Standards and Procedures

Securities Eligible for Listing or to be Admitted to Dealings:

1. Only such securities as shall have been approved by the Allocation, Evaluation, and Securities Committee for listing or admission pursuant to unlisted trading privileges shall be dealt in on the Exchange.

2. The Exchange will evaluate and prepare a confidential listing opinion as to the eligibility of an applicant's securities for listing upon submission or the information listed in Rule 808. The company must be a going concern or the successor to a going concern. Other factors the Exchange places great emphasis upon include but are not limited to: the nature a company's business, the character of the market for its product, its stability and position in its industry, the reputation of its management, its history of growth and growth prospects for the future, its financial integrity and the voting rights for shareholders.

The Exchange does not rate or guarantee the quality of any security dealt in on the Exchange beyond the fact that it meets the Exchange's minimum financial criteria for listing. In making a determination concerning listing or delisting, the Exchange acts upon information furnished by the issuer which must verify the information by providing at least, independently audited financial statements and other disclosure documents.

For purposes of clarity, (i) "public shareholder" or "public holder" does not include officers, directors, controlling shareholders or other owners or family or concentrated holdings and (ii) beneficial holders rather than holders or record will be counted by the Exchange.

Questions, Comments? Please contact Lori Mann at (215) 496-5472 or by e-mail. Thank-you for your interest.

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