Codes of Conduct

Deutsche Bank AG (“DB”) has published Statements of Commitment to the following codes of conduct (each a “Code”):

In addition, in relation to the LBMA Precious Metals Global Code (“PM Code”), DB has reviewed the content of the PM Code and acknowledges that the PM Code represents a set of principles generally recognised as good practice in the wholesale Precious Metals Market (“Market”). DB confirms that it acts as a Market Participant as defined by the PM Code, and is committed to conducting its Market activities (“Activities”) in a manner consistent with the principles of the PM Code. To this end, DB has taken appropriate steps, based on the size and complexity of its Activities, and the nature of its engagement in the Market, to align its Activities with the principles of the PM Code.

DB may from time to time adhere to other codes of conduct applicable to other products, markets or geographies in similar or different terms. 

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