Article 2.2.14

1.     Warrant means a financial instrument that gives the holder the right to subscribe for (subscription warrant), buy (call warrant) or sell (put warrant), on or by the maturity date, a certain quantity of underlying shares against payment of an amount that is predetermined or to be determined in accordance with pre-established criteria in the case of subscription or call warrants and, conversely, against receipt of an amount that is predetermined or to be determined in accordance with pre-established criteria in the case of put warrants.

In the case of an issue of call warrants, the underlying shares must be deposited in a special escrow account with an intermediary subject to prudential supervision for the exercise of the warrants being issued.

In the case of an issue of warrants for the sale of shares, the total amount of funds needed for the purchase of the underlying shares must be deposited in a special escrow account with an entity subject to prudential supervision for the exercise of the warrants being issued or an unconditional and irrevocable guarantee must be provided for an equal amount by an entity subject to prudential supervision.