The Capital Market Law

With due consideration to the provisions of Article three of this Law, for the purposes of this Law the term “Securities” shall mean: a) Convertible and tradeable shares of companies; Page 5 of 60 b) Tradeable debt instruments issued by companies, the government, public institutions or public organisations; c) Investment units issued by investment funds; d) Any instruments representing profit participation rights and any rights in the distribution of assets, or either of the foregoing; e) Any other rights or instruments which the Board determines should be included or treated as Securities if the Board believes that this would further the safety of the market or the protection of investors. The Board can exercise its power to exempt from the definition of Securities rights or instruments that otherwise would be treated as Securities under paragraphs (a, b, c, d) of this Article if it believes that it is not necessary to treat them as Securities, based on the requirements of the safety of the market and the protection of investors.