Foreword Together with its companies (see page 14), the WALTER GROUP operates successfully through- out Europe and the world in various branches of business. Our core business principles include bringing commercial trade into harmony with ethical values and social responsibility. We aim to offer all customers reliable services and high-quality products that fully meet their expectations. Similarly, our services and products are also intended to correspond to modern day requirements regarding ethical trade, security, conformity with the law, anti-corruption, fair competition and sustainability. The international nature of our brand requires us to observe legal regulations and business practices in our commercial activity that may vary from country to country. This Code of Conduct is intended to serve our employees and managers as a guideline for their decisions and commercial actions. We expect them to observe these principles, to comply with all laws and regulations, and not to abuse the trust placed in us by our suppliers, customers and authorities. By signing the code, we are obliged to implement and comply unreservedly with the principles of conduct of the WALTER GROUP. For the WALTER GROUP Note: We have avoided gender-specific formulations in this text for the purpose of easier readability. However, in the interests of equal treatment, both genders are always meant and addressed. CODE OF CONDUCT | 3 J. Anderl G. Ringhofer