SECTION 95

A prospectus shall not be required where: 1°) the offer is intended for persons within the framework of their professional activities; 2°) the total amount of the offer is less than fifty million (50,000,000) CFA francs; 3°) the offer concerns shares or stock of collective bodies investing transferable securities other than closed-end ones; 4°) the offer is intended as transferable securities in return for contributions made during a merger or as partial contributions of capital; 5°) the issue concerns capital stock allotted freely during the payment of dividend or capitalization of reserves; 6°) the transferable securities offered come from the exercise of a right over transferable securities whose issue gave rise to the drawing up of a prospectus; 7°) the transferable securities are issued as a substitute for shares in the same company and their issue does not entail an increase of capital by the issuer.