9Blackout Periods for Trading

No member of Cicor’s Board of Directors, Group Management or leadership team, nor any Cicor Management AG employee, may engage in any transaction involving Cicor securities during the following periods, regardless of whether they possess insider information. The blackout periods are defined as follows:

• Annual results and semiannual results: The blackout period starts 15 days prior to year-end or half-year (i.e., 16 June inclusive and 17 December inclusive) and ends on the evening of the day of public announcement of the annual or semiannual financial results.
• Quarterly business updates: The blackout period starts 5 days prior to the quarter-end (i.e., 27 March inclusive and 26 September inclusive) and ends on the evening of the day of public announcement of the quarterly business update.

The dates of public announcements of the annual and semiannual financial results and quarterly business updates are announced in the financial calendar on Cicor’s website. Financial results are usually published at 7:00 am CET.