Article 19 Market Abuse Regulation – Publication of directors' dealings

Regulation (EU) No. 596/2014 of the European Parliament and of the Council on market abuse (Market Abuse Regulation (MAR)) requires persons exercising managerial responsibilities and persons closely related to them to report their own transactions in shares or debt instruments of the issuer or related derivatives or other related financial instruments without undue delay, at the latest three business days after the date of the transaction - both to the issuer and to the competent authority (BaFin). Within the same period, the issuer must ensure that the necessary information relating to the own-account transaction is published in such a way that this information is accessible quickly and in a non-discriminatory manner.

The reporting obligation also applies to the spouse or a partner of such a person who is treated under national law as a spouse, a dependent child in accordance with national law, a relative who has belonged to the same household for at least one year at the time of the transaction in question, or a legal person, trust or partnership whose managerial functions are performed by a person who performs managerial functions, or one of the aforementioned persons who is directly or indirectly controlled by such a person, who was founded for the benefit of such a person, or whose economic interests largely correspond to those of such a person.

There is no reporting requirement if the total volume of transactions remains below the threshold of EUR 20,000 until the end of the calendar year. The threshold value is calculated by adding all transactions without netting.

At present, the following notifications are subject to publication (before 3 July 2016 pursuant to Section 15a of the German Securities Trading Act, from 3 July 2016 pursuant to Art. 19 of the German Market Abuse Regulation):