Code of Conduct

CODE OF CONDUCT FOR BOARD MEMBERS AND SENIOR MANAGEMENT EXECUTIVES

Valor Estate Limited (formerly known as D B Realty Limited) (‘the Company’) is committed to the highest standards of Corporate Governance in all its activities and processes. It regards corporate governance as the cornerstone for sustained management performance, for serving all the stakeholders and for instilling pride of association.

At the heart of Company’s corporate governance policy is the ideology of transparency and openness in the effective working of the Management and Board.

In furtherance of this policy, the Board of Directors has adopted this ‘Code of Conduct for Board Members and Senior Management Executives’ (‘the Code’) on 15th February, 2010.