Of Bonds

• The issuing company is established and functioning according to the applicable legal and statutory provisions;
• The legal situation of the bonds complies with the applicable legal provisions;
• The company has published its management reports and annual accounts for the two years prior to the application for admission;
• Bonds are freely negotiable;
• The application for admission to listing includes all bonds of the same category that are issued;
• The company has an adequate economic and financial situation.
• The amount of the bond loan to be admitted is not less than 8,000,000,000.00 MT;
• It is proved that the payment of capital and interest is reasonably guaranteed.

Of Foreign Securities

Securities issued by foreign entities that are not public funds or equivalent may only be admitted to listing if all the conditions on which admission to listing of national securities of the same nature have been verified.

BVM may also require that the securities to be admitted to listing are already listed on a stock exchange in the country of the head office or principal place of business of the issuer or the country in which the securities are issued.

Of New Securities

The entities with securities admitted to listing must request the admission of all new securities of the same nature and category issued within a maximum period of one hundred and twenty days from the date of their full release or at the time they become freely negotiable, if earlier.

In the case of certified securities, the delivery of the definitive securities must be made within the period indicated in the previous number, when another period is not fixed by special law.

Shares of the same category which form part of the lots intended to maintain control of the company or which are not tradable for a specified period pursuant to special agreements may be exempted from admission to listing by the stock exchange, without prejudice to the public disclosure of that fact and if there is no risk of damaging the holders of the shares whose admission is requested.

For the purposes of these Regulations, release is understood as, in the case of shares, the date of execution of the public deed and, in the case of bonds, the last day of subscription.

Issue and Admission to listing of Commercial Paper

 The fundamental requirement for Commercial paper issue is the legal certification of the issuer's accounts by an independent auditor authorised by the Ministry of Finance.

Other requirements relate to the financial situation of the issuer:

• Equity of not less than 17,000,000.00 MT (or its counter value in foreign currency), or presents a positive net position in the last financial year;
• Financial capacity and soundness to ensure compliance with the payment obligations resulting from the issue;
• The entities that do not meet the above requirements may issue Commercial paper provided that they obtain in favour of the holders an autonomous guarantee (provided by a credit institution whose own funds are not less than 70,000,000.00 MT) that ensures the fulfilment of the obligations arising from the issue;
• All these requirements relating to the financial situation of the issuer are waived if the amount of the Commercial Paper issue is equal to or less than 500,000.00 MT (or its equivalent in foreign currency).