Fixed blackout periods

Members of the Board of Directors and the Executive Committee and all members of senior management and middle management and employees involved in preparing the financial statements are required to observe the prohibition on trading during the fixed blackout periods.

The fixed blackout periods in connection with the preparation of the regular financial reports generally last:

• for the annual results: from 1 January to the first trading day following publication;
• for the half-year results: from 1 July to the first trading day following publication.