(1) A listing applicant applying for admission to Catalist and quotation of its securities must do so through a full sponsor. The listing must be a primary listing.

(2) The Exchange will normally admit a listing applicant to Catalist on receipt of conforming documents from the sponsor. However, the Exchange may, in its absolute discretion, impose conditions on an admission or delay or refuse an admission.

(3) The Exchange reserves the right to vary any condition(s) imposed.