SECTION 88

The competent authority of the State party of the headquarters of the issuer may exempt the issuer to include in the disclosure document certain information provided for in this uniform Actwhere it believesthat: 1) such information is of lesser importance and is unlikely to influence the appraisal of the assets, the assessment of the financial situation, the performance or prospects of the issuer; 2) disclosure of such information is contrary to public interest; 3) disclosure of such information may cause serious harm to the issuer provided that suchomission is not likely to mislead the public on facts and circumstances which are essential to an informed appraisalof the potential issuer, offeror or guarantor, if any, as well as rights attached to securities on which the disclosure information is about; 4) the bidder is not the issuer and is unable tohave access to such information; P. 31 of 267 5) such information is of lesser importance solely for a specific offer or for admission to trading on a specific stock exchange of a State party and is unlikely to influence the assessmentof the financial situation and prospects of theissuer, offeror or guarantor, if any. P. 32 of 267