SECTION 95-1

The obligation to publish a disclosure document shall not apply to admission to trading on a stock exchange of a State party for the following categories of securities: 1°) shares representing, over a period of twelve (12) months, less ten percent (10%) of the number of shares of the same category already admitted to trading on the same stock exchange; 2°) shares issued in substitution for shares of the same category already admitted to trading on the same stock exchange, where the issuance of such new shares does not result in an increase of subscribed capital; 3°) securities offered as part of a public offering for acquisition through a public exchange when the issuer has released a document, subject to the control of the competent authority referred to in article 90 above, including information equivalent to those that must be included in the disclosure document; 4°) securities offered, allotted or to be allotted in connection with a merger, demerger or contribution of assets operation where the issuer has released a document, subject to the control of the competent authority referred to in article 90 above, including information equivalent to those that must be included in the disclosure document; 5°) shares offered, allotted or to be allotted free of charge to existing shareholders, as well as shares offered in payment of dividends, when such shares are of the same category as those already listed on the same stock exchange, and the issuer has released a document containing information on the number and nature of shares as well as the reasons and terms of the offering; 6°) securities offered, allotted or to be allotted to directors, company officers or former or current employees by their employer or by a company belonging to the same group as the issuer, when such securities are of the same category as those already listed on a same stock exchange, and the issuer has released a document containing information on the number and nature of securities as well as the reasons and terms and conditions of admission; 7°) shares resulting from the conversion or exchange of other securities or from the exercise of the rights conferred by other securities when such shares are of the same category as those already listed on the same stock exchange.