ProSiebenSat.1 Group has laid down basic guidelines and policies in its Code of Conduct. The stipulations therein define the general standards for conduct in business, legal and ethical matters. They serve as a binding reference and regulatory framework for all members of the Executive Board, the management, and the employees of the Group for dealing with each other and with external stakeholders. We are convinced that our business success also depends on the trust of our customers, business partners, and shareholders in our independence and integrity. Adherence to high ethical standards and our overall social commitment are therefore just as crucial as compliance with all relevant laws.