Newsletter-21

235 CAPITAL MARKETS LAW 3. No exceptions have been made for buy-backs made by part- ners, managers, and other persons with internal / pertinent knowledge. 4. Before the buy-back, it is necessary to disclose a board of directors’ decision that includes the purpose of the buy-back, the maximum number of buy-back shares, and the maximum amount of funds that may be reserved for this transaction. 5. If publicly held corporations that currently have a share buy-back program are willing to take advantage of the op- portunities available within the announcement, they may buy shares back with a board of directors’ decision regarding the subject. 6. (a), (b), (c) and (d) clauses explained under the subhead- ing of Public Disclosure Obligation shall not be applicable on the buy-back shares made within the framework of the announcement. Two business days of waiting prior to the public disclosure of buy-back shares that were made in order to prevent an imminent and serious loss explained under (h) shall not be applicable. 7. Buy-back shares shall not be sold for a period of 30 days from the date of purchase. The “first-in first-out method” shall be applicable in the calculation of 30 days. At the end of the said period, the buy-back shares shall be disposed of within a maximum of three years within the framework of the provisions of Art. 19 of the Communiqué, or related shares may be held for an indefinite period of time if the buy-back complies with the restrictions in the Communiqué 4 . 8. If disposal of the buy-back shares is willed, the corporation shall make a public disclosure containing such information as the 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 4 The nominal value of buy-back shares cannot exceed ten percent of paid or issued capital of corporations, also including the previous acquisitions and total amount of sources that may be subject to profit distribution.