As a main rule, Pierce Group applies a silent period of around 30 days prior to the disclosure of financial reports. During a silent period, Pierce Group’s representatives will not comment on the company’s financial status, the markets or future prospects nor communicate with financial media, analysts, investors and others. A silent period ends when the respective report is disclosed.

Exceptions to the main rule are the annual general meeting of shareholders (if held during a silent period) and regulatory disclosures of  specific events and thereto related communication; however, such communication will be limited to the relevant event only. Any other exceptions to the silent period main rule are to be decided by Pierce Group’s Insider Committee.