In accordance with Article 19(11) of the MAR Regulation in force since 3 July 2016 (Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse), the closed periods have been standardised and last for 30 calendar days prior to the publication date of each periodic report. Persons discharging managerial responsibilities and persons closely associated with them may not, during this period, carry out any transactions for their account or for the account of a third party, directly or indirectly, in the Company's shares or debt instruments, derivatives or other related financial instruments.