SECTION 93

The disclosure document, as approved by competent authorities, shall be effectively circulated on hard copy or electronically in the following forms in the State party of the issuer’s headquarters and, where appropriate, in other States parties whose public is solicited: 1°) publication in newspapers authorized to publish legal notices with national circulation or wider distribution; 2°) a brochure that can be consulted by anyone who makes the request at the issuer’s headquarters and the institutions in charge of providing the financial service of the securities; a copy of the document shall be sent free of charge to any interested party; 3°) postings on the website of the issuer or, where applicable, of those of the financial intermediaries who invest or sell the securities being offered, including those in charge of the financial service; 4°) postings on the website of the stock exchange where the admission to trading is sought; 5°) postings on the website of the competent authority of the State party in which the issuer’s headquarters is located if the latter decided to offer this service. Issuers or offerors that publish their disclosure document in accordance with point 1°) or point 2°) shall also publish it in electronic form in accordance with point 3°). The disclosure document shall be published as early as possible and, in any case, no later than at the beginning of the public offering or the admission to trading of the securities concerned. In the case of an initial public offering of a category of shares not yet admitted to trading on a stock exchange of a State party and which must be admitted for the first time, the disclosure document shall be available at least for six (6) working days prior to the close of the offering. Furthermore, a State party of the issuer’s headquarters may require the publication of a notice stating the manner in which the disclosure document has been made available to the public and where it can be obtained.