(1) An issuer must announce any information known to the issuer concerning it or any of its subsidiaries or associated companies which:—
(a) is necessary to avoid the establishment of a false market in the issuer's securities; or
(b) would be likely to materially affect the price or value of its securities.
(2) Rule 703(1) does not apply to information which it would be a breach of law to disclose.
(3) Rule 703(1) does not apply to particular information while each of the following conditions applies.

Condition 1: a reasonable person would not expect the information to be disclosed;

Condition 2: the information is confidential; and

Condition 3: one or more of the following applies:
(a) the information concerns an incomplete proposal or negotiation;
(b) the information comprises matters of supposition or is insufficiently definite to warrant disclosure;
(c) the information is generated for the internal management purposes of the entity;
(d) the information is a trade secret.
(4) In complying with the Exchange's disclosure requirements, an issuer must:
(a) observe the Corporate Disclosure Policy set out in Appendix 7.1 of the Manual, and
(b) ensure that its directors and executive officers are familiar with the Exchange's disclosure requirements and Corporate Disclosure Policy.
(5) The Exchange will not waive any requirements under this Rule.