The Members of the Council of Securities Regulators of the Americas (COSRA), having met on June 23-24, 1994,

Believing that efficient allocation of capital in a free market requires full and fair enterprise-related disclosure to those providing the capital;

Recognizing that full and fair disclosure helps ensure investor protection, thereby enhancing investor confidence and market liquidity and efficiency; and

Having concluded that the set of principles contained in the addendum hereto provides appropriate conceptual framework for a sound disclosure system, which addresses:

• when disclosure should be provided;
• what disclosure should be provided;
• methods of providing disclosure; and
• measures to assure the efficacy of a disclosure system.

HEREBY STATE THEIR INTENTION TO:

Use all reasonable efforts to implement and maintain a mandatory disclosure system based upon such principles for use in the offer and sale of securities in the markets of each member.

Adopted by:

ARGENTINA: Comisión Nacional de Valores

BRAZIL: Comissão de Valores Mobiliários

CANADA - ALBERTA: Alberta Securities Commission

- ONTARIO: Ontario Securities Commission

- QUEBÉC: Commission des Valeurs Mobilières du Québec

CHILE: Superintendencia de Valores y Seguros

COLOMBIA: Superintendencia de Valores

COSTA RICA: Comisión Nacional de Valores

ECUADOR: Superintendencia de Compañias

MEXICO: Comisión Nacional de Valores

PARAGUAY: Comisión Nacional de Valores

PERU: Comisión Nacional Supervisora de Empresas y Valores

UNITED STATES: U.S. Securities and Exchange Commission

VENEZUELA: Comisión Nacional de Valores

Quebec, Canada June 24, 1994