9Blackout Periods for Trading

No members of Cicor’s Board of Directors, Group Management, leadership team and employees of Cicor Management AG may make any purchase, sale or other transaction of Cicor securities during the following periods, irrespective of whether or not such relevant person is in possession of insider information: 

• during the period beginning 15 days prior to half-year or year-end (i.e., 16 June inclusive and 17 December inclusive) and ending on the evening of the day of public announcement of the related semiannual or annual financial results (i.e., trading is authorized as from the morning of the day following the day of the public announcement). The day of public announcement of the semiannual or the annual financial results is published on Cicor’s website under “investors”. Financial results are usually published at 7:00 am CET.

The only exception to this rule is the exercise of corporate share actions for shares which are already owned.