Quality and creativity are at the heart of everything we do. These values drive our business and set us apart in our industry.

Creativity demands change. It requires us to question accepted standards and explore new alternatives. But there is one important part of Discovery that will not change: our commitment to doing business with the highest ethical standards.

Quality means operating in a way that is consistent with our brand and mission. A single ethical violation can overshadow the great work we do at Discovery every day. We owe it to ourselves, our colleagues and our viewers to conduct business in a way that is consistent with our values.

• About the Code

Discovery's reputation, the quality of our work environment and our ability to create value for our stockholders are inherently tied to the way we do business. The Code reflects the fundamental expectation that we operate with integrity in all of our business activities. It also contains basic principles and practical guidance on topics that can have significant legal and ethical consequences if handled incorrectly.

The Code applies to all Discovery employees, officers and directors, to all of our divisions and subsidiaries around the globe and to those joint ventures that are subject to the Code. We prefer to do business with people who share our values and thus expect our contractors and business partners to comply with similar ethical and legal standards as the ones outlined here.

The Code applies everywhere we do business. It applies in our buildings and facilities as well as to all work-related activities, including offsite team events and business trips. In other words, it applies any time you represent Discovery.

We are all responsible for full compliance with the Code and any applicable laws and regulations. Use the Code as a set of general guidelines for how you do business and consult it when you have questions in your day-to-day business activities.

The Code does not replace other, more detailed Discovery policies, which generally can be found on the One Discovery Portal and it does not anticipate every situation. This means there may be further global policies that underpin the Code and local policies specific to your work location that also apply.

If you face an ethical or legal issue and cannot find an answer in the Code, think through possible actions. Ask yourself:

• Is it legal?
• Is it consistent with Discovery's policies?
• Does it feel right?
• How could my actions affect others?
• What are my alternatives?

If your preferred course of action does not comply with Discovery's policies or the law, do not take that action-even if you think it would help Discovery!

If you are still not sure what to do, there are a number of resources you can consult for guidance, including:

• Your supervisor
• Your Human Resources representative
• The Legal Department
• The Ethics Hotline (see Appendix for phone numbers)

Anyone who violates the Code may be subject to disciplinary action, up to and including termination of employment. In some cases, certain violations may result in civil or criminal penalties for you, your supervisor or Discovery.

• Being open and honest in all business communications
• Being accountable for our commitments
• Never taking unfair advantage of someone else
• Never misrepresenting ourselves or Discovery
• Showing respect for others in all business interactions

Discovery and its employees have built a global brand with an unequalled reputation for quality content. Our commitment to creative and innovative programming is matched only by our steadfast commitment to honesty and integrity in everything we do.

• Honesty and Transparency: Our Position on Bribery and Corruption

• Gifts, especially expensive gifts
• Entertainment, hospitality and travel that go beyond business needs
• Loans
• Personal favors
• Payment for travel expenses when there is not a clear business purpose for doing so
• Political or charitable contributions
• Payments or benefits provided to an individual who has facilitated or supported a transaction (commonly referred to as a kickback)
• A payment or benefit provided to an individual's family member, in an effort to influence the individual

• Never offer or accept a gift of cash or a cash equivalent, such as a gift card
• If you are offered a gift from someone who does business with Discovery, review it carefully and consult the Conflicts of Interest Policy, available on the One Discovery Portal
• Ensure that all gifts are of modest value, consistent with local standards and customs and compliant with local laws
• Give and/or receive openly and transparently
• Keep a record of all gifts given and/or received
• Consider any gifts carefully, especially for any government officials and consult with the Legal Department and review the Prohibited Payments Policy

• Offer or accept business entertainment only if it is consistent with customary local and industry business practice and complies with local law
• Ensure that the relationship between business and entertainment is proportionate
• Comply with the limitations of the Travel & Entertainment Policy, available on the One Discovery Portal
• Review any entertainment, and in particular, of government officials and consult with the Legal Department and review the Prohibited Payments Policy

• Avoiding Conflicts of Interest

• Hiring or supervising family members
• Making a decision about a contract or business proposal in which you have a financial interest
• Being offered improper personal benefits, like a loan guarantee in exchange for a favorable business decision
• Accepting gifts from someone who would like to do business with Discovery
• Performing services for a competitor or any other company while employed with Discovery (e.g., "moonlighting")
• Using information that you learned at Discovery to benefit yourself personally or financially
• Dating or having a romantic relationship with someone who manages you or who is managed by you or for whom you provide input or otherwise influence corporate processes, such as performance feedback and corporate budgeting

• Has the purpose or effect of violating an individual's dignity or creating an intimidating, hostile, degrading, humiliating or offensive work environment;
• Causes work performance to suffer
• Negatively affects job opportunities

• Conversations, e-mails or other oral or written communications that contain offensive name-calling, jokes, slurs, stereotyping or threats. This includes comments or jokes that are distasteful or targeted at individuals or groups based on protected characteristics
• Non-verbal conduct, such as staring, leering or giving inappropriate gifts
• Physical conduct, such as assault or unwanted touching
• Displaying or sharing offensive pictures, cartoons, drawings or gestures

• Submission to or rejection of such conduct is made either explicitly or implicitly a term or condition of employment
• Submission to or rejection of such conduct by an employee is used as the basis for decisions about employment, promotion, transfer, selection for training, performance evaluations, benefits, or other terms and conditions of employment
• Such conduct has the purpose or effect of violating an individual's dignity or creating an intimidating, hostile, degrading, humiliating or offensive work environment or substantially interferes with an employee's work performance.

• Practicing Financial Integrity

• Establishing or using an unrecorded, undisclosed fund
• Making an "off the books" payment
• Entering a deliberately false or misleading entry in Discovery's books or records
• Concealing the true nature of a transaction
• Attempting to interfere with an audit or other inquiry

• Avoiding Insider Trading

• Financial results like advertising sales, subscriber fees and programming expenses
• Acquisitions, joint ventures and other major transactions
• Senior personnel or management changes
• Information that would have an impact on earnings (such as unanticipated writedowns or gains and operating losses or gains)
• The gain or loss of a significant distributor or programmer
• A major lawsuit
• Development of a significant new program or product
• A new issuance of stock or debt or other significant financing development
• A possible change in control or management

• Engaging in any transactions related to Discovery securities-either directly or indirectly (i.e., through another person)-when you know material non-public information about Discovery
• Engaging in any transactions related to any securities of another company-either directly or indirectly (i.e., through another person)-when you know material non-public information about that company that you learned as part of your job at Discovery
• Tipping another person to trade in Discovery's or another company's securities when you have material information, even if you receive no benefit from the other person's trading

• Protecting Discovery's Assets

• Only use facilities, materials and equipment for authorized purposes related to your job, and ensure they are properly protected and maintained when not in use.
• Do not use Discovery resources to engage in activities that could be seen as fraud, theft, embezzlement, misappropriation or any other action that might break the law.
• Use Discovery communication systems like e-mail, Internet, phone, etc. only for business purposes; keep personal use to a minimum.
• Use Discovery's corporate credit card only for permitted purposes.
• Protect Discovery's intellectual property by using our copyrights, trademarks and other information assets appropriately. See the Intellectual Property Policy on the One Discovery Portal if you have any questions.

• We must observe all laws and legal protections related to other people's ideas and intellectual property. Only use trademarked or copyrighted material if you have authorization from the owner.
• Only use software in accordance with applicable licenses. Do not download pirated material or use a software program outside of its terms of use.
• Only use competitive intelligence that has been obtained through legal and ethical means. Never use deceptive tactics to gather information about competitors and do not accept competitive intelligence if you think the person sharing it may be in breach of a confidentiality agreement.

• Protecting the Discovery Brand

• Discuss unannounced financial results in any public forum. As a publicly-traded company, we are subject to laws about when and to whom this information is released.
• Link Discovery to any personal political activity, e.g., identifying yourself as a Discovery employee in relation to a political cause or including your position title in a letter to the editor.
• Discuss Discovery or information about Discovery on social media unless you have been specifically authorized to disclose it in this way. This applies even to personal social media use taking place outside of work hours.
• Speak to any member of the media about Discovery unless you have been specifically authorized to do so.

• Protecting Confidential Information

• Mark confidential information appropriately to make clear it is confidential
• Be mindful where you discuss confidential information
• Take reasonable precautions to protect confidential information, for instance when printing, distributing, e-mailing or traveling
• Disclose confidential information only to people who are authorized to receive it. Make sure the disclosure is necessary and the third party will protect the information.
• Respect the confidentiality of information that belongs to other companies, treating it as you would our own
• Never engage in illegal or unethical conduct to collect information about competitors, such as using deceptive techniques or accepting information that was probably shared in violation of a confidentiality agreement

• Maintaining Records

Building on the mission-driven content that is at our core, Discovery is committed to making a positive difference in people's lives by acting as a responsible corporate citizen. We promote, encourage and support a diverse range of corporate social responsibility activities through which we can make an impact, such as:

• Supporting our communities through employee volunteer activities
• Using our networks' air time to showcase public service announcements for important causes
• Partnering our networks with a variety of civic and nonprofit organizations, including Habitat for Humanity, Partnership for a Drug Free America, Energy Star and Sierra Club
• Giving back at the local level in the U.S. and around the globe by supporting community organizations and causes in various areas of need, such as education, hunger relief, animal welfare and environmental protection

For additional information on Discovery's corporate social responsibility activities, please visit the Discovery Impact website, which can be accessed via the One Discovery Portal.

DCGEP is dedicated to using the power of television in under-resourced schools around the world to improve student learning, teacher effectiveness, access to information and community involvement in the schools. For over a decade, DCGEP has delivered educational opportunities to more than 700,000 children. Through partnerships with Chevron and the Coca-Cola Africa Foundation, DCGEP now operates 241 learning centers in 16 countries.

Discover Your Impact Day is Discovery's global day of employee volunteerism taking place each year in June. Impact Day brings the Discovery family into their local communities to give back to organizations that support land, water and people, and underscores our commitment to the people and places of the world that inspire our on-air stories.

• Compliance with Law and Policy

Each of us is expected to comply with applicable law and Discovery's policies. Discovery maintains global policies, designed to provide specific guidance to employees and in some cases keep us in compliance with laws. Many of these policies have been identified in the Code as resources for further guidance.

In addition to our policies, we are all responsible for meeting important legal requirements, including:

• Competing fairly and with integrity: Antitrust and competition laws encourage fair competition in the marketplace. We conduct our business in compliance with both the letter and the spirit of these laws, which are complex and vary from country to country.
• Observing trade compliance laws: Because Discovery does business in many jurisdictions, employees who handle imports, exports or related activities need to be familiar with the various controls that apply to our business.
• Protecting personal data and privacy: We show respect for others by safeguarding their personal information and using it only for appropriate business purposes. If you work with or access personal data, you have a responsibility to use it only as directed, following Discovery's safeguards in place to protect the information and consistent with applicable laws.
• Protecting our safety and environment: The safety of our employees and business partners is always paramount. We comply with laws and regulations on workplace safety and environmental protection.
• Meeting other local legal requirements: Discovery is committed to meeting high ethical standards in any location in which we do business as well as complying with applicable local laws.

You are expected to read, understand and comply with the policies that affect your job and work location. To review our policies, please visit the One Discovery Portal.

We all play a role in creating a working atmosphere where people feel comfortable raising concerns and are not discouraged or treated badly as a result.

Raising concerns can feel uncomfortable. But it is the right thing to do. If you speak up when you suspect an illegal or unethical practice, the Company can review the situation and take steps to address it. If something unethical is occurring, putting a stop to it will benefit all of us.

You might know about behavior that you believe may break the law or fall short of Discovery's standards, or you might just have a question about the best course of action in a complicated situation.

If so, there are a number of resources who can help you, including:

• Your supervisor
• Your Human Resources representative
• The Legal Department
• The Ethics Hotline (see Appendix for phone numbers)

Maintaining our strong ethical culture depends on each us taking responsibility to speak up and voice any questions or concerns. We also expect employees to cooperate in any ongoing investigation and to be forthcoming in providing information. We will not tolerate retaliation against anyone who raises a concern in good faith or participates in an investigation.

Each of us is responsible for making sure the principles and guidelines in the Code are reflected in our culture and in our everyday decisions and actions. Remember, the Code applies to everyone who works at Discovery-no one is exempt. In the same way, no one should ask you to break the Code, and you should report any request to engage in illegal or unethical activities immediately.

Managers set the tone for their teams, so we expect a lot from our supervisors. They should:

• Demonstrate high ethical standards in their own business activities
• Make it clear to employees that they are expected to act legally and ethically and provide them with any required training
• Communicate the Code standards to their teams and watch for signs of unethical or illegal conduct
• Encourage employees to report any instances in which it appears that Code standards might be violated, and report concerns themselves
• Follow the appropriate processes for receiving reports and responding to them

For more information about the Ethics Hotline and Discovery's process for handling allegations of non-compliance, consult the Ethics Hotline and Policy on Handling Allegations of Non-Compliance on the One Discovery Portal.