Callable Bull/Bear Certificate (“CBBC”)
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Issuer A intends to issue 100 million callable bear certificates on 1 June 2010. The callable bear certificates issued will be based on PLC X's shares listed on Bursa Securities. In what situation can Issuer A issue the callable bear certificates?

Pursuant to paragraph 5.06(a) of the Main LR, Issuer A may only issue the callable bear certificates if the shares are part of the Approved Securities as defined in Rule 704.1 of the Rules of Bursa Securities (“Approved Securities”).