Newsletter-21

231 CAPITAL MARKETS LAW f. In the case of disposal of the buy-back shares before the start of the session in the first business day following the date of transaction, a public disclosure, containing information, such as nominal value of disposed shares, transaction price, its ratio to capital, ratio of remaining shares to capital, amount of actual earnings/losses, and privileges, if any, associated with these shares, and transaction date is needed. g. Within three business days following the end of the term declared pursuant to (d) subheading, and termination of the program, and completion of acquisitions scheduled under the program or buy-back shares made to prevent an imminent and serious loss, a public disclosure containing the maxi- mum and average prices paid for the buy-backed shares, and cost of acquisition and sources used therein for, and the to- tal number of buy-back shares, and ratio of these shares to capital is needed. If and when the buy-back shares by the corporation and/or its subsidiary are disposed of during the program, then and in this case, in addition, likewise, infor- mation such as the total nominal value of disposed shares, and the total amount of earnings/losses and average sale price, and privileges, if any, associated with traded shares, and transaction dates are disclosed. Such information as a summary of transactions executed within the frame of the buy-back program is also presented to the shareholders in the next meeting of the general assembly. h. With respect to buy-back transactions to be executed in order to prevent an imminent and serious loss: - At least two business days prior to the starting date of acquisition transactions, the corporation makes a public disclosure stating that shares will be acquired, and show- ing the purpose of such acquisition, the number of shares to be acquired, and the maximum amount to be paid, - Public disclosures are made as required during acquisi- tions and upon completion of the acquisitions,