1.   Almost ten times the average number of participation certificates had been traded.

2.   Each ADR represents four ordinary participation certificates, or CPOs, which represent three shares apiece.

3.   Each ADR will represent four ordinary participation certificates or CPOs.

4.   For now, the companies both have common and preferred stock and equity participation certificates outstanding.

5.   He said that Raiffeisen is the last major bank in Austria to do away with participation certificates, which are becoming more out of favor as investment instruments.

6.   Participation certificates are a type of security commonly traded in Austria and Switzerland that pay dividends but lack voting rights.

7.   They also said they themselves will look at possible insider trading in participation certificates.

8.   They also said they will look at possible insider trading in participation certificates themselves.

9.   National Investment Funds will issue its participation certificates to all adult Poles, who will later be able to sell them or exchange for shares in privatized companies.