Fixed blackout periods are the period starting on the first day after the end of the reporting period for annual results (1 January) and half-yearly results (1 July) and in both cases ending at the close of the first trading day after the public release.

Notices of fixed blackout periods are sent by e-mail to all members of the Board of Directors and of the Executive Board and employees likely to be 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 or 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 are sufficiently prevented by their line managers from obtaining material inside information.

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