United States Regulations

In the United States, buybacks are covered by multiple laws.

According to Rule 10b-18:

• One Broker-Dealer per Day: The company repurchasing shares may not use more than one broker and/or dealer to acquire the shares per each day.

• Timing of Purchase: A repurchase may not be the first trade of the day. Repurchases may not be made in the last ten minutes of the trading day. These rules do not apply to over-the-counter securities.

• Purchase Price: A repurchase may not be bid at a price higher than the highest independent bid or last price of the last trade.

• Volume: Repurchases per day may not exceed 25% of the average daily volume of the previous 4 calendar weeks. Block purchases not effected by a broker-dealer are excluded from this restriction.