Code of Conduct

Deutsche Post DHL deals with a variety of people and organizations who are our stakeholders. Our image as a company depends on how employees conduct themselves in the business world. There is no substitute for personal integrity and sound judgment. When faced with a difficult situation, our employees should consider these questions:

1. Is my action or decision legal?
2. Does it comply with our values and our policies?
3. Is it right and free of any personal conflicts of interest?
4. Could my action or decision withstand public review? What would it look like in a newspaper?
5. Will my action or decision protect the Group's reputation as a company with high ethical standards?

If the answer to each question is "yes", the action or decision based on the following principles of conduct is most likely the correct one.

Quality Focus
Our commitment to quality is core to our business. In order to achieve the highest quality standards, we will work constantly to improve our structures and processes for the benefit of our customers. This applies to our products, services and management, but also to our behavior.

Customer Satisfaction
We place the highest priority on making our customers successful, knowing that customer success guarantees our own success. Our activities are governed by our knowledge of the global and local requirements of our customers and markets.

We include and prioritize the customer focus in all our business processes, projects and dealings. We know that we will be measured by our ethical, social and environmental performance as much as by the quality of our service. We therefore strive for best practice in all these areas to secure customer trust.

Laws and Ethical Standards
Guided by our Corporate Values, we strive for sustainable development of our business founded on the three pillars: economic performance, environmental stewardship and social responsibility.

We will honor the diverse interests of our customers, employees and business partners with integrity, fairness and honesty. We strive for excellence in both our business performance and our ethical behavior. Deutsche Post DHL complies with laws applicable to its business in all regions and countries.

We recognize that laws vary with respect to ethical standards within and across the countries in which we work. This may pose particular challenges and dilemmas, which we strive to overcome by adherence to our Corporate Values. Deutsche Post DHL will be guided by the principles of the United Nations' Global Compact. We respect human rights within our sphere of influence and conduct our business in a manner that makes us an employer of choice.

We respect the principles of the 1998 International Labor Organization's "Declaration on Fundamental Principles and Rights at Work" in accordance with national law and practice.

Transparency
We are committed to openness in our dealings with our stakeholders. Transparency and honesty shall be the guiding principles in all our communication activities, internally and externally. The public will have access to information concerning our company, in line with what is required or recommended by internationally recognized standards of corporate governance.

Accounting and Reporting Standards
Deutsche Post DHL relies on the authenticity and accuracy of information recorded in its accounting records for proper decision making. It is of the utmost importance that records dealing with security and personnel, as well as booking and financial data are protected. All business transactions must be reflected accurately in our accounts in accordance with established procedures and auditing standards. Accounting records will reflect and describe the nature of the underlying transactions.

Money Laundering
Deutsche Post DHL complies strictly with laws and regulations designed to combat money laundering activity. This includes those rules and regulations requiring reporting of currency transactions with blocked persons.

Individual Responsibility and Involvement
The skills and the commitment of our people are our greatest asset. We expect our employees to conduct their business in an entrepreneurial way and accept their individual responsibility. We strive to involve our colleagues in our projects and decision-making processes in order to achieve our common goals with reliability and commitment.

Mutual Respect and Openness
All relations between directors, managers and employees of all levels, units and regions shall be guided by mutual respect, openness, honesty and the spirit of trust and cooperation. We give and look for feedback and we communicate actively and openly with each other. We are committed to a fair and open debate and seek varying opinions. We motivate our colleagues to speak up promptly and to express their ideas and concerns. Team spirit is triggered by open-mindedness. We therefore support an open door policy and initiatives to share and exchange knowledge.

Diversity and Discrimination
We see employee diversity as a guiding principle in our employment policy. This means promoting the diversity and heterogeneity of the individuals in the company in order to attain the highest possible productivity, creativity and efficiency. Skills, performance and ethical conduct shall be our only indicators for employee qualification. We will not discriminate or tolerate discrimination with respect to gender, race, religion, age, disability, sexual orientation, national origin or any other characteristic protected under law. Each employee is required to contribute to an environment of respect that precludes any kind of harassment, including workplace bullying, unwelcome sexual advances, unwanted physical contact, propositions or a working environment poisoned with harassing jokes, words and demeaning comments.

Health Management
Our employees deserve to work in a safe and healthy environment. We are therefore committed to the workplace health and safety regulations expressed in our health and safety policies. We strive to foster the physical and psychological "well being" of our employees. Our goals are both fewer illnesses and a lower accident rate. We promote health care as a key element of our sustained productivity and the quality of our services. Our health and safety policies, active in all locations throughout the world, include a ban of illegal drugs in the workplace. We prohibit any kind of violence and assault at the workplace, including threatening and intimidating behavior.

Company Property
The use of company property, including labor, supplies, equipment, buildings or other assets for personal benefit is prohibited where not explicitly allowed by agreement. Each employee has a responsibility to safeguard and make proper use of Deutsche Post DHL property. Intellectual property is a valuable asset and must be protected from unauthorized use or disclosure. Such property includes trade secrets, confidential information, copyrights, trademarks, logos, but also customer lists, business opportunities and product specifications, whether owned by Deutsche Post DHL-affiliated companies or business partners.

Legal Proceedings
Employees must avoid activities that could involve or lead to involvement of Deutsche Post DHL or its personnel in any unlawful practice, including the employment of our personnel or use of company assets for illegal gain. Lawsuits, legal proceedings and investigations concerning Deutsche Post DHL must be handled quickly and properly in order to protect and defend the company. Employees who are threatened by a lawsuit or other legal proceedings or investigation in a business-related matter are required to contact their Deutsche Post DHL Legal Department immediately.

Insider Information
Any person with inside information is prohibited by law to buy or sell Deutsche Post DHL stock by using this information. Employees are at risk of civil and criminal penalties should they disclose nonpublic information that an investor could use to buy or sell securities. Trading with such information is illegal whether employees trade for their own benefit or others trade for them.

Shareholders' Trust
We recognize the necessity of sound and transparent corporate management to maintain the trust of our shareholders and investors. We are committed to increasing shareholder value.

Business Partner Dialogue
We are committed to dialogue and partnership with our business partners in many communities throughout the world. We share principles of ethical behavior, social engagement and respect for the environment with our suppliers, subcontractors, agents and consultants. We will communicate our principles to our business partners and motivate them to adhere to the same standards we do.

Conflicts of Interest
We require all directors, officers and employees to maintain high ethical standards in handling conflicts of interest. They should disclose any relationship with persons or firms with whom we do business ('Business Partners'), which might give rise to a conflict of interest, to a supervisor. Such relations include in particular a relationship by blood or marriage, partnership, participation or an investment in Business Partners.

Fair Competition
We are committed to free enterprise and fair competition. Company business must be conducted solely on the basis of merit and open competition. We will hire suppliers, agents or their intermediaries only by fair assessment. We are legally bound to make business decisions in the best interests of the company, independent of any understanding or greement with a competitor. As a result, the company and its employees will avoid any conduct that violates or might appear to violate antitrust laws.

Bribery and Corruption
We trust that the excellence of our services is the key to our business success. Therefore we will deal with all our customers, suppliers and government agencies in a straightforward manner and in compliance with international anti-bribery standards as stated in the Global Compact and local anti-corruption and bribery laws. This includes any transaction that might appear to be arranged for granting concessions or benefits.

Gifts and Benefits
Employees should not solicit services, gifts, or benefits from customers or suppliers that influence or appear to influence the employee's conduct in representing the company. Gifts and entertainment may be exchanged at a level that does not exceed customary local courtesies extended in accordance with ethical business practices and applicable law. In case of doubt, employees should consult with their supervisor or the HR department.

"Facilitating Payments"
Deutsche Post DHL does not generally allow "Facilitating Payments", even where they might be legally permitted. Where there is no specific legislated prohibition on such payments, but the same are a local business practice, Deutsche Post DHL companies will nonetheless do the utmost to avoid making such payments, which are at all times strongly discouraged. Exceptionally, under clearly specified conditions stated in their regional policies and solely where such actions are not prohibited by law, area directors or regional CEOs can approve "Facilitating Payments" provided these are limited to the payment of small cash sums or the provision of small gifts, when customary and necessary to secure or expedite the performance of routine action. Any payment must be recorded and appear accurately on the company's books and records.

Data Protection
Our employees shall not disclose information that is not known to the general public for personal gain or the benefit of anyone other than the company. Such information includes technical data, financial data, operating data, customer information, memoranda or other information regarding the company's business and operational activities and future plans. Employees will adhere to relevant laws and company regulations with respect to personal data, which require employees to protect personal data of legal (where legally on par) and individual natural persons, including employees, shareholders and customers.

Communities
We are committed to supporting the communities in which we work and recognize the need to contribute to their well-being with our know-how and professional skills. Respect for and understanding of the different cultures and a sensitive manner of dealing with their key issues is of highest importance to us as it builds trust and credibility within our international environment. We have and will continue to support community development as a sponsor in partnerships with non-government organizations and charities in accordance with our community investment policy. We recognize that we are measured by our actions outside the workplace and therefore call on our employees to respect the local culture and understand the issues of communities where they work.

Environment
We acknowledge the impact of our business activities on the environment and are committed to improving our environmental track record through precautionary measures and the use of environment-friendly technology. We regularly assess and monitor our impact on the environment. By systematically identifying and leveraging potential ecological initiatives, we strive to support constant improvement of our environmental performance and the increase of efficiency in our resources. This includes environmental audits and risk management. We want to measure our processes and services against the highest quality standards. National and international environmental standards - such as the ISO 14000 standard series - shall be our guiding principles. As a corporate group, we advocate and support the dissemination of environmentally and socially exacting standards throughout the world. We consider our employees' commitment and active involvement to be an important platform for our efforts and a significant source of innovation.

The Code of Conduct sets the principles for all policies and regulations in Deutsche Post DHL. Local or business-related policies will provide more specific guidance. Divisions, business units, regional entities and companies of Deutsche Post DHL may adopt their own local codes, incorporating the substance of the Deutsche Post DHL Code of Conduct but modified to reflect requirements of local laws and regulations or the social customs and characteristics of their business operations. Such local codes may include additional, specific standards. However, in no event will any term contradict or be more lenient than this Deutsche Post DHL Code of Conduct. All local codes shall be reviewed and approved by the Global Values Office.