(1) An Exercise Notice shall take effect on the date of its notification to the OCC (the "Exercise Date"). An Exercise Notice shall be notified to the OCC in accordance with the Regulations.

(2) An Exercise Notice lodged by a customer before 12.30 p.m. with a Trading Member shall be notified to the OCC by 5.00 p.m. on the same day.

(3) An Exercise Notice lodged by a customer after 12.30 p.m. with a Trading Member shall be notified to the OCC the next Market Day.