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5. Prohibition Against Abuse of Inside Information and Confidentiality

The prohibition against abuse of inside information and confidentiality shall apply to all persons who possess inside information in spite of where from or how the information has been received. Thus, the prohibition against the abuse of inside information shall apply to all persons, not just to statutory insiders of the company. Inside information shall refer to facts relating to a listed company which have not been published, or which have not otherwise been available in the market and which are likely or most likely to have a material effect on the value of the listed company's securities, (reference should be made to the definitions of inside information and material information).

Information having an effect on the value of a listed company's securities shall be deemed published when a company information bulletin relating to the issue has been submitted to the Exchange, and has been made available to the market through the press.

The specific provisions prohibiting insider trading are contained in Articles 40 and 41 of the Disclosure Standards, and which have been reproduced in Appendix (1).

Inside information may include but is not limited to information on:

1. All information that requires prompt announcement, as per Article 42.5 of the Disclosure Standards;
2. A merger or demerger of the company or other significant corporate actions;
3. Issuance of a security, a purchase or redemption offer or another change relating to the paid-up share capital of the listed company;
4. The contents of quarterly, semi-annual and annual financial statements (reference should be made to Article 5 in general and sub-Article 5.1.2 of the Disclosure Standards in particular).

The prohibition against abuse of inside information applies also to all personnel or management of the listed companies' group and their subsidiaries, who shall observe absolute confidentiality of all information obtained in connection with their duties, or in any other manner.

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