Circular No. 38/2007/TT-BTC dated April 18, 2007 of the Ministry of Finance guiding the disclosure of information on the securities market

CIRCULAR

ON DISCLOSURE OF INFORMATION ON THE SECURITIES MARKET

THE MINISTER OF FINANCE

In implementationoftheLawonSecuritiesdated29June2006,theMinistryofFinanceprovidesthe following guidelines on disclosure of information on thesecuritiesmarket:

I. GENERALPROVISIONS

1. Applicableentities

Entitieswhichmustdiscloseinformationcomprisepubliccompanies,issuingorganizationsmakingapublic offer ofbonds, listing organizations, securitiescompanies, fundmanagementcompanies, securities investment companies, the StockExchange (SE), Securities Trading Centres (STCs), and affiliated persons.

2. Requirementswhen disclosing information:

2.1 A disclosureof informationmust be complete, accurate and promptin accordance with law.

2.2 A disclosure of information mustbe made by the directoror general directoror by the person authorizedbythedirectororgeneraldirector. Thedirectororgeneraldirectorshallberesponsible for the contents of information disclosed bythe authorized person. If anyperson at all makes a disclosureofinformationwhichaffectsthepriceofsecurities,thenthepersonauthorizedtodisclose informationmustcertifyorcorrectsuchinformationwithinatime-limitof24hoursfromwhenitwas disclosed.

2.3 Adisclosure of information mustbe made at the same time as a reportto the State Securities Commission (SSC), the SE or a STC specifically as follows:

(a) Whenapubliccompany,anissuingorganizationmakingapublicofferofbonds,asecurities company, a securitiesinvestment company, the SE or a STC makes a disclosure of information, theremust bea simultaneous report made to the SSC.

When a listing organization, a member securities company, a public securities investment company, a fund management company managing a public fund or apublic securities investmentcompanymakesadisclosureofinformation,theremustbeasimultaneousreport made to theSSC, and to the SE or STC.

2.4. A disclosureof informationmust besimultaneouslymade on themass media.

2.5. The SE and STCs shall provideinformation to their member securities companiesabout listing organizations, aboutany fundmanagement company managing a public fund or public securities investment company,and about public fundsandpublic securitiesinvestment companies. Such member securities companies shallbe responsible to immediately supply the above-mentioned information ina completemanner to investors.

3. People authorized to disclose information:

Publiccompanies, issuing organizations making a public offer of bonds,listing organizations, securities companies, fund management companiesand securities investment companiesmust register the person authorized to disclose informationon standard form CBTT-01 issued with this Circular. Iftheauthorizedpersonischanged,thenanannouncementmustbemadefiveworking days in advance to the SSC and to theSE or STC.

4. Methods and forms fordisclosing information:

4.1 A disclosureof informationshall be made in and on the following information disclosure media:

(a) Annualreport, electronicinformationsiteandother publication ofthe entitymakingthe disclosure;

(b) InformationdisclosuremediaoftheSSCcomprisingannualreport,electronicinformationsite and other publication of the SSC;

(c) Informationdisclosure media of theSE and STCs comprising securities market newsletter, electronicinformationsiteoftheSEandSTCs,electronicdisplayboardattheSEandSTCs, and terminalstations at the SE and STCs;

(d) Mass media.

4.2 Publiccompanies,issuingorganizationsmakingapublicofferofbonds,securitiescompaniesand fundmanagementcompaniesshalldiscloseinformationonthemediastipulatedinsub-clauses(a), (b)and (d) of clause 4.1above.

4.3 Listingorganizations, member securities companies, public securities investment companies, and fundmanagementcompaniesmanagingapublicfundorpublicsecuritiesinvestmentcompanyshall disclose information on themedia stipulated in sub-clauses (a), (b), (c) and (d)ofclause 4.1above.

4.4 TheSEandSTCsshalldiscloseinformationonthemediastipulatedinsub-clauses(b),(c)and(d)of clause 4.1above.

4.5 Dataand reports sent to the SSC, the SE andSTCs must be in the form of written reportsor electronic data in accordance with theRules of theSSC, of the SE or of the STC.

4.6 Entitiesdisclosinginformationmustsetuptheirownelectronicinformationsitesandregularlyupdate informationontothosesitesinaccordancewiththeguidelinesinthisCircular;andtheymustnotify theSSC,theSEorSTCandalsomakeapublicannouncementoftheaddressoftheirinformation site andany changes relating to suchaddress.

5. Preservation and archiving of information:

Entitiesdisclosinginformationshallberesponsibletopreserveandarchivedisclosedinformationin accordancewith law.

6. Dealingwithoffences regarding disclosure of information:

Anyorganizationorindividualbreachingtheprovisionsofthelawondisclosureofinformationshall, dependingon the nature and seriousness of the breach, be subject to adisciplinary penalty,an administrativepenalty,or shall be criminallyprosecuted;andifthe offendercauseslossanddamage, the offendermust pay compensationin accordancewith law.

II. DISCLOSUREOF INFORMATION BYPUBLIC COMPANIES

1. Periodical disclosures of information:

Apubliccompanymustmakeaperiodicaldisclosureofinformationaboutitsannualfinancialstatementsin accordancewithclauses1and2ofarticle16oftheLawonSecuritieswithinten(10) daysfromthedateit has itsaudited annual financialstatements, and specifically as follows:

1.1 Thedateofcompletionofannualfinancialstatementsshallbethedateonwhichtheauditorsigns approvalontheauditreport. Thetime-limitforcompletionofannualfinancialstatementsshallbeno later than ninety (90) days after the lastday of the financial year.

1.2 The contents of information to be disclosed about annual financial statements comprise the accountingbalance sheet, a report on results ofbusiness operation, a cash flow report and an explanationofthefinancialstatementsinaccordancewiththelawonaccounting.Apubliccompany in a specialized industry must disclose its annual financial statements onthe stipulated formfor financial statementsissuedor approvedby the Ministry of Finance.

1.3 In the case where apublic company is the parent company of anotherinstitution, disclosureof annual financial statements shall include the statements of the parent companyas well as consolidatedfinancial statements inaccordance withthe law onaccounting.

1.4 Whenapubliccompanydisclosesitsannualfinancialstatementsitmustalsoprepareanddisclose its annual report on standard form CBTT-02 issued with this Circular.

1.5 ApubliccompanyshalldiscloseitssummarizedannualfinancialstatementsonstandardformCBTT-03issuedwiththisCircularinthreeconsecutiveeditionsofonecentralnewspaperandofonelocal newspaperintheareawherethecompanyhasitsheadofficeorontheinformationdisclosuremedia of the SSC.

1.6 Theannualfinancialstatementsandannualreportofapubliccompanymustalsobedisclosedinthe publicationandontheelectronicinformationsiteofsuchcompanyandmustbearchivedforatleast ten (10) years at the headoffice of the company inorder to enableinvestors to refer to such items.

2. Extraordinarydisclosures of information:

2.1 Apubliccompanymustmake anextraordinarydisclosureofinformationinaccordance withclauses 2 and 3 of article 101 of theLaw on Securities, andspecifically as follows:

2.1.1 Apubliccompanymustmakeanextraordinarydisclosureofinformationwithintwentyfour(24)hours of the occurrence of one of the following events:

(a) Anaccountofthecompanyatabankisfrozen,orsuchaccountispermittedtobereleased after havingbeen frozen;

(b) Temporary suspension ofbusiness;

(c) Revocationofitsbusinessregistrationcertificate,orlicenceforestablishmentandoperation, or operating licence;

(d) Aresolutionispassedbythegeneralmeetingofshareholdersinaccordancewitharticle104 of theLaw onEnterprises;

(dd) Thereisadecisionbytheboardofmanagementtoredeemsharesofthecompanyortoresell redeemed shares; or adecision about the date for implementing share purchase rightsby ownersofbondswhichcarrywiththemsharepurchaserights,oraboutthedateforconversion ofconvertiblebondsintoshares,oradecisionrelatingtooffersstipulatedinclause2ofarticle 108 of theLawonEnterprises, or there are results of a separateissuingtranche by the company;

(e) Thereisadecisiontobringlegalproceedingsagainstamemberoftheboardofmanagement, the director orgeneral director, thedeputy directorordeputy general director, or the chief accountantofthecompany;thereisaverdictordecisionofacourtrelatingtotheoperationof thecompany;orthereisaconclusionbythetaxofficeaboutabreachofthelawontaxbythe company.

2.1.2 A public company mustmake an extraordinary disclosure of information within seventy two (72) hours of theoccurrence ofone of the following events:

(a) Thereisadecisiontoborrowortoissuebondswithavalueofthirty(30)percentormoreof the company s equity;

(b) Thereisadecisionbytheboardofmanagementonmediumtermdevelopmentalstrategies and plans,oron the annualbusiness plan of the company;or a decision to change the applicableaccounting method;

(c) Thecompanyreceivesanoticefromacourtacceptingjurisdictionofapetitiontocommence enterprise bankruptcyproceedings.

2.2 Apubliccompanymustdiscloseinformationabouttheeventsstipulatedinclause2.1.1and2.1.2 aboveinthepublicationandontheelectronicinformationsiteofthecompanyandontheinformation disclosuremedia of the SSC.

2.3 Whenapubliccompanymakesanextraordinarydisclosureofinformationitmustspecifytheevent whichoccurred and itscauses, and aplan andsolutions forremedying the problem (if applicable).

3. Extraordinarydisclosures of information:

3.1 Apubliccompanymustdiscloseinformationwithintwentyfour(24)hoursfromreceiptofarequest fromtheSSCinaccordancewithclause4ofarticle101oftheLawonSecurities,andincludingon the occurrence of the following events:

(a) Thereisinformationrelatingtothepubliccompanywhichseriouslyaffectsthelawfulinterests of investors;

(b) There isinformation relatingto thepublic company whichseriouslyaffects thepriceof securities and such information requires confirmation.

3.2 A public company must disclose informationpursuant to a request in thepublication and on the electronicinformationsiteofthecompanyandonthemassmediaorinformationdisclosuremediaof theSSC.TheitemsdisclosedmustincludetheeventwhichtheSSCrequestedbeannouncedand the causes ofthe event, and the level at which suchevent has been authenticated.

III. DISCLOSURE OF INFORMATION BY ISSUING ORGANIZATIONS MAKINGA PUBLICOFFER OFBONDS

1. Time-limit for disclosureof information:

Issuingorganizationsmakingapublicofferofbonds(hereinafterreferredtoasbondissuers)shallmakedisclosuresofinformationinaccordancewiththisCircularforthewholeperiodfromthedateof issuing thebonds up untilthe date of completion ofpayment for bonds.

2. Contents of information to be disclosedby issuing organizations making a public offerof bonds:

2.1 Periodical disclosures of information:

Abondissuermustmakeaperiodicaldisclosureofinformationaboutitsannualfinancialstatements in accordance with clause 1 of section II of this Circular.

2.2 Extraordinarydisclosuresofinformation:

2.2.1 Abondissuermustdiscloseinformationaboutanyoftheeventsstipulatedinsub-clauses(a),(b) and(c)ofclauses2.1.1and2.1.2ofsectionIIofthisCircularinthepublicationandontheelectronic information site of the bondissuer andonthe information disclosuremedia of the SSC.

2.2.2 Whenabondissuermakesanextraordinarydisclosureofinformationitmustspecifytheeventwhich occurred andits causes, and a plan and solutions forremedying theproblem (if applicable).

IV. DISCLOSURE OF INFORMATION BYLISTING ORGANIZATIONS

1. Periodical disclosures of information:

1.1 A listing organizationmustmakeaperiodicaldisclosure ofinformationabout itsannualfinancial statements inaccordancewith clause 1 of section II of this Circular.

1.2 Alistingorganizationmustmakeaperiodicaldisclosureofinformationaboutitsquarterlyfinancial statementswithinfive(5)daysofcompletionofthequarterlyfinancialstatements,andspecificallyas follows:

1.2.1The time-limit for completingquarterly financial statements shall be the twentieth day ofthe first month of the following quarter. Quarterly financialstatementsneednot be audited.

1.2.2 The contents of information to be disclosed by a listingorganization about its quarterlyfinancial statementscomprisetheaccountingbalancesheet,areportonresultsofbusinessoperation,acash flow reportand an explanation of the financial statements. A listing organization in a specialized industry must disclose its quarterly financial statements on the stipulated form for financial statements issued or approved by the Ministry of Finance.

Ifthebusinessoperationresultsasbetweentworeportingperiodsfluctuatefrom5%ormore,then thelistingorganizationmustexplainthereasonsleadingtosuchunusualfluctuationinitsquarterly financial statements.

1.2.3Alistingorganizationshalldiscloseitssummarizedquarterlyfinancialstatementsonstandardform CBTT-03 issued with thisCircularon the information disclosuremedia of the SSC, the SE or STC.

1.2.4 Thequarterlyfinancialstatementsofalistingorganizationmustbepublishedinthepublicationand ontheelectronicinformationsiteofsuchlistingorganizationandtheymustbearchivedforatleast thenexttwelve(12)monthsattheheadofficeoftheorganizationinorderforinvestorstohavethe opportunity to refer to suchstatements.

2. Extraordinarydisclosures of information:

2.1 Alistingorganizationmustdiscloseinformationwithintwentyfour(24)hoursfromthetimeitloses assetswithavalueoften(10)percentormoreofitsequityorfromtheoccurrenceofoneofthe eventsstipulatedinclause2.1.1ofsectionIIofthisCircular,andwithinseventytwo(72)hoursofthe occurrenceof one of the events stipulated in clause 2.1.2 of section II of this Circular, in the publicationandontheelectronicinformationsiteofthelistingorganizationandontheinformation disclosuremedia of the SE and STC.

2.2 When a listing organization makes an extraordinary disclosureof information it must specify the event which occurred and its causes, and a plan and solutions for remedying the problem (if applicable).

3. Disclosuresof information on request:

3.1 Alistingorganizationmustdiscloseinformationwithintwentyfour(24)hoursfromthetimeofreceipt of a request from the SSC,SE or a STC in accordancewith clause 3 of section II of this Circular.

3.2 Alistingorganizationmustdiscloseinformationpursuanttoarequest fromtheSSC,SEoraSTCin thepublicationandontheelectronicinformationsiteofsuchlistingorganizationandonthemass mediaorinformationdisclosuremediaoftheSSC,SEorSTC.Theitemsdisclosedmustincludethe eventwhich theSSC,SE orSTC requested be announced andthecausesoftheevent,and thelevel at which suchevent has been authenticated.

4. Disclosuresof information about tradingbyinternal shareholders:

4.1 Whenamemberoftheboardofmanagementorboardofcontrollers,thedirectororgeneraldirector,thedeputydirectorordeputygeneraldirector,orthechiefaccountantofalistingorganizationoran affiliatedpersonintendstotradesharesinthelistingorganization(includingbyanassignmentsuch asagiftorbequestoutsidethetradingsystemoftheSEorSTC),suchpersonmustprovideatleast onebusinessday sadvancenoticetotheSSCandtheSEorSTC; andwithinthreebusinessdaysof completionofthetransactionmustprovideafurthernoticetothelistingorganization,theSSCand the SE or STC about the result of the transaction including percentageshareholdingafterthe transactionandthechangeinpercentageshareholdingonstandardformCBTT-04issuedwiththis Circular.

4.2 Ifsuchmemberoftheboards,directororgeneraldirector,deputydirectorordeputygeneraldirector, chief accountant of the listing organization or affiliated person in fact does not implement the proposedtransaction,suchpersonmustreportthereasontherefortotheSSCandtheSEorSTC within threebusiness days of expiry of the period in which it was proposed to trade the shares.

V. DISCLOSUREOF INFORMATION BY SECURITIES COMPANIES ANDFUND MANAGEMENTCOMPANIES

1. Periodical disclosures of information:

1.1 A securitiescompanyor fundmanagementcompanymustmake aperiodicaldisclosure of informationaboutits annualfinancial statementsinaccordance withclauses1.1, 1.2,1.3,1.4 and1.6 ofsection II of this Circular.

1.2 A securities company shall disclose its summarized annual financial statements on standard form CBTT-05issuedwiththisCircular,andafundmanagementcompanyshalldiscloseitssummarized annualfinancialstatementsonstandardformCBTT-06issuedwiththisCircular,inthreeconsecutive editions ofacentralnewspaperandof a localnewspaper in theareawherethe company has its head office or on the information disclosure media of the SSC and SE or STC.

2. Extraordinarydisclosures of information:

2.1 A securities company or fund management company must disclose information within twenty four (24) hours ofthe occurrenceof one of the following events:

(a) A decision to bring legal proceedings against a member ofthe board of management or members council, the directororgeneral director, thedeputy director ordeputy general director, or the chiefaccountant of the company;

(b) Thegeneralmeetingofshareholders,thememberscouncilorthecompanyownerapprovesa contract tomergewith another company;

(c) Ten (10) percent ormoreof the value of the assetsofthe company is lost;

(d) The company changesmembership of the boardof management ormembers council, or changes the chairman,directoror general director, or deputy director ordeputy general director; the company appoints or dismisses a securities investmentfund operator;

(dd) There are importantchanges in the business operation of the company, comprising:

- The company falls bankrupt; thereis a decisionby an authorized body todissolve the company;

- Tradingchangestheshareholdingownershiporcapitalcontributionownershipbyten(10) per cent ormore of the paid-upchartercapital;

- Temporarysuspensionofoperation;thereisadecisionbyanauthorizedbodytosuspend the operationor to revoke the licence for establishment and operation of the company;

- Thereisadecisionto consolidate,divide,demerge,contributejointventure capital,or convert the company;

- Thereisadecisiononamendmentof or additiontothecharter ofthe company, orto change thename of the company;

- There is a decision on increase or decrease of the chartercapitalofthe company;

- Thereisadecisiononadditiontoorwithdrawalofoneormorelicensedtypesofbusiness or services;

- Thereis a decisionon establishment or closure of a branch, representative office, transactionofficeoragencyforreceiptoforders;orachangeoflocationofheadoffice, branch, representative office, transaction office or agency for receipt of orders;

- The practising certificate of the director or general director, deputy director or deputy general director is revoked.

2.2 A securities company or fund management company shall disclose information about one of the eventsstipulatedinclause2.1.aboveinthepublicationandontheelectronicinformationsiteofsuch company andon the information disclosure media of the SSC and SE or STC.

2.3 When a securities company or fundmanagement companymakesan extraordinary disclosureof information it must specify the event whichoccurred and its causes, and a planand solutions for remedying the problem (if applicable).

3. Disclosuresof information on request:

3.1 A securities company or fund management company must disclose information within twenty four (24)hoursfromreceiptofarequestfromtheSSC,SEorSTCwhenthereisinformationrelatingto the company which seriously affects the lawful interests of investors.

3.2 Asecuritiescompanyorfundmanagementcompanymustdiscloseinformationpursuanttoarequest fromtheSSC,SEorSTCinthepublicationandontheelectronicinformationsiteofsuchsecurities companyorfundmanagementcompanyandonthemassmediaorinformationdisclosuremediaof theSSC,andSEorSTC.TheitemsdisclosedmustincludetheeventwhichtheSSC,SEoraSTC requestedbeannouncedandthecausesoftheevent,andthelevelatwhichsucheventhasbeen authenticated.

3.3 Asecuritiescompanymustdiscloseinformationpursuanttoclause3ofarticle104oftheLawon Securitiesatitsheadoffice,atitsbranchesandatitsagenciesforthereceiptofordersaboutany changesrelatingtotheaddressofthemainheadoffice,ofbranchesandofagenciesforthereceipt oforders;andaboutmattersrelatingtotradingmethods,placingorders,transactiondeposits,time- limits forpayment, trading fees, services which the companyprovides andthe list of securities businesspractitioners of the company.

VI. DISCLOSUREOF INFORMATION BYPUBLIC FUNDS

1. Periodical disclosures of informationbypublic funds:

1.1 A fund management company shallmake a periodic disclosure of information about the annual assetsreportofapublicfundwithinten(10)daysfromthedatesuchreportisaudited,inaccordance with clause 1 of article 105 of theLaw onSecuritiesand specifically as follows:

1.1.1 Thedateofcompletionoftheannualassetsreportofapublicfundshallbethedateonwhichthe auditorsignsapprovalontheauditreport.Thetime-limitforcompletionoftheannualassetsreportof a public fundshallbe no later than ninety (90) days after the last day of the financial year.

1.1.2 Theassetsreportofapublicfundmustbearchivedforatleastten(10) yearsattheheadofficeof the fund management company in orderto enable investors to refer to such report.

1.1.3 Afundmanagement companyshalldisclosethe summarized annualassetsreportofa public fundon standardformCBTT-07issuedwiththisCircularinthreeconsecutiveeditionsofacentralnewspaper andofalocalnewspaperintheareawherethefundmanagementcompanyhasitsheadofficeoron the information disclosure media of the SSC and SE.

1.2 A fundmanagement company shall alsomake aperiodic disclosure ofinformationabout apublic fund as follows:

1.2.1 Afundmanagementcompanyshallannouncechangesinthenetassetvalueofapublicfundona weekly,monthly,quarterlyandannualbasisonstandardformCBTT-08issuedwiththisCircularin thepublicationandontheelectronicinformationsiteofthefundmanagementcompanyandonthe information disclosuremedia of the SSC and SE.

1.2.2 Afundmanagementcompanyshallannounceitsreportontheassetsofapublicfundonamonthly, quarterlyandannualbasisonstandardformCBTT-07issuedwiththisCircularinthepublicationand electronic information siteof the fundmanagement companyandontheinformation disclosure media of the SSC and SE.

1.2.3 A fundmanagement company shallannounce its report on the statusand results ofinvestment activitiesofapublicfundonamonthly,quarterlyandannualbasisonstandardformCBTT-09issued withthisCircularinthepublicationandontheelectronicinformationsiteofthefundmanagement company andon the information disclosure media of the SSC and SE.

1.2.4Time-limitsforreportingandannouncinginformationasstipulatedinclauses1.2.1,1.2.2and1.2.3 above:

•Weekly reports must be reportedand disclosed onthe first working day of the following week.

•Monthlyreportsmustbereportedanddisclosedwithinfiveworkingdaysafterthelastdayofthe month.

•Quarterly reports must be reported anddisclosedwithin 25 daysafter the lastday of the quarter.

•Annual reports must be reported and disclosedwithin90 days afterthe last dayofthe year.

2. Extraordinarydisclosures of information about apublic fund:

2.1 AfundmanagementcompanymustreporttotheSEwithintwentyfour(24)hoursoftheoccurrence of one of the following events concerning apublic fund, so that suchorganizationsmaydisclose information inaccordancewith clause 2 of article 107 of theLaw onSecurities:

(a) There is a resolution ofthe general meeting of investors;

(b) There is a decision to make an offer of certificates in the public fund;

(c) Thepublicfundisissuedwithacertificateofacceptance[ofregistration]toestablish[the/a] fund;

(d) There is a decision to change the investment capitalof the publicfund;

(dd) Revocationofacertificateofacceptance[ofregistrationof]apublicofferofcertificatesinthe public fund;

(e) An offer tranche of certificates in the public fund issuspended orrescinded;

(g) There is anamendment of or an additiontothe charter orprospectus of the public fund.

2.2 Afundmanagementcompanyshalldiscloseinformationabouttheeventsstipulatedinclause2.1. above in the publication andon the electronic information site of such company and on the information disclosuremedia of the SE.

2.3 Whenafundmanagementcompanymakesanextraordinarydisclosureofinformationaboutapublic funditmustspecifytheeventwhichoccurredanditscauses,andaplanandsolutionsforremedying the problem (if applicable).

3. Disclosuresof information about a public fund on request:

3.1 Afundmanagementcompanymustdiscloseinformationwithintwentyfour(24)hoursfromreceiptof a request from the SSC or SE on the occurrence of one of the following events:

(a) There is a rumourwhichaffects an offer ofor the price of certificates in a publicfund;

(b) Thereisanabnormalchangeinthepriceandvolumeoftransactionsofcertificatesinapublic fund.

3.2 Afundmanagementcompanymustdiscloseinformationaboutapublicfundpursuanttoarequest from theSSCorSEinthepublicationand ontheelectronicinformation siteofsuch fund managementcompanyandonthemassmediaorinformationdisclosuremediaoftheSE.Theitems disclosedmustincludetheeventwhichtheSSCorSErequestedbeannouncedandthecausesof the event, and the level at which suchevent has been authenticated.

VII. DISCLOSURE OF INFORMATION BY[PUBLIC] SECURITIES INVESTMENT COMPANIES

Public securities investmentcompaniesmust discloseinformationas stipulated inSections IV and VI of this Circular.

VIII. DISCLOSURE OF INFORMATION BYTHE STOCKEXCHANGE (SE) AND SECURITIES TRADING CENTRES (STCS)

The SE and STCs must disclose information as stipulated inarticle 107 of theLawon Securitiesandspecifically as follows:

1. Information about trading securities on the Stock Exchange or at the SecuritiesTrading Centre:

1.1 Informationduring trading hours:

(a) The total number of classes of securities permitted to be traded;

(b) Closingpricesofthepreviousday,openingandclosingpricesofeachsession[and/or]day, implementing prices, proposed prices (in the case of periodicmatching of orders), and the levels and symbols ofprice fluctuationsof each class of securities;

(c) Threelevelsofofferingprices,bestofferingpricesofsharesandfundcertificatesincludingthe volume of purchaseand selling orders whichwere placedcorresponding to suchprice levels.

1.2. Periodical information during trading days:

(a) Regulatory symbolsapplicable to securities being traded;

(b) Total number of classes of securities permitted to be tradedwithin the day;

(c) Consolidated price indices being the Vn Index, and level andfluctuation of the Vn Index compared to the previous tradingday;

(d) Level of oscillation of shareprices duringthe tradingday;

(dd) Numberofordersandnumberofpurchasesandsales,andthecorrespondingpricesforeach class ofsecurities;

(e) Total volume of transactions on the whole market (classifiedinaccordance with matching order tranches, and the trading day);

(g) Prices, volume and valueoftrading implemented for each class of securities:

- Orderswhichwerematched(inaccordancewitheachordermatchingtrancheandtradingday in the case of periodical matching, and inaccordance with the trading day in the case of continuousmatching);

- Agreements(if any);

- Securities trading by foreign investors (ifany);

- Redemptions and re-sales of shares bylisting organizations (if any);

(h) Percentageofsecuritiesholdingsbyforeignersandtheresidualavailabilityforforeignersto purchaseeach class of securities;

(i) Trading details of the ten shares most traded andof the ten shares with the highest price fluctuationcompared withthe most recent trading day;

(k) Tradingdetailsofthetenshareswiththehighestlistedpriceandofthetenshareswiththe highest market price;

(l) Informationaboutbondstraded including the class of bonds, the interest rate, the maturity date, the implementingprice, and the interest rate forlong-term bonds;

(m) Other information which must be disclosed at the request of the SSC.

2. InformationaboutorganizationslistedontheStockExchangeoraSecuritiesTradingCentre; and information about member securities companies, about fund managementcompanies managingapublicfundorpublicsecuritiesinvestmentcompany,andaboutpublicfundsand public securities investment companies:

2.1 Informationabout listingorganizations:

2.1.1 General information about listingactivities:

(a) Nameand volume of securities and their par values;

(b) Informationabout initial listings;

(c) Informationabout additional listings;

(d) Informationabout de-listings;

(dd) Informationabout changes to listings;

(e) Informationabout re-listings;

(g) Informationabout sharesplits and consolidations;

(h) Informationabout penalties applied to listing organizations;

(i) Other information.

2.1.2 Theperiodicalinformation, extraordinary informationand requested informationabout listing organizations pursuant to clauses 1, 2and 3 of section IV of this Circular.

2.2 Informationaboutsecurities companies being members of theSE or STC:

2.2.1General information about members:

(a) Informationabout admission of members;

(b) Informationabout penalties applied to membersandtrading representatives;

(c) Informationabout termination of membership;

(d) Other information.

2.2.2 Theperiodicalinformation, extraordinaryinformation andrequested information aboutmember securities companies pursuant to clauses 1, 2 and 3of section V of this Circular.

2.3 Informationaboutfundmanagementcompaniesmanagingapublicfundorpublicsecurities investmentcompany:

2.3.1General information about fund management companies:

(a) The numberof fund management companies;

(b) The numberof public funds andpublic securities investment companies beingmanaged;

(c) Informationabout penalties applied to fund management companies;

(d) Other information.

2.3.2Theperiodical information,extraordinary informationandrequested informationabout fund management companiespursuant to clauses 1,2 and3 of sectionV of this Circular.

2.4 Informationabout public funds:

2.4.1 General information about public funds:

(a) The numberof public funds;

(b) Other information.

2.4.2 Theperiodicalinformation,extraordinaryinformationandrequestedinformationaboutpublicfunds pursuant to clauses 1, 2 and 3 of sectionVI ofthis Circular.

2.5 Informationabout public securities investment companies:

2.5.1General information about public securities investmentcompanies:

(a) The numberof publicsecurities investment companies;

(b) Informationabout penalties applied topublicsecurities investment companies;

(d) Other information.

2.5.2Informationpursuant to section VII of this Circular.

3. Informationaboutsecurities marketregulatoryactivities:

3.1 Informationabout securities market regulatory activities shall comprise:

(a) Information about suspension of tradingor permission to re-commence trading of listed securities;

(b) Informationabout securities subject to controlor released from control;

(c) Informationabout trading resultingin a change in thenumberof shares owned by major shareholdersinexcessofonepercentofthenumberofsharesofthesametypecurrentlyin circulation; informationabout trading by any organization, individual oraffiliated person intendingtoholduptotwentyfive(25)percentshareholdingcapitalorwhocurrentlyholds twenty five (25) per cent shareholding capital of a listing organization; informationabout tradingbeinga public offer by any organization, individual or affiliated person;

(d) Informationabout sharetrading by a member ofthe board of management or boardof controllers,thedirectororgeneraldirector,thedeputydirectorordeputygeneraldirector,or the chiefaccountant [of a listing organization] or an affiliated person;

(dd) Informationabout tradingbeingacquisitions by listing organizations;

(e) Informationaboutanybreachofthelawondisclosureofinformationbylistingorganizations, securities companies, fund management companies or securitiesinvestment companies;

(g) Informationabout penalties applied fora breach of the law on disclosure of information;

(h) Guidelines and notificationson securitiesmarket regulation from theSSC, the SE or a STC.

3.2 TheSEora STCmustdiscloseinformationabouttheeventsstipulatedinclause2and3.1ofsection VIIIaboveimmediatelyonoccurrenceoftheeventorimmediatelyafterreceivingnoticethereonfrom alistingorganization,membersecuritiescompany,fundmanagementcompanyorpublicsecurities investment company.

IX. IMPLEMENTING PROVISIONS

1. ThisCircularshallbeoffullforceandeffectfifteen(15)daysafterthedateofitspublicationinthe OfficialGazette.Entitieswhichhavenotyetsetuptheirownelectronicinformationsitesmustdoso immediatelyin order to disclose information inaccordance with theguidelines inthis Circular.

2. The State Securities Commission, theStock Exchange, SecuritiesTrading Centres,public companies,issuing organizations making a public offer of bonds, listingorganizations, securities companies,fund management companies, securities investment companies and affiliated persons shallbe responsible for implementation of this Circular.