Scope of disclosures of management transactions

斗牛棋牌在线 reports all transactions in 斗牛棋牌在线 shares made by the Board of Directors and the Group Executive Board. Reported transactions also include all types of financial instruments whose price is primarily influenced by 斗牛棋牌在线 shares.

斗牛棋牌在线 executives receive a part of their compensation in 斗牛棋牌在线 shares or options. For this reason, management transactions may see sales outweighing purchases. Blackout periods and synchronized dates for unblocking or vesting of shares or options granted as compensation may lead to transactions being concentrated in short periods.

All senior managers, including the independent members of the Board of Directors, are subject to a policy that specifically requires pre-approval of all transactions in 斗牛棋牌在线 shares and related instruments by the firm's compliance organization.

础听list of 斗牛棋牌在线 management transactions from May 4, 2009聽can be found on the website of SIX Swiss Exchange (there have been no management transactions between January 1, 2009 and May 3, 2009):

Archive

Prior to the repatriation of SWX Europe London to SIX Swiss Exchange Zurich on May 4, 2009, 斗牛棋牌在线 management transactions have been disclosed, as a regulatory requirement, to the German regulator BaFin.