Deutsche Bank

Integrity

• We live by the highest standards of integrity in everything we say and do
• We will do what is right – not just what is allowed
• We communicate openly; we invite, provide and respect challenging views

Sustainable Performance

• We drive value for shareholders by putting long-term success over short-term gain
• We encourage entrepreneurial spirit which responsibly balances risk and returns
• We pursue lasting performance by developing, nurturing and investing in the best talent and by managing based on merit

Client Centricity

• We earn our clients’ trust by placing them at the core of our organization
• We deliver true value by understanding and serving our clients’ needs best
• We strive to pursue mutually beneficial client relationships in which the value created is shared fairly

Innovation

• We foster innovation by valuing intellectual curiosity in our people
• We enable our clients’ success by constantly seeking suitable solutions to their problems
• We continuously improve our processes and platforms by embracing new and better ways of doing things

Discipline

• We protect the firm’s resources by always thinking and acting like owners
• We live by the rules and hold ourselves accountable to deliver on our promises – no excuses
• We achieve operational excellence by striving to ‘get it right the first time’

Partnership

• We build diverse teams to generate better ideas and reach more balanced decisions
• We put the common goals of the firm before ‘silo’ loyalty by trusting, respecting and working with each other
• We act as responsible partners with all our stakeholders and regulators, and in serving the wider interests of society