Conditions of Admission

Shares may be admitted to exchange trading (on the main or the parallel market) provided that:
• an appropriate information document has been prepared and approved by the relevant supervision authority (PFSA), unless such information document is not required to be prepared or approved;
• transferability of shares is not restricted;
• no bankruptcy or liquidation proceedings are underway with respect to their issuer;
• the capitalisation of the company (understood as the product of the number of all the issuer’s shares and the forecasted market price) is at least the PLN equivalent of EUR 15,000,000 (except for issuers whose shares of at least one issue were listed on another regulated market or on NewConnect for at least 6 months – their capitalisation may be EUR 12,000,000);
• shareholders, each of which may exercise less than 5% of votes at the issuer’s meeting of shareholders, hold at least:
- 15% of shares referred to in the application for admission to exchange trading, and
-100,000 shares referred to in the application for admission to exchange trading with a value equal at least to EUR 1,000,000, calculated based on the last sale or issue price;
• shares are held by such a number of shareholders that gives sufficient grounds to develop liquidity of exchange trading.

Together with the application for admission, the issuer should present to the Exchange an Investment Firm Opinion on the fulfilment of the requirements of admission to exchange trading.

Shares may be admitted to exchange trading on the main market subject to the following additional conditions:
• all shares of the same type are referred to in the application for admission;
• shareholders, each of which may exercise no more than 5% of votes at the meeting of shareholders, hold at least 25% of shares referred to in the application for admission to exchange trading, or shareholders, each of which may exercise no more than 5% of votes at the meeting of shareholders, hold at least 500,000 shares with a value equal at least to the PLN equivalent of EUR 17,000,000 (shares may be admitted even if this condition is not fulfilled where the Exchange Management Board decides that the number of shares referred to in the application and the subscription or sale procedure give sufficient grounds that shares on the main market will develop liquidity of trading);
• the issuer has published financial statements with an auditor opinion at least for three consecutive financial years preceding the submission of the application for admission.

When considering the application for admission of financial instruments to exchange trading, the Exchange Management Board takes into consideration:

1) the issuer’s current and projected financial standing, in particular the profitability, liquidity and creditworthiness, as well as other factors influencing the issuer’s financial results;

2) the growth prospects of the issuer, in particular a feasibility study of its investment plans with an account of the sources of financing;

3) the experience and competence of members of the issuer’s managing and supervisory bodies;

4) the terms and conditions upon which the financial instruments were issued and their compliance with the rules of public exchange trading set out in joint resolutions of the Exchange Supervisory Board and Management Board;

5) the safety of exchange trading and interests of trading participants.

The issuer should submit the application for admission to exchange trading directly to the Exchange Management Board in a form available from the Exchange.

The Exchange Management Board shall pass a resolution on the admission of financial instruments to exchange trading within 14 days of the date of submission of the complete application.

The detailed terms and conditions of admission of shares and other financial instruments to exchange trading are set out in the Exchange Rules (§ 3 et seq.) and the Minister of Finance’s Regulation of 12 May 2010 on detailed terms and conditions that must be satisfied by the official stock-exchange listing market and issuers of securities admitted to trading on such market.