For trading of covered warrants and certificates in our Exchange, the warrant issuer or investment firms files an application to the Exchange under the same principles with those relating to the application to CMB. The application is required to be filed within 3 months following the date of decision of the Board of Director of the issuer. If and when an application filed for trading in the Exchange of warrants and Certificates included within a certain cap of issue is found acceptable by our Exchange, at least 2 business days prior to sales of each tranche to be issued within the limit, an application is filed to the Exchange, together with documents listed on our Exchange web site. The covered warrants and certificates to be offered for sale will start trading in the Collective and Structured Products Market in the first business day following the Exchange’s announcement.

Covered warrants and certificates can be listed in the Exchange only if and when:

a) Application is filed for the whole issuance limit;

b) There is a market maker having the qualifications specified in relevant regulations of the Board pertaining to Warrants and Certificates.