1- Prior to the start of regular trading, there shall be a Pre-Opening period, during which orders can be entered to determine the opening price for each security. These orders will be queued in accordance with the Priority of Orders for Execution (Queue Priority) and shall not be processed immediately.

2- During this period, stockbrokers can enter orders, change former orders (CFO), cancel orders and carry out inquiries on orders already in the system.

3- As each order is queued, the system will verify whether the security is expected to open and calculates the opening price in accordance with the Opening Algorithm.

4- A market imbalance can be created during the Pre-Opening period, whereby the best bid is higher than the best offer. In this instance, an opening price will be chosen based on the following criteria in priority order:

5- In the Pre-Opening period, the actual price entered for a limit order that is better than the current predicted opening price is considered private information to the stockbroker entering the order and to the Exchange. The stockbroker entering the order would see the actual price entered and be able to clearly see that the order is causing an "imbalance". The Market Controller would also see the actual price. For all other stockbrokers, the order would be treated as if it had been entered at the currently predicted opening price. However, as the opening price changes, the volume at the previously predicted opening price and the currently predicted opening price will change.