVICES, INC.

On August 23, 2003, the Company adopted a Code of Business Ethics and Standards of Conduct (the "Code"), which is a compilation of written standards reasonably designed to deter wrongdoing and promote honest and ethical conduct. Code requirements include, among others, the preparation of full, fair, timely and understandable disclosure in documents that the Company files with and submits to the SEC; compliance with governmental laws, rules and regulations; prompt internal reporting of violations to the Code; and accountability for adherence to the Code. There have been no amendments to the Code since its adoption, and it was re-adopted by the Board of Directors on March 12, 2020. A copy of the Code is available online at www.taylordevices.com/investors.