The Capital Market Law

a) The contents of the prospectus set forth under Article 42 of this Law, or portions thereof, shall be published in such a manner and for such duration as required by the regulations and rules of the Authority. b) An Issuer or an Affiliate of an Issuer or an Underwriter may not Offer Securities of the Issuer or the Issuer’s Affiliate unless he has submitted a prospectus to the Authority, published the prospectus in the manner set forth in paragraph (a) of this Article, and has paid the requisite fees. The Authority may exempt the Issuer from some requirements based on the manner of the Offering, the amount of the Offering, the number of investors and their characteristics, or the characteristic of the Issuer of the Security or the Security itself. c) Upon satisfying the requirements of paragraphs (a) and (b) of this Article, Offers may be made in any of the forms listed below: 1) Verbally; 2) Through a prospectus satisfying the conditions of Article 42 of this Law; 3) Through an announcement containing a summary of the prospectus and any other information required by the Authority or authorized by it in accordance with the rules specified by the Authority; 4) Through other means, including electronic media, provided that such mean has been approved by the Authority.