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Business Code of Conduct
Share Dealing Code and Market Abuse
Business Dealing Policy

Share Dealing and Market Abuse

This section summarises key points relating to the criminal offences of insider dealing and knowingly or recklessly making a misleading statement or forecast or creating a false market and the civil offence of market abuse.

There are three sets of rules with which De La Rue plc ("De La Rue"), its directors and relevant employees must comply before they can deal in De La Rue’s shares. These principles are covered by De La Rue’s own Share Dealing Code.

1. Part V of the Criminal Justice Act 1993
   
   Note that these rules also apply to Inside Information about companies (eg supplier or customer) other than De La Rue which might either affect the securities of De La Rue or those other companies.
   
   The Act makes it a criminal offence for any person to use Inside Information for the purpose of personal gain in share transactions. It is also an offence to encourage insider dealing and to disclose inside information to third parties with a view to others profiting from it.



2. The United Kingdom Listing Authority (UKLA) Model Code
   
   This requirement imposes restrictions on dealing in the securities of a listed company beyond those imposed by law. Its purpose is to ensure that persons discharging managerial responsibilities (“PDMRs”), and persons connected with them do not abuse, and do not place themselves under suspicion of abusing, Inside Information that they may have or be thought to have, especially in periods leading up to an announcement of financial results. Directors who fail to comply with the requirements of the Listing Rules and the Disclosure Rules and Transparency Rules (“DTR”) of the UKLA may be publicly censured or fined by the UKLA.



3. The City Code on Take Overs and Mergers
   
   This provides certain rules relating to dealings during a take over bid and will apply whether a director or employee is of the acquiring company or the target company.