Fixed Blackout Periods are the time frame starting on the first day after the end of the reporting period of annual results (1 January) and half-yearly results (1 July), and in either case ending on the close of the first trading day after the public release.

Notices of Fixed Blackout Periods are sent to all members of the Board of Directors and of the Executive Board and employees that are likely subject to the Fixed Blackout Periods by e-mail. 

An insider is a person who, at any time, in connection with his or her employment or other engagement participation by or with regard to the Group has access to material inside information. These persons include:

• –Members of the Board of Directors; 
• –Members of the Executive Board and senior managers;
• –Heads of Investor Relations and Corporate Communication; and
• –Support personnel, in particular assistants to the above mentioned insiders, unless the CFO determines that support personnel is sufficiently prevented from obtaining material inside information from their superior.

There were no exceptions to the rule in the year under review.