9 Listing Costs

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A Market Maker is a NASDAQ member firm that buys and sells securities at prices it displays in NASDAQ for its own account (principal trades) and for customer accounts (agency trades). A prospective market making firm must be or must apply to be a NASDAQ member. Firms can be in a pending status when starting their connection process to NASDAQ. Firms that are FINRA members may submit an abbreviated application form.

To become a Market Maker, NASDAQ members must follow these steps:

 Complete the Market Maker Application and fax it to NASDAQ Subscriber Services at
+1 (212) 231-5426. The application is available at
http://www.nasdaqtrader.com/content/AdministrationSupport/AgreementsTrading/m
mapplic.pdf.

 Have the relevant clearing agency call the National Securities Clearing Corporation at
+1 (212) 412-8623 to ensure a clearing arrangement.

 Contact the local FINRA District Office to express an interest in becoming a NASDAQ Market Maker. The District Office will write requesting information.

 Compile all information, and send it to the local FINRA District Office for review. (If all information is completed properly, the District Office will interview and determine if the firm is qualified to be a NASDAQ Market Maker.)

 The FINRA District Office will forward an approval form to NASDAQ’s Subscriber
Services department. (If the firm is not a FINRA member, the approval will be made by  The NASDAQ Stock Market LLC.)

 A NASDAQ Subscriber Services representative will notify the firm if they are
permitted to make markets and will activate all your services.

8.2 Other Advisers

Section 102 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”) requires accountants who audit an issuer’s financial statements to register with the Public Company Accounting Oversight Board.

An issuer that receives an audit opinion that expresses doubt about the ability of the company to continue as a going concern for a reasonable period of time must make a public announcement through the news media disclosing the receipt of such opinion.

If a foreign issuer chooses to follow certain home country governance practices in lieu of the comparable NASDAQ requirements (see Rule 5250(d)(5), the company must provide NASDAQ with a letter from outside counsel in the company’s home country, certifying that the company’s practices are not prohibited by home country law (see Rule 5615(a)(3).

9 Listing Costs

9.1 Listing Fees

To list on the NASDAQ Global Market, an issuer must pay a non-refundable application fee of US$25,000. In addition to the US$25,000 fee, other entry fees apply. The following

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