(1) For the second and subsequent tranches ("additional tranches") of a warrant program, an issuer need not submit a listing application. An issuer need only announce the launch of the tranche through the Exchange and place out the structured warrants.

(2) Except for price, each tranche of the warrant program must bear the same terms and conditions.

(3) All additional tranches are subject to the minimum issue size of S$0.5 million. There are no placement requirements for additional tranches.