Tax Considerations - Listing On The Malta Stock Exchange

A. INTRODUCTION

The Malta Stock Exchange ('Il-Borza') was established by the Malta Stock Exchange Act, 1990 ("the Act") and became fully operational roughly towards the end of 1992.

The Council of the Exchange, headed by the Chairman thereof, is responsible for the management and conduct of the Exchange's business; the General Manager is responsible for the day-to-day management of the Exchange.

An application for listing on the Exchange must be approved by the Council, which is also responsible for ensuring that the successful applicant abides by its 'continuing listing obligations'.

B. WHO MAY APPLY FOR LISTING ON THE MALTA STOCK EXCHANGE?

The Exchange is quite clearly a very young institution - this factor has not however impaired upon its commitment to cater, in a very professional and timely manner, for the demands of the market.