General Decision of the Financial Market Council No. 7 of June 1, 2001 relating to Financial Canvassing

General Decision No. 7 of June 1, 2001 relating to Financial Canvassing 1 GENERAL DECISION OF THE FINANCIAL MARKET COUNCIL NO. 7 OF JUNE 1, 2001 RELATING TO FINANCIAL CANVASSING The college of the Financial Market Council, meeting on June 29, 2000; Having regard to Law No. 94-117 of November 14, 1994 on the reorganization of the financial market; Having regard to Decree No. 99-2478 of November 1, 1999, on the status of stock market intermediaries, and particularly its articles 29 to 36; Decides: Article 1. – The hawking of securities is prohibited. Hawking is carried out by anyone who goes to the domicile or residence of persons or to their workplaces or in public places to sell securities with immediate settlement-delivery in any form whatsoever. However, it is permitted, within the meaning of Article 1 of Law No. 94-117 of November 14, 1994 and Articles 29 to 36 of the aforementioned Decree No. 99-2478 of November 1, 1999, to habitually go to the residence of persons, to their workplaces or in public places and to resort to sending letters, brochures or any other documents with a view to proposing the subscription or acquisition of securities. Article 2. – Opinions, advice, and solicitations for the acquisition of securities, provided at home or by correspondence, by an institution or person authorized to engage in financial canvassing, following the initiative of clients holding securities accounts, do not constitute a financial canvassing operation. These operations are considered as the provision of services habitually rendered to clients holding such accounts. Article 3. – In the event of recourse to financial canvassing, within the meaning of Article 1 of the aforementioned Law No. 94-117 of November 14, 1994, the information note provided for in Article 29 of the aforementioned Decree No. 2478 of November 1, 1999 must include at least the following information: 1 – An indication that it is a concise information note concerning the security in question. 2 – The name and address or the corporate name and registered office of the person resorting to financial canvassing. 3 – If the financial canvassing relates to debt securities, the following must be specified:

• the nature of the issuing company's activity;
• the nominal value of the security;
• interest rates;
• the coupon detachment date;
• the redemption price
• the duration and terms of amortization;
• the last quoted price with indication of its date;
• an indication of the existence or non-existence of a State guarantee;
• an indication of the existence or non-existence of a guarantee other than that from the issuing company. 4 – If the financial canvassing relates to equity securities, the following must be specified:
• the date of stock market listing if the security is quoted;
• the turnover, net profit, and the amount of the total and per-share dividend for the last three financial years;
• the nominal value of the security;
• the total number of securities issued;
• the last quoted price with indication of its date; General Decision No. 7 of June 1, 2001 relating to Financial Canvassing 2
• the extreme prices for each of the last three financial years. Article 4. – The information note must be sent to the Financial Market Council in 4 copies at least three trading days before its first public dissemination. If an information document already exists for the issuing company of the security in question and is less than 6 months old, it may serve as an "information note," provided that the issuing company of the security has not undergone changes since then such that the said document no longer reflects the company's new situation, and that this document is supplemented by an indication of the last quoted price. Article 5. – Any promise to subscribe for or acquire securities resulting from a financial canvassing operation must mention, on the one hand, the place, date, and signature of the solicited person and, on the other hand, recall that the promise is only effective if it is confirmed with the intermediary. A copy of this promise must be given to the solicited person. The absence of these mentions results in the nullity of the promise. Article 6. – This general decision will be published in the Official Bulletin of the Financial Market Council after approval by the Minister of Finance. Tunis, June 1, 2001 Approval of the Minister of Finance For the college of the Financial Market Financial Market Signed: Taoufik Baccar Signed: Béchir El Younsi