Closed periods

Closed periods at CD PROJEKT S.A.

Closed periods related to publication of periodic reports at CD PROJEKT S.A. – applicable to persons who discharge managerial responsibilities within the Issuer.

According to Art. 19 section. 11 of the Market Abuse Regulation of 3 July 2016, “(…) a person discharging managerial responsibilities within an issuer shall not conduct any transactions on its own account or for the account of a third party, directly or indirectly, relating to the shares or debt instruments of the issuer or to derivatives or other financial instruments linked to them during a closed period of 30 calendar days before the announcement of an interim financial report or a year-end report.(…)”

Mindful of the above, the following closed periods apply to persons who discharge managerial responsibilities at CD PROJEKT S.A. in 2021 in conjunction with publication of the Company’s periodic reports:

  • 20 March 2021 – 19 April 2021 – closed period related to publication of the Company’s annual report for 2020,
  • 31 April 2021 – 31 May 2021 – closed period related to publication of the Company’s quarterly report for Q1 2021,
  • 27 July 2021 – 26 August 2021 –closed period related to publication of the Company’s semiannual report H1 2021,
  • 26 October 2021 – 25 November 2021– closed period related to publication of the Company’s quarterly report for Q3 2021.

Closed periods which apply irrespective of the publication of periodic reports by CD PROJEKT S.A.

Inside information is defined as any information pertaining directly or indirectly to one or more Issuers or one or more financial instruments, which has not been publicly released and which, if publicly released, would significantly affect the price of the Issuer’s shares, derivative rights attached thereto or other financial instruments related to such shares;

In line with MAR, persons who have access to inside information prior to its publication are expressly forbidden to:

  • use the confidential information,
  • recommend, on the basis of that information, that another person acquire or dispose of financial instruments,
  • disclose confidential information to unauthorized persons and entities,
  • engage in trading in financial instruments issued by the Company and derivative instruments attached thereto, attempt to engage in such trading, or modify or cancel acquisition or disposal orders following receipt of confidential information.


1 REGULATION (EU) No 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC