An Open Approach to Corporate Governance and Risk

Fundamentally, our conduct is guided by our values, our code of ethics and a commitment to openness and transparency. Corporate governance is ultimately overseen by our board of directors, which is composed largely of directors who are independent of management. Detailed information about our approach to corporate governance and changes made over the past two years are available in our 2012 Proxy Statement.

Managing Risk

As a leader in financial services, we serve people, companies and institutional investors worldwide. We help them achieve their goals by bringing them value, convenience, expertise and innovation, while adhering to our key operating principles. One of those principles is “Manage Risk Well.” Risk is inherent in all of our material business activities. Our strong risk management practices allow us to help our customers and clients achieve their goals and strengthen our institution. We manage risk with a focus on our company as a whole and by businesses, products, services and transactions. This holistic approach gives us the insight into risk types needed to make informed strategic and business decisions