For listing and trading of shares of a corporation on ECM,

a) The market advisor should provide statement of approval and confirmation of compliance indicating that shares of companies are complied with trading on ECM, and the Market Advisor Report attached to this statement should include positive feedback about companies.

b) Within the assessment of financial situation and operations of companies, Exchange Board of Directors should give assent, in order for shares to trade on ECM.

c) Articles of association of companies should not contain provisions restricting transfer and circulation of shares to be traded or precluding the shareholders from using their rights.

d) Companies should not be subject to significant legal disputes affecting its production and other activities, and it should have been documented by a legal report issued by a lawyer indicating whether the company do not have any direct or indirect relationship with the corporation and market advisor that the legal situation of the company in terms of its establishment and business operations and the legal situation of its shares are in compliance with the applicable laws and regulations.

e) A market advisory agreement valid for a minimum of two years as of the date of application should have been signed between the company and a market advisor included in the Market Advisors List (if the remaining period as of the date of decision relating to the listing of shares is less than one year, the Exchange may demand that the term of agreement be extended).

f) According to the recent financial statements to be included in the prospectus, total shareholders’ equity of the company should be over its capital.

g) For causes other than the cases which may be accepted to be valid by our Exchange, the corporations should not have suspended its business activities and operations for more than 3 months during the last 2 years and the company is not involved in or subject to any form of liquidation, composition or suspension of bankruptcy and being subject to similar other cases determined by our Exchange.