1.2

The M&S Code of Conduct outlines the standards and behaviors that shape our culture. It sets minimum commitments for our business conduct and ensures that we follow laws, regulations, industry standards, and stakeholder expectations. It emphasizes doing the right thing, even when no one is watching. The M&S Code of Conduct sets the floor of minimum commitments for our business conduct and outlines the standards and behaviors that help to shape and strengthen our culture. These commitments are focused on key policy areas affecting M&S to ensure that we act in line with relevant laws and regulations, industry standards, and stakeholder expectations. Code of Conduct is not just about following law and regulation, it is about doing the right thing even when no one is watching.