(1) the average of the last quoted bid price and the last quoted offer price for the structured warrant immediately preceding the error trade; or

(2) the average of the market prices as quoted by at least three (3) Designated Market-Makers of structured warrants.

(3) the Designated Market-Makers will be selected randomly by SGX-ST, but will not include any Designated Market-Maker who is involved in the error trade which is under review.