1. Each Insider in the Listed Company is prohibited from trading in Securities Issued by the company during the periods set out below: a. Ten Business Days before the end of each quarter of the financial year until the announcement of the financial results for that period. b. Ten Business Days before the end of the financial year until announcement of the financial results for that period. 2. An Insider in the Listed Company may trade in the Securities Issued by the Listed Company during the restriction periods set out in paragraph (1) of this Article after first obtaining approval from the Authority. 3. An Insider in the Listed Company may trade in the Securities Issued by the Listed Company during restriction periods in the following cases: a. Transfer of ownership as a result of inheritance or will. b. Transfer of ownership pursuant to a judicial judgement. c. Transfer or ownership from and to or among the Investment Portfolios managed by the licensed companies, provided that such is solely in favour of the beneficial owner. d. Transfer of ownership among Relatives. e. Subscription on Pre-emptive Rights of Securities. f. Purchase of the required number of Shares to guarantee membership of the Board of Directors pursuant to the company contract. g. Transfer of ownership to settle a debt with a financial institution. h. Entering into a Merger or Acquisition Offer. 4. Apart from the prohibition periods set out in paragraph (1) of this Article, an Insider in the Listed Company may trade in the Securities issued by the company if he does not hold Inside Information. 5. Apart from the restriction periods set out in paragraph (1) of this Article and taking into consideration the provisions of the percentages permitted for a Controller of a Listed Company as set out in Article (3-6) of (Chapter Three: Acquisition) of Module Nine (Mergers and Acquisitions) of these Bylaws, a Controller Insider in a Listed Company may deal in Securities issued by the company if he does not hold Inside Information. Each of the above is without prejudice to the obligation of disclosure as set out in Article (3-6) of this Module.