"…Upon the entry into force on 1 July 2002 of Section 15a of the German Securities Trading Act (WpHG) as amended by the Fourth Financial Markets Promotion Act, transactions in securities of their own company carried out by members of the Management or Supervisory Boards of exchange-listed enterprises, and of their spouses, registered partners and relations in the first degree, shall be published without delay.

Publication of such transactions plays an important role in the prevention of insider dealing. It is of high importance to the market to be informed about such transactions as they provide an indication as to the management's assessment of the future business performance. Furthermore, the disclosure and publication requirements are intended to improve directors' identification with the company…"