SECTION 95

The obligation to publish a disclosure document shall not apply to the admission to trading on a stock exchangeofa State party of thefollowing categories of securities: 1°) shares issued in substitution for shares of the same category already issued, where the issuance of such new shares does not entail an increase of the subscribed capital; 2°) securities offered as part of a public takeover bid througha public offering of exchange, where the issuer has madea document available, submitted forverification by the competent authority referred to in article 90 above, including information equivalent to the information to be included in the disclosure document; 3°) securities offered, allotted or to be allotted in connection with a merger, demerger or assets contribution operation when the issuer has made a document available, submitted for verification to the competent authority, referred to in article 90 above, including information equivalent to the information to be included in the disclosure document; 4°) shares offered, allotted or to be allotted free of charge to shareholders as well as shares grantedin payment of dividends of the same category as dividend-bearing shares, when the issuer puts at the disposal of the parties concerned a document that provides information on the number and nature of shares as well as the reasons and terms of the offering; 5°) securities offered, allotted or to be allotted to directors, company officersor former or current employees by their employer or by a company belonging to the same group as the issuer when the issuer’s central administration or headquarters is located in the States parties and it puts at the disposal of the parties concerned a document that provides information on the number and nature of securities as well as the reasons and details of the offer.