Malta Stock Exchange plc application for designation as a Designated Offshore Securities Market

3rd July 2013
Mr Paul Dudek
Office of International Corporate Finance
Room 3628
US Securities & Exchange Commission
100F Street NE
Washington DC 20549 USA
Dear Mr Dudek
Re: Malta Stock Exchange [“MSE”] - !pplication in respect of designation as a “Designated Offshore Securities Market” In accordance with SEC Rule 902(B)(2) of Regulation S issued in terms of the Securities Act of 1933 as amended, the MSE hereby submits its formal application in respect of designation as a ”Designated Offshore Securities Market”/ In this respect, please find hereunder detailed information regarding the MSE in compliance with the criteria set out in the above-mentioned Rule.
1.0 Organisation under Foreign Law
The MSE was established in November 1990 by virtue of the Malta Stock Exchange Act [Chap. 345 of the Laws of Malta] as a ͞/.body corporate with a distinct legal personality /.͟. The MSE was, at that time, set up as both regulator and operator of the local capital market as well as also being designated as the Listing Authority. Furthermore, the MSE also operated the post-trading infrastructure, that is, a Central Securities Depository [CSD] including clearing and settlement functions. SEC Des Off SM – V.1 -100113

On 1 October 2002, the Malta Stock Exchange Act was repealed and was replaced by the Financial Markets Act [FMA]. The enactment of the FMA resulted in the MSE being divested of all regulatory responsibilities including those of Listing Authority, which responsibilities were transferred to the newly set up Malta Financial Services Authority [MFSA], the single regulator for regulated financial services in Malta. Effectively, the MSE became solely the operator of the regulated market and the CSD, with the responsibilities to carry out the functions as outlined in
Part II and Part IV of the FMA.
Part II of the FMA outlines the functions of the regulated market, which are briefly outlined as
follows:
 to provide information necessary for the competent authority to satisfy itself that the regulated market has been established  to create clear and transparent bye-laws regarding the admission of financial instruments to trading, which instruments are capable of being traded in a fair, orderly and efficient manner  to have effective arrangements to verify that issuers of transferable securities that are admitted to trading comply with their obligations under European Community Law in respect of disclosure obligations  to establish the necessary arrangements to review regularly the compliance with admission requirements of the financial instruments admitted to trading In terms of Articles 3 and 49 of the FMA, further Regulations were issued [Legal Notice 333 of 2007 and its Schedule] regarding Authorization Requirements in respect of regulated markets which include, inter alia, provisions relating to:
 financial resources
 management requirement
 organizational requirements
 access to the regulated market
 monitoring of compliance with rules
 promotion and maintenance of standards
 complaints, and
 default rules in respect of market contracts
Part IV of the FMA outlines the functions of the CSD, which are briefly outlined as follows:
SEC Des Off SM – V.1 -100113

 the provision of custody or depository facilities in respect of financial instruments  maintenance of registers of members and holders of financial instruments and recordings of transactions and holdings of financial instruments  provision, management and administration of a securities clearing and settlement system  authentication of register of members or holders of designated financial instruments  other ancillary and consequential functions related to the above including corporate administrative services. In terms of Articles 30 of the FMA, further Regulations were issued [Legal Notice 138 of 2009] regarding Authorization Requirements in respect of central securities depositories which include, inter alia, provisions relating to:
 authorization requirements
 suitability
 constitution, governance and general organizational requirements  safeguards for users of csd services  compliance  risk management  financial resources  accounting  co-operation with competent authority  guidelines to regulate csd services  complaints  default rules in respect of market contracts  outsourcing  inability to pay debts, and  satisfaction of authorization requirements. Further amendments to the FMA which came into force on 1 November 2007 resulted in a change in the corporate structure of the MSE and the inclusion of new provisions in the law dealing with an authorization regime for the CSD as a licensed entity in its own right. The objective of the new corporate structure of the MSE was to change from that of a public authority set up under a specific law to that of a group structure of companies set up in terms of the Companies Act [Chap. 280 of the Laws of Malta]. The current structure and ownership of the companies within the Group are as follows:
SEC Des Off SM – V.1 -100113

MSE
[Holdings] Ltd
Wholly owned by the
Government of
Malta
Malta Stock
Exchange plc
Wholly owned by MSE [Hldgs]
Ltd
CSD [Malta] plc
Wholly owned by MSE [Hldgs]
Ltd
MSE plc succeeded to all the assets, rights, liabilities and obligations of the previous MSE including the recognition order [as a regulated market] issued in terms of Part II of the FMA [FMA Article 155 – Transitory Provisions refers]. While the Group structure provides for the establishment of CSD [Malta] plc, this company does not operate and the CSD license is in fact held by the MSE which has been issued with two recognition orders, one to operate a regulated market and the other to operate a CSD. The recognition orders are issued by the Malta Financial Services Authority as Competent Authority, and grant the Exchange the recognized status, and subsequent authority to carry out both activities. Given that both licenses are currently held within one corporate entity [Malta Stock Exchange plc], while set up as a company in its own right, CSD [Malta] plc does not carry out any operations. In this regard, while Malta Stock Exchange plc operates the CSD the Group corporate structure allows flexibility in the separation of responsibilities and obligations between the trading arm and the depository should these be deemed opportune. SEC Des Off SM – V.1 -100113

The three [3] companies within the Group are all established and incorporated in Malta in terms of the Companies Act and are issued with a certificate of incorporation by the Registrar of Companies. The MSE’s objects are set out in its Memorandum of !ssociation [Article 4] and are as follows:
The main object of the MSE [the Company] is to carry on the business of a regulated market and clearing house in securities and financial instruments; to provide, and manage markets, and clearing and settlement services with respect to transactions in, investments of all kinds, whether direct or derivative, including financial instruments and currencies; and to provide facilities for the transaction of the businesses of broking, dealing, market-making, securities lending, investment management and advice and other businesses in the field of financial services. It should be noted that the MSE does not currently perform all of the above functions, such as the derivative market, or the currency market, and is in the process of introducing market making rules and securities lending structures. The ompany’s other objects are.  to participate in, to finance, to collaborate with, to conduct the management of and to provide advice and other services to legal entities and other enterprises, including in particular legal entities and other enterprises with the object of setting up, developing, holding and operating, directly or indirectly, one or more regulated markets or other facilities with regard to the trading in, the listing of, the clearing and settlement of transactions in, and the custody of, securities and financial instruments;  to enter into joint ventures with other legal entities or other enterprises engaged in one or more of the activities referred to above;  to admit securities and financial instruments to be traded or dealt in on any exchange or market and to maintain any official list of any such securities and financial instruments as may be required or recognised by the law of any country;  to provide information, custody, depository, administration, management, registrar, advisory, trustee and nominee services in respect of securities and financial instruments; SEC Des Off SM – V.1 -100113

 to provide, maintain and operate systems for and in connection with the evidencing and transfer of investments without a written instrument and to regulate the use thereof;  to act in any statutory, supervisory, regulatory or public capacity pursuant to statute or otherwise in relation to investments or financial matters of any market relating thereto;  to enter into arrangements of any kind and to co-operate and share information with governmental and non-governmental authorities, bodies and persons in any part of the world, and in particular with those having responsibility for the supervision or regulation of financial services;  to promote high standards in the financial services industry and in particular to make, administer, monitor and enforce rules governing access to and use of any services and facilities provided by the Company and the qualification and conduct of persons engaging in the financial services industry or any part thereof, and to make arrangements for the investigation of complaints in respect of business transacted by means of the ompany’s services and facilities-  to establish and maintain, by the levying of contributions, by insurance or otherwise, compensation schemes for the benefit or protection of the public or of any class of persons;  to purchase, take on lease, emphyteusis, exchange, hire or otherwise acquire and hold, use and dispose of, for any interest, any real or personal, industrial and intellectual property rights, and any rights of security or privileges in respect of any property, as may be necessary or convenient for the purposes of the ompany’s business or activities;  to borrow or raise money upon such terms and on such security as the directors may consider expedient and in particular by the issue or deposit of notes, debentures or debenture stock (whether perpetual or not) and to secure the repayment of any money borrowed, raised or owing by mortgage, charge or lien upon the whole or any part of the undertaking, property and assets of the Company both present and future;  to stand surety for or to guarantee, support or secure the discharge and performance of all or any of the obligations of any person, firm or company whether by personal SEC Des Off SM – V.1 -100113

covenant or by mortgage, charge or lien upon the whole or any part of the undertaking, property and assets of the company (both present and future) or by both such methods;  to lend money or give credit to, and to receive money on deposit or loan from, any person, firm or company;  to invest the funds of the Company not immediately required for its purposes in or upon such investments or other assets as may be thought fit and from time to time to vary and realise such investments or assets;  to draw, make, accept, endorse, discount, negotiate, execute and issue promissory notes, bills of exchange, bills of lading, scrip, warrants and other transferable or negotiable instruments;  to develop all forms of know-how, to apply for and maintain patents, trademarks, copyrights and other intellectual property rights to which the Company is or may be entitled;  to turn to account, deal with or enter into any transactions or arrangements of any kind in relation to all or any part of the undertaking, assets or revenues (present and future) of the Company;  to transfer or otherwise dispose of all or any part of the undertaking, assets, liabilities and engagements of the Company to anyone or more companies, authorities, bodies, firms or persons;  to promote and establish or join in the promotion and establishment in any part of the world of companies, bodies, firms, associations and joint ventures, whether incorporated with limited or unlimited liability or unincorporated, for the purpose of carrying out any object or exercising any power which the Company itself could carry out or exercise, and to subscribe for, take, purchase or otherwise acquire and hold shares or other interests in or securities of, and to finance or otherwise assist any company, body, firm or association;  to amalgamate or merge with or become affiliated to by joining or co-operation (or some other means) or to acquire or take over the undertaking of, any company, SEC Des Off SM – V.1 -100113

authority, body, firm or person engaged in activities altogether or in part similar to those of the Company;  to purchase or otherwise acquire all or any part of the undertaking, business, property, assets and liabilities of any company, authority, body, firm or person and to conduct and carry on, or liquidate and wind up, any business so required;  to pay out of the funds of the Company all expenses which the Company may lawfully pay in respect of or incidental to the formation, registration and advertising of or raising money for the Company and the issue of its capital, including brokerage and commissions for obtaining applications for or taking, placing or underwriting shares, debentures or debenture stock;  to do or arrange to be done in any part of the world anything which the Company has power to do, and to appoint agents of all kinds or otherwise delegate to any authorities, bodies or persons in Malta or elsewhere any of the functions of the Company;  to procure the Company to be registered in any country or place outside Malta;  to do all or any of the things authorised by this clause in any part of the world either alone or in conjunction with others and either as principals, agents, contractors, trustees, or otherwise and either by or through agents, sub-contractors, trustees or otherwise;  to act as a parent company within a group of companies for the attainment of the objects authorised by this clause and to provide security for the debts of group companies of such a group of companies;  to carry on any business or activity whatsoever that it is expedient or convenient to be carried on for the attainment of any of the above objects;  to do all such other things as the directors may consider incidental or conducive to the attainment of the above objects or any of them to undertake all that is connected to the foregoing or in furtherance thereof, all of the foregoing both directly or indirectly, in and outside Malta, and all in the widest sense of the word. SEC Des Off SM – V.1 -100113

The MSE is licensed and regulated by the Malta Financial Services Authority [MFSA], Malta’s financial regulatory authority, to operate a regulated market and a CSD in terms of the FMA.

This Act, together with subsidiary legislation provides for the authorization and regulation of regulated markets and CSDs, as well as the set up and functions of the Listing Authority and

includes a number of provisions relating to regulatory and investigatory powers as well as the

drawing up of rules and regulations as well as conduct of business requirements.

The MFSA is designated as the Listing Authority in terms of Article 7(1) of the Malta Financial

Services Authority Act, 2002 [Chap. 330 of the Laws of Malta]. It is the sole authority, authorised

to approve admissibility to listing [approval of Prospectus] of financial instruments in Malta. The

Listing Authority is charged with establishing listing policies and Listing Rules, ensuring

compliance with any requirements set out in the Listing Rules, and monitoring the timely

disclosure of information by Issuers. It is also the central competent authority responsible for carrying out the obligations provided for in the Transparency Directive.

The MFSA, established in terms of the Malta Financial Services Authority Act, 2002 [Chap. 330 of

the Laws of Malta] is the competent authority, in respect of all regulated financial services in

Malta including Banking, Insurances, Capital Market, Funds, etc. The MFSA has regulatory and

investigatory and sanctioning powers, and may require licensed financial services providers to

furnish it with all the necessary information, documentation, assistance and data in respect of

any activities in connection with the CSD, the regulated market and other activities in

connection with quoted financial instruments/ This is in line with the MFS!’s role as Competent

Authority in respect of the the conduct of the regulated financial services industry in Malta, in

order that the interests of consumers and investors are adequately protected , and to

encourage the highest possible standards of behaviour and best practice in the financial

services industry.

The Malta Stock Exchange is currently the only regulated market operating in Malta.

It is pointed out that the CSD also operates a Securities Settlement System [MaltaClear], duly

authorized by the Central Bank of Malta in accordance with Article 36 of the Central Bank of Malta Act and in accordance with its authorization requirements which as laid down in the FMA.

MaltaClear is a security settlement system operated within the CSD for the purpose of clearing

and settlement of transactions in financial instruments traded on the Exchange’s markets,

securing collateral in support of credit operation transactions or of securities lending, as well as any other financial instruments’ transactions as may be specified and agreed to by the Operator, i.e. Malta Stock Exchange plc. SEC Des Off SM – V.1 -100113

Part VII of the Central Bank of Malta Act [Chap. 208 of the Laws of Malta] deals with Security
Settlement Systems.
As indicated above payment systems operating in Mata are authorized, supervised and regulated by the Central Bank of Malta [Article 34 (1) refers]. The Central Bank also regulates and oversees participation in such settlement systems. The Central Bank itself may also establish and operate a payment system.
Article 34(5) of the Central Bank of Malta Act provides that the Central Bank may issue
regulations in respect of the establishment and operations of, apart from settlement systems, clearing houses, selling agents, and participation in such payment systems, the legal enforceability of any transfers effected over such payment systems and the finality and irrevocability of any transfers effected over such payment systems.
Part VIII of the Central Bank of Malta Act refers to relations with the Competent Authority
[MFSA] , which provides for an exchange of information, documentation, etc. which would also apply to matters related to the security settlement system operated by the MSE.
1.1 Organisation of the MSE
The management and control of the MSE are vested in the Board of Directors [͞the oard͟]. The Board is currently composed of five [5] non-executive members. The powers of the Board are set out within Article 40 of the Articles of Association of the MSE as well as in its Bye-laws [the Rules of the MSE]. The Board is vested with the power to transact all business of whatsoever nature not expressly reserved by a provision of any law currently in force to be exercised by the Company in General Meeting or in respect of which specific provisions has been made in the Articles of Association. In addition to the usual powers of company directors, the Board of the MSE may also admit financial instruments to any of its recognized lists and to trading, admit Members and authorize traders, admit Participants to the approved Securities Settlement System and also have the responsibility of monitoring of the market and appropriate reporting to the Competent Authority. Members of the Exchange must be duly licensed by the MFSA in terms of the Investment Services Act [Chap 370 of the Laws of Malta]. Members must have at least a Category 2 license SEC Des Off SM – V.1 -100113

as defined in the said Act which authorizes such license holders to deal on behalf of third parties and give advice. Members are authorised to trade on the regulated market operated by the MSE in accordance with the provisions of Chapter 3 [Membership] of its Bye-laws. Membership includes participation in MaltaClear. The Malta Stock Exchange also carries out market monitoring duties and reports any trading activity to the MFSA, on a daily basis. Monitoring of trading activity is carried out on an on-going basis by Compliance and Market Operations Office whose staff is well versed in trading and surveillance operations supported by appropriate market monitoring and surveillance software amongst others tools. In terms of its Articles of Association the Board may entrust to and confer upon a Chief Executive Officer any of the powers exercisable by them upon such terms and conditions and with such restrictions as they may think fit, and either collaterally with or to the exclusion of their own powers and may from time to time revoke, withdraw alter or vary all or any of such powers. Apart from the appointment of a Chief Executive Officer, the Board also has the power to appoint any Committee, to which it may delegate any of its functions, or to manage or oversee the carrying out of any of its functions. The Board shall determine the composition and specific terms of reference of any Committee so appointed. The Board has currently appointed two committees, namely, the Audit Committee and the Executive Committee, with specific terms of reference as laid down in the Bye-laws of the MSE [Chapter 2 – Administration] and as highlighted hereunder. Audit Committee The Audit Committee is composed of three [3] Directors of the Exchange so appointed by the Board one of whom shall be appointed as Chairman, the Financial Controller and any other person as may be deemed appropriate. The executive heading of the Operations Audit Office holds the post of Secretary. The terms of reference of the Audit Committee are inter alia, monitoring of the MSE’s expenditure and management of its investment portfolio, oversight of procurement and corporate financial restructuring. The Audit Committee also takes on the functions of a Remuneration Committee when appropriate. SEC Des Off SM – V.1 -100113

It should be noted that the MSE is a self-financing organisation, having declared profits each year throughout its 21 year history. The MSE’s earnings emanate primarily from fees charged in respect of the services it provides including, admission, trading, turnover, membership and CSD fees. The MSE also has an investment portfolio as a result of accumulated and undistributed profits earned over the years, resulting in the regular assessment of corporate financial investments which may require the occasional restructuring of the investment policy. The Fee structure that governs the Malta Stock Exchange operations is categorized under distinct areas:
 Admission to Listing, which are structured depending on whether the security is an equity / bond, or a fund.  Trading on the Exchange, based on a percentage on turnover commission and a per transaction fee  Clearing and settlement fees  CSD administration fees applied to issuers in respect of the maintenance of their registers  Custodial services Whilst the full schedule of fees and charges (Exchange notice 1) is available publicly through our website, a copy is enclosed for your perusal under appendix 7 Executive Committee The Board has appointed an Executive Committee, under the Chairmanship of the Chief Executive Office in terms of the Articles of Association of the MSE which also includes as its members the two most senior executives of the MSE. The senior executive heading Operations Audit Office holds the position of Secretary. The terms of reference of the Executive Committee are inter alia, to plan, formulate and implement development policies in line with the overall strategic objectives as laid down by the Board as well as to manage and administer the day-to-day business of the MSE, including the operations of the regulated market and of the CSD. SEC Des Off SM – V.1 -100113

Admission
As indicated above, the MSE no longer has responsibility for approval of listing, which responsibility has been transferred to the MFSA as Listing Authority; however, the Board has the power to grant admission to any of its recognized lists. The MSE operates two different Admission Boards – the Official (Main) List for Issuers that satisfy all requirements of the Prospectus Directive [Chapter 3 of the Listing Rules issued by the MFSA or equivalent in another jurisdiction] and the Alternative Companies List for Issues that do not satisfy the requirement of a three [3] year trading record [Chapter 10 of the Listing Rules]. Essentially, the difference between the two lists is the absence of a 3 year track record, since in both markets, the responsibilities of the Board are the same and the financial instruments are traded on the same platform in accordance with the same trading rules. Also in both cases, the applicant for Admission must appoint a Sponsor. In the event of a rejection of an application for admission, the issuer may request that the MSE’s oard of Directors reconsiders this decision, but this may be done at the oard’s sole discretion/ The table showing the criteria for admission to either of the MSE’s recognized lists is enclosed as
appendix 6. Issuers may request Admission to Listing together with subsequent trading on the
MSE’s secondary market, or just !dmission to listing because being a regulated market, financial instruments that are granted admission to listing may be traded anywhere within the EU by virtue of the EU Passporting mechanism. It will be noted, from the listing criteria, that in order to make an offering of a new security in Malta, under a regulated market regime, the prospective issuer must issue an offering memorandum, known as a prospectus. This detailed document outlines the business, objectives, ownership, broad prospects and plans, financial performance and estimates, and is usually created by the sponsor in close collaboration with the prospective Issuer. This document is submitted to the Listing Committee, which is established in terms of Article 14(1) of the FMA by the Listing Authority, which reviews such document and may request clarifications and / or amendments. The Listing Authority will not allow the assets to be admitted to Listing unless the Prospectus document is prepared to their complete satisfaction in accordance with the provisions included in the Listing Rules. The rules that govern this process form part of, and are in line with the EU directives governing the Listing of financial assets, and the Passporting Directive. The Listing Committee will make the relevant recommendation to the Listing Authority whether to approve the issue of the Prospectus or not. SEC Des Off SM – V.1 -100113

The Board of the MSE has delegated the scrutiny of applications for admission to the Executive Committee which will make recommendations to the Board whether the applicant is suitable for admission or not. The responsibilities of the Board in this respect are inter alia,  approval/rejection of applications for admission  issue of appropriate admission notices confirming admission  suspension and/or discontinuation of admission  disclosure requirements, such as the dissemination of information in respect of the continuing obligations of issuers, financial reporting, new management structures and operations, and material changes in respect of the market and operations of the listed companies. It should be noted that granting of admission to any of the Exchange’s recognised lists is subject to approval of the Prospectus by the Listing Authority or equivalent authority in an EEA jurisdiction or other recognised jurisdiction. Vetting of Prospectus by Listing Committee and recommendations to Listing Authority Approval/Rejection by Listing Authority or equivalent authority in EEA jurisdiction or other recognised jurisdiction Scrutiny of Admission Application and recommendations to Board of MSE who will approve/reject granting of admission Currently, the MSE is considering establishing and operating a multilateral trading facility. As operator of a regulated market, the operation of a multilateral trading facility does not SEC Des Off SM – V.1 -100113

necessitate the issue of a further license, however, in terms of the Financial Market Rules issued in virtue of the FMA, the rules governing such a trading facility will have to be approved by the MFSA. Whilst the rules require approval by the Competent Authority, admission of instruments to the MTF will lie solely under the discretion of the Malta Stock Exchange. Currently, the MSE admits the following instruments to its recognized lists and trading:
 Investment Funds, both open-ended and closed ended. In the case of open-ended funds, these are admitted to the MSE but are not traded on the regulated market since these are administered by the Fund Manager who sells and redeems units in the fund independently of the Exchange. Investment funds may have many structures including companies, unit trusts, mutual funds, etc.  Debt instruments including sovereign bonds, corporate bonds and special purpose vehicles.

 Equities – ordinary shares and preference shares

 Treasury Bills – money market instruments issued by the Government of Malta

The number of issuers which have instruments listed on the Malta Stock Exchange are:
Listed financial instrument issuers as at 3rd July 2013 Equities 14 Corporate Bonds 13 Equities and Corporate Bonds 9 Government Stocks and treasury bills 1 Treasury Bills 30 CIS – Closed Ended 1 CIS – Open Ended – Primary 11 CIS – Open Ended – Secondary 11 Structured Debt Instruments 1 The MSE may approve applications for both primary and secondary admission to any of its recognized lists and from both domestic as well as overseas companies, subject that they satisfy all the relevant requirements including, in the case of admission of financial instruments by overseas Issuers that their country of incorporation of the primary listing jurisdiction satisfies the criteria as an approved jurisdiction. A primary admission to a recognized list is when the issuer seeks to have his instruments listed in Malta and which have not previously been listed in any other jurisdiction. This is the most common case in respect of instruments listed and traded on the MSE. However, an issuer may opt to have a primary listing in a different jurisdiction, SEC Des Off SM – V.1 -100113

usually within the EU in order to benefit from the Passporting Directive, and seek to have the instruments also admitted through a secondary listing on the MSE. This will allow the instruments to be traded on the MSE, and may be adopted for marketing purposes, as well as to allow investors to benefit from the fiscal advantages available in respect of instruments that are listed on the MSE. The marketing consideration applies since investors may place a value on the fact that the instrument is listed in Malta. The approved jurisdiction is one that falls within the Competent Authority’s list of approved jurisdictions and from where there may be a secondary listing. These include (1) Member States, (2) an EEA State, (3) a member of the OECD, (4) a signatory of the IOSC) Multilateral Memorandum of Understanding, and (5) any other jurisdiction where the market is regulated and with whom the competent authority has a Memorandum of Understanding covering securities. A number of other instrument types may be admitted and traded on the MSE such as ETFs, which the MSE is considering in accordance with its strategy and business plan. The Listing Rules issued by the MFSA are available electronically [www.mfsa.com.mt]. The Admission Rules issued by the MSE are also available electronically [www.borzamalta.com.mt] and are also circulated in hard copy to all MSE Members, Issuers and Competent Authority. The Admission Rules include an Application for Admission that must be completed by all applicants and signed appropriately as well as a list of documents that must be appended to such application. Malta Government Stock issues admitted to the MSE have the highest aggregate capitalization and are the most heavily traded instruments on the market. The attached Appendices 1, 2 and 3 show the number of each type of financial instrument admitted to the MSE, the Official List and Alternative Companies List and Market Statistics as at 31 December 2012.
2.0 Association with a generally recognized community of brokers, dealers, banks or other
professional intermediaries with an established operating history The MSE’s membership consists of member firms [stockbrokers] duly licensed in terms of the Investments Services Act [Chap. 370 of the Laws of Malta] and who are authorized to trade on the MSE’s markets in accordance with the requirements of hapter 3 [Membership] of the Byelaws of the MSE. SEC Des Off SM – V.1 -100113

Upon authorization by the Malta Stock Exchange, Member Firms are also granted access to MaltaClear, the clearing and settlement system operated by the MSE in accordance with the Participation Rules as laid down in Bye-law 7.05.01. It is pointed out that MaltaClear Participation Rules provide that participation is not limited to Members of the MSE, but may include other interested parties, such as banks, and other financial intermediaries as authorised by the Malta Stock Exchange. As at 31 December 2012, there are twelve [12] licensed Member Firms authorized by the MSE and the Central Bank of Malta which is authorized as a Member for the purposes of trading in Malta Government Stocks and executing transactions of behalf of the Government in terms of bye-law 3.00.06. All the 12 Member Firms have been members for a long number of years, most from the inception of the Exchange in 1992, and all are based and operate from Malta. In January 2013 the Exchange approved a new Member [Joh. Berenberg, Grossler & Co. KG Hamburg, Germany] which is the first overseas Member to be granted access to trade on the MSE. A full list of the current Member Firms may be found in the attached Appendix 4. The criteria for Membership of the MSE are as laid down in bye-law 3.00.01 and are as detailed hereunder. Membership of the Exchange shall consist of persons  licensed in terms of the Investment Services Act (Cap. 370 of the Laws of Malta); or  European Investment Firms, either directly or indirectly; or  deemed by the Exchange to be fit and proper, to have sufficient level of trading ability and competence, to have sufficient financial resources and, where applicable, adequate organizational arrangements. Members of the MSE must be a corporation, partnership or legal entity licensed, regulated and supervised by the Malta Financial Services Authority in terms of the Investment Services Act or by an equivalent Competent Authority in any other approved jurisdiction. Furthermore, Members must satisfy the MSE that they have:
 an adequate number of trained personnel to carry out the trading function on their behalf  appointed a Systems Administrator who will assign relevant trading rights to the approved traders SEC Des Off SM – V.1 -100113

 appointed a Compliance Officer and have appropriate systems in place to be able to satisfactorily comply with their regulatory and compliance requirements  in place the relevant financial guarantees of a minimum of €23,300 required, through a pledge of cleared financial assets or Maltese Government issued or guaranteed financial assets, or other eligible assets accepted by the Eurosystem or a recognized bank guarantee in favour of, and acceptable to, the Exchange  understood and confirmed their adherence to all the rules and regulations of the MSE  adequate systems, accounts and procedures in place in order to satisfy their clearing and settlement obligations, reporting and record keeping obligations and as well as to satisfy their obligations with regard to Prevention of Money Laundering and Funding of Terrorism regulations  understood and confirmed their adherence to the Code of Conduct for Members as included as Appendix 3.6 to Chapter 3 of the Bye-laws which inter alia include general principles regarding honesty and fairness, due diligence, capabilities, information, client priority, conflicts of interest, compliance and confidentiality and professional secrecy, and  paid the appropriate fees. In particular, Members are required to keep records in sufficient detail to show particulars of its trading activities including all monies received and paid by the Member, including money paid into and disbursed from a clients’ account and all purchases and sales of securities transacted by the Member firm on behalf of clients, the charges and credits arising from such transactions and the names of the buying and selling clients. Furthermore, Appendix 3.6 to Chapter 3 of the Bye-laws governing Membership outlines the Members’ Code of Conduct in dealing with their clients and the Exchange and addresses matters such as –  honesty and fairness

 Diligence

 Capabilities

 Information for clients

 lients’ priority

 Conflicts of interest

 Compliance

 Confidentiality and professional secrecy.

SEC Des Off SM – V.1 -100113

Section 2.4 of this Appendix outlines in more detail the matters related to information about
clients, and stresses the continuing obligation imposed upon Members who should comply with the Prevention of Money Laundering and Funding of Terrorism Regulations and any guideline which may be issued from time to time by the Exchange. Furthermore, the Exchange establishes minimum requirements in respect of the information Members are required to obtain from existing or prospective clients. These should at least include the following:
 Full name and address
 Satisfactory evidence regarding the identity of the client  Written instructions from the client setting forth the terms and conditions under which the Member will render services to the clients, and  Sufficient details, obtained to the best of the Member’s ability, of the financial position and investment experience and objectives of a client as is relevant to the services to be provided by the Member. Applications for admission of financial instruments [with the exception of Malta Government Stocks and Treasury Bills] must be submitted by a Sponsor in terms of bye-law 5.00.05. A Sponsor must, in terms of Article 2.5 of the Listing Rules issued by the Malta Financial Services Authority  be in possession of a Category II or III license in terms of the Investment Services Act or authorized to provide investment services under Directive 2004/39/EC [as indicated above at least holding a Category 2 licence issued under the Investment Services Act which permits such licence holders to trade on behalf of clients, give advice and hold monies]  be independent of the Issuer, and  have adequate resources to fulfill the role expected of a Sponsor under the Listing Rules and be capable of giving the Applicant impartial advice before agreeing to accept the role. The adequate resources should be deemed adequate in terms of human resource skills, time, technological and financial resources that will allow the sponsor to fully carry out his duties and obligations. All Members of the MSE are Category II license holders in terms of the Investment Services Act and are, therefore, eligible to act as Sponsors to listing and admission applications. In terms of bye-laws 5.00.06 – 5.008 a Sponsor is responsible to:
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 guide and provide advice to the Board of Directors of the Applicant as to their responsibilities and obligations to ensure that they comply with the Bye-laws  accompany the Applicant to any meetings with the MSE as may be required and to be the channel of all communication between the MSE and the applicant  keep the Applicant aware of all information relevant to the application, and  lodge with the MSE the relevant application for admission together with the relevant supporting documentation.
3.0 Oversight by a Government or self-regulatory body
The MSE is authorized, regulated and supervised by the Malta Financial Services Authority [MFSA] under the FMA and the Financial Market Rules made thereunder [vide Section 4.0 hereunder]. The MFSA is a public authority set up by a special Act of Parliament, the Malta Financial Services Authority Act, 1988 [Chap. 330 of the Laws of Malta] as amended in 1994 and 2002, which establishes the MFSA as the regulator for financial services in Malta. The MFSA is the successor to the previous Malta Financial Services Centre and has assumed all its functions as well as new responsibilities as the regulator of investment exchanges and stockbroking firms. The MFSA has full oversight powers in respect of the MSE, and has access to the trading information on a daily basis. The MSE has a whistleblower role, through its Compliance and Market Operations Unit, which through its monitoring and surveillance processes may identify possible suspicious activity. Such events are immediately brought to the attention of the MFSA for any further action deemed appropriate, including any legal action. As Competent Authority responsible for the authorization, supervision and regulation of the MSE, the MFSA has issued a number of rules and regulations governing its activities and operations in line with EU legislation and applicable international standards. Regulations issued in terms of the FMA include:
 Financial Market Rules
 Financial Requirements and Financial Reporting Requirements applicable to regulated markets and CSDs  Guidelines in Relation to RMICAAP Requirements SEC Des Off SM – V.1 -100113

 Transfer of Listed Securities Regulations
 European Rights for Regulated Markets Regulations  Financial Markets Act Membership and Access Regulations  Financial Markets Act Off-market Deals Regulations  Regulated Markets Authorisation Requirements  Regulated Markets Fees Regulations  Financial Markets Act Transparency Regulations  Regulated Markets and Central Securities Depositories Fees Regulation  Central Securities Depository Authorisation Requirements Regulations  Central Securities Depository Control of Assets Regulation  Designated Financial Instruments Regulations Legislation and other Regulations related to the operations and functions of the MSE include:
Malta Financial Services Authority Act Cap. 330 Investment Services Act Cap. 370 Special Funds (Regulation) Act Cap. 450 Prevention of Money Laundering Act Cap. 373 Prevention of Financial Markets Abuse Act Cap. 476 Professional Secrecy Act Cap. 377 LN 521 of 2004 - Financial Conglomerates Regulations, 2004 S.L. 459.01 Financial Collateral Arrangements Regulations EU CRA Regulation – REGULATION (EC) No 1060/2009 S.L. 330.07 Distance Selling (Retail Financial Services) Regulations The MFSA regulates banking, financial institutions, insurance companies, investment services companies, securities, stock exchange and listing, trust management companies and pension schemes. Its main objectives are to:
SEC Des Off SM – V.1 -100113

 regulate, monitor and supervise financial services in Malta  promote the general interests and legitimate expectations of consumers of financial services, and to promote fair competition practices and consumer choice, and  advise the Government generally on the formulation of polices in the field of financial services and to make recommendations as to any action which in its opinion, would be expedient to take in relation to matters in respect of which it has such duties. The MFSA maintains relationships or is a member of a number of international regulatory and supervisory bodies, as indicated hereunder:
 EU Supervisory Structure – European Securities & Markets Authority [ESMA]

 EU Supervisory Structure – European Banking Authority [EBA]

 EU Supervisory Structure – European Insurance and Occupational Pensions Authority

[EIOPA]

 International Association of Insurance Supervisors [IAIS]

 International Organization of Securities Commissions [IOSCO]

 International Organization of Pensions Supervisors [IOPS]

Apart from the above, the MFSA as entered into 24 Memoranda of Understanding in 22 countries and two Letter Agreements with foreign regulators covering banking, insurance, securities, trusts, pension funds, exchange of information, etc. It has also entered into bilateral Memoranda of Understanding with local authorities including the Office of Fair Competition covering exchange of information and assistance and with the Central Bank of Malta in relation to exchange of information and security settlement systems. Furthermore, it has also entered into multilateral Memoranda of Understanding and Protocols with:
 Ministry of Finance/Central Bank of Malta in relation to co-operation in a financial crisis  UK Financial Service authority/EU Central Banks and Ministries of Finance in relation to financial stability

 CEIOPS on insurance and occupational pensions

 ESMA/IOSCO with regard to securities, and

 IAIS in relation to insurance.

Appendix 5 attached highlights conclusions of various assessments carried out.
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4.0 Oversight standards set by an existing body of law
In terms of Article 5 of the FMA, the MSE is subject to Financial Market Rules [also applicable to central securities depositories] including those stipulating Financial Resources and Financial Reporting Requirements as issued by the MFSA. These Rules are statutory requirements which are applied and enforced by the MFSA and include requirements in relation to notification of events relating to the regulated market, the information required in relation to such events and any other information as may be specified from time to time. The Financial Resources and Financial Reporting Requirements include:
 accounting, auditing, financial report and record keeping requirements, and  financial resources requirements and guidance on the compilation of the Financial Return. The Financial resources and reporting requirements stipulated in the Financial Market Rules can be abridged very briefly as follows:
 The capital resources requirement shall be the higher of either the initial capital or the sum of non-trading book business risk components, the trading book risk components, the commodities instruments – risk components, the large exposures risk component, the foreign exchange risk component and the operational risk component.  The Initial apital required shall be €730,000 for Regulated Market operators, €730,000 for SD operators, and €1,460,000 for both Regulated Markets and SD operators/ The Reporting requirements of the operators include the internal control mechanism, and procedures that permit verification of the operators’ compliance with the Rules. The Regulated Market must also submit to the Authority:
 an Annual financial return, as well as interim financial returns every 3 months, after the accounting reference date. The Financial returns establish the Capital resources requirement as outlined in the bullets above, and are compiled by the Malta Stock Exchange, as the Regulated Market Operator, and must be signed by at least 2 Directors of the Operator. Furthermore, the Operator must appoint an auditor who is approved by the MFSA.  monthly reports containing a summary of the main activities, and any additional information that may be required by the Authority from time to time. The reports shall include an overview of the market conditions, a list of new Members / Traders, a list of SEC Des Off SM – V.1 -100113

Traders who have been suspended from, or re-admitted to trading, a list of financial instruments granted admissibility to listing or trading, a list of financial instruments delisted or whose trading has been suspended, company announcements, notices issued, details on any investigations effected, and details of members which have sold instruments held in their own account as well as details on the transactions carried out, for the period under review.  Information of any material information concerning the Market, its Management, or its operations as soon as the Regulated Market becomes aware of this information.  a Certificate of Compliance for each 6-month period following the issue of the authorization.  A daily report of all the transactions carried out in instruments which are traded on the Regulated Market, including the ‘off-market transactions’/ The Rules establish the various triggers that lead to the notification – these may be time related, or changes in the various factors outlined above that form part of the compliance process that is managed by our Compliance Department on a daily basis. As the only regulated market, these are the only notifications required in the securities market. These notifications may be made in written form, or in electronic format.
Part V of the FMA vests the MFSA with the power to request information and with the power to
carry out supervisory inspection visits to the Exchange and have access to all the relevant information and documentation. The Financial Market Rules establish the form, methodology and time-frames with regard to any notifications made to the MFSA. Part II of the Financial Markets Rules establishes notification requirements in relation to:
 all financial instruments admitted to the MSE’s recognized lists including transparency calculations  the Bye-laws of the MSE and its constitutional documents including details of any Committees set up by the Board  appointment of officers and fees  arrangements for the fulfillment of its functions including IT systems and suspension thereof

 complaints and breaches, prevention of money laundering and market abuse

 products, services, trading hours and

 disciplinary action.

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As required by the Markets in Financial Instruments Directive (MiFID), the Exchange submits an updated list of all the shares admitted to trading on a regulated market and the associated transparency calculations for each share. These transparency calculations are updated regularly and ensure that the market is compliant with MIFID. The MFSA, as the Competent Authority, is able to conduct a supervisory visit to the MSE at its own discretion. This usually takes place every 2 years. If the Authority feels that special circumstances require a more frequent or urgent visit, then this can be carried out without notice. To date, no unscheduled inspections have been carried out on the MSE. We are not aware of what these special circumstances may be.
5.0 Reporting of transactions in financial instruments on a regular basis to governmental or
self-regulatory body
The MSE, has, since 2001, been a screen-based market, with no trading floor. All market orders are included in the electronic order-book and all OTC trades in financial instruments admitted to trading on the MSE are reported to the market via the MSE’s trading infrastructure. All trades are affected on the regulated market or reported to the market in the case of OTC trades by Members of the MSE. The trading hours, as stipulated in Appendix 4.1 of the Bye-laws are daily, from 0900 – 1230 hrs. OTC trading closes at 1500hrs. All Members of the MSE have access to Xetra, the trading platform currently in use by the MSE as part of their Membership requirement. Furthermore, all Members of the MSE have access to MaltaClear, the approved Security Settlement System operated by the MSE. Whilst the Members use the Xetra platform for trading purposes, they report all relevant details in respect of any individual trades that would have been concluded on the Exchange after trading has closed directly through an enriched Settlement Feed to the CSD which handles the Clearing and Settlement processes. The information received by the Exchange (including the transaction related information received by the CSD) is submitted to the MFSA. The MSE may suspend or terminate the access of a Member to the trading platform or any of his traders giving due notification to the Competent Authority where the MSE deems that the Member and or his trader/s is in default of his obligations or has in any way failed to satisfy any of the requirements of the FMA, any rules made thereunder or the Bye-laws of the MSE. The Board may also take any other disciplinary measures such as issuing of a statement of public SEC Des Off SM – V.1 -100113

censure or the imposition of an administrative penalty. No measures have ever taken place in this regard. All trades effected on the regulated market or OTC are disseminated to the public immediately on the MSE’s ticker and with a 15-minute delay on the MSE’s own website/ Information disseminated to the public includes, security name, volume transacted and price. The MSE disseminates publicly the information mentioned for all listed financial instruments, including Malta Government Stocks, Treasury Bills, Corporate Bonds and Equities. The information available to the public does not include any personal or client data due to confidentiality restrictions. The MSE has entered into a Market Data Dissemination Agreement with CEF, part of the Deutsche Bourse Group, with regard to dissemination of MSE market data to data vendors and other users. Members do not report directly to the MFSA, which is the Competent Authority. All trade and transaction reporting is done directly by the MSE through its own systems to the Competent Authority on a daily basis and information includes:
 Name of financial instrument traded
 Volume
 Price
 Counterparties [intermediaries]
 Underlying clients [information obtained through the clearing and settlement system/CSD]  Type of trade – regular market, OTC  Time Index values as well as other aggregated trading statistics may also be found on the MSE’s website, www.borzamalta.com.mt Price lists are also issued on a daily basis and include security name, total volume traded, number of trades and prices/ These may also be accessed on the Exchange’s website www.borzamalta.com.mt. The MSE may suspend trading in a financial instrument/s where, in the opinion of the MSE, the Issuer has failed to satisfy its obligations in terms of the FMA, any rules made thereunder or the SEC Des Off SM – V.1 -100113

Bye-laws, giving due notice to the Competent Authority and the reasons for such action taken. The obligations include the payment of any fees due to the Exchange, as well as compliance with continuing listing obligations, such as:
 The issuing of Company announcements in accordance with the Listing Rules and Prevention of Financial Markets Abuse Regulations,  Copies of their Annual Report, in electronic format if possible  Any changes in the Memorandum and Articles of Association of the Issuer company  The appointment of, or any changes made in respect of, the Compliance Officer The MSE’s trading platform includes Volatility Interruption mechanisms applicable during the continuous trading stage of the trading session which are triggered whenever the potential execution price of an order lies outside the dynamic and/or static price range from the dynamic reference price or the static reference price The dynamic price range is continuously moving as this is based on the last trade price affected. If the indicative prices of a trade lies outside the dynamic price range (4%) the security will go into auction. If at the end of the auction the price is still outside this range, the reference price is readjusted and the volatility interruption is terminated and the security goes back into continuous trading. The static price range is currently set at +/- 10%. This wider static range defines the maximum percentage deviation of an additional reference price which generally corresponds to the last price determined in an auction on the current trading day. Should this price not be available, the last traded price determined on one of the previous trading days is taken as the reference price. This is only readjusted during the trading day after auction price determination so that the position of the static price range remains largely unchanged during trading.
6.0 A system for exchange of price quotations through common communications media
The trading system is electronic order book driven, and relies on the Members representing their clients’ instructions through a relevant input of the bid / offer of the quoted security and the price parameters if applicable. The system monitors the various bids and offers on the system, and registers a match in the bid and offer price as a trade. Such trades are then reported by the system at the end of day, following which the members must identify the parties to the individual trades, giving all relevant details to enable the clearing and settlement processes to take place. SEC Des Off SM – V.1 -100113

Currently, no market makers operate within the Maltese market. However, new bye-laws in this respect have been drawn up which have been approved by the MFSA. These new rules will come into effect shortly. The rules provide that Market Makers will trade on the regular market and quotes will be deemed to be “limit orders”/ The rules establish criteria for.  Calculation of normal market volume and spreads  Entering, maintaining and refresh of two-way quotes  Reporting  Authorisation of market makers including suspension and revocation of such authorization  Contingency in the case of extra-ordinary market conditions, such as during strong price volatility situations, or one-way market conditions  Securities lending and related agreements The new rules will form part of the Bye-laws and will be included in Chapter 4 – Trading Procedures. Market-making operations and the market-makers will be licenced by the Market makers admission committee, which will be created from within the MSE, subject to eligibility criteria, and will be overseen by the Exchange. A market maker shall be obliged to input continuous bid and offer prices in accordance with the minimum quote volume, maximum quote spreads and the minimum refresh period during the continuous trading sessions of the relevant market. A market maker may only enter one quote (bid and offer price) per security at any given time on the market. All current and post trading reporting requirements applicable to Members shall apply to Market Makers.
7.0 An organized clearance and settlement system
Legal Notice 287 of 2004 amended by Legal Notice 335 of 2007 issued by virtue of Article 49 of the FMA provides that transfer of ownership of any listed financial instruments that are transacted on a regulated market is complete for all purposes of law upon the payment, in full and final settlement, of the consideration where such payment is effected through a payment system approved and authorized by the Central Bank of Malta in accordance with Article 36 of the Central Bank of Malta Act. [!ll OT trades are currently effected ͞free of payment͟]. SEC Des Off SM – V.1 -100113

The MSE operates a duly authorized securities settlement system, MaltaClear, governed by appropriate rules as set out in Chapter 7 of the Bye-laws. These rules include, inter alia:
 Responsibilities of the Operator including collateral, publication of data, systems failure  Rules regarding transfer of ownership reflecting the relevant Legal Notice as quoted above including delivery-versus-payment  Calculation of net balances  Calculation of accrued/rebate interest where appropriate  Calculation of gross settlement instruments  Settlement Cycles and time-tables  Registration at the CSD  Point of entry into the system  Participation criteria and responsibilities of participants including maintenance of settlement accounts  Suspension and revocation of participation/voluntary termination of participation  Default rules including novation, selling-out/buying-in, self-collateralisation, roll-back.  The appointment of executing banks and direct debit agreements, and  Penalties and Sanctions In circumstances where there is a lack of sufficient amount of instruments or settlement funds on Settlement Day, the Participant shall be informed accordingly. The Participant may  Inform the exchange in time, such that the purchased instruments will be registered in the buyer’s name, but pledged in favour of the credit institution providing the loan facility and deposit of funds (self-collateralisation),  Affect a selling-out procedure on T+3 to be settled on a T+0 basis in order to compensate for the failed settlement. Any loss incurred on such sale is to be borne by the defaulting Participant,  cover the shortfall by supplying the requisite amount from own balances held in his account with the CSD,  affect a Buying-in procedure on the next day that the trading system is available in order to purchase the instruments not available for settlement,  resort to a Roll-back procedure where lack of cash coverage persists despite all the above mentioned remedial actions. In this case, all trades that can be settled should be settled, and unsettled trades will be excluded from the netting balances. The transactions excluded will be settled on a gross basis on a T+4 basis. SEC Des Off SM – V.1 -100113

Participation in MaltaClear requires the provision of necessary financial support or guarantees by the operator in order to maintain the financial integrity and continued operations of MaltaClear. Participants must be (1) Members of the MSE, (2) an authorised intermediary, or (3) a central securities depository, clearing and settlement system, central counterparty or clearing house, or a signatory to the EU code of conduct on Clearing and Settlement. Participants must accept full responsibility for the discharge of all obligations arising from participation, and must comply with all relevant obligations and operational procedures as laid down in the rules. Participants shall also assume full responsibility for any consequences arising from lack of coverage of liquidity resources or financial instrument. They shall also be responsible for remitting to the seller, as soon as possible, the consideration received through his Executing Bank in respect of settlement of MaltaClear instructions. Current settlement rules provide for T+3 settlements in all securities except Treasury Bills which are settled on a T+0 basis. Clearing is on a netting basis except for Treasury Bills which are settled gross. Registration of balances within the CSD is on a gross basis in the names of the registered beneficial owners. The MSE has also entered implemented a link with Clearstream Banking Frankfurt for the settlement of cross-border transactions in Maltese financial instruments. This link is governed by a Custody Agreement and detailed Service Level Agreement and has been in operation since April 2011. Currently, all transactions over the link are Free of Payment, however DVP transactions will be included over the link shortly. This link is currently being assessed by the ECB. The MSE is also a signatory to the EU Code of Conduct on Clearing and Settlement. The MSE is also a signatory the Framework Agreement in relation to Target 2-Securities (T2S) [as operator of the CSD] and will be migrating in the first Migration Wave in June 2015. The Framework Agreement in relation to T2S followed a memorandum of understanding (MoU) signed in 2009 between the Eurosystem and 28 European central securities depositories (CSDs). The MoU provided the basis for the negotiations of a formal contractual agreement between the CSDs and the Eurosystem. According to the project timetable, the T2S platform should be operational in 2015. The fundamental objective of the T2S project is to integrate and harmonise the currently highly fragmented securities settlement infrastructure in Europe. It aims to reduce the costs of cross-border securities settlement within the euro area and participating non-euro countries, as well as to increase competition and choice amongst providers of post-trading services. SEC Des Off SM – V.1 -100113

The plan for the introduction of T2S is to have four migration waves of CSDs to T2S, starting with 22nd the first migration wave on June 2015, which will include the MSE amongst other participating CSDs. The fourth and last migration wave is scheduled for 6th February 2017.
8.0 Additional Information
The MSE is a full member of the following international organisations:
FESE Federation of European Securities Exchange WFE World Federation of Exchanges IOSCO International Organization of Securities Commissions [the MSE was a full member until 2002 when regulatory responsibility was transferred to the MFSA, however, the MSE has retained observer status] ECSDA European Central Securities Depositories Association [as operator of the Malta CSD] ANNA Association of National Numbering Agencies [the MSE has been designated as the NNA for Malta] Furthermore, the MSE has the status of a “recognized exchange” under HMR Rules [UK/ Kindly consider this submission as the MSE’s formal application as a Designated Offshore Securities Market within the meaning of SEC Rule 902 (b)(2). Should you require any further information or clarifications on the above, you may wish to contact the undersigned as follows:
Name: Ms Eileen V Muscat
Designation: Chief Executive
SEC Des Off SM – V.1 -100113

SEC Des Off SM – V.1 -100113
Address: Malta Stock Exchange plc
Garrison Chapel
Castille Place
Valletta VLT 1063
Malta
Tel No: +356 25 69 63 03
Mobile: +356 99 42 98 70
Fax No: +356 25 69 63 16
E-mail: evmuscat@borzamalta.com.mt
Your kind consideration of the above would be greatly appreciated.
With very kind regards.
Yours sincerely
Eileen V Muscat
Enc:

SEC Des Off SM – V.1 -100113
References:
[All documents referred to below are available in English] Financial Markets Act [Chap. 345 of the Laws of Malta] www.mfsa.com.mt Investment Services Act [Chap. 370 of the Laws of Malta] www.mfsa.com.mt Malta Financial Services Authority Act [Chap. 330 of the Laws of Malta] www.mfsa.com.mt Companies Act [Chap. 386 of the Laws of Malta] www.gov.mt ( http://finance.gov.mt/image.aspx?site=MFIN&ref=ab_Cap%20386%20Companies%20Act ) Legal Notice 287 of 2004 www.gov.mt ( http://www.justiceservices.gov.mt/DownloadDocument.aspx?app=lom&itemid=10150 ) Financial Market Rules and Financial Resources and Reporting Requirements www.mfsa.com.mt Central Bank of Malta Act [Chap. 204 of the Laws of Malta] www.centralbankmalta.org Listing Rules www.mfsa.com.mt Bye-laws of the Malta Stock Exchange www.borzamalta.com.mt Memorandum & Articles of Association Available from the MSE

SEC Des Off SM – V.1 -100113
List of Appendices
Appendix 1 Financial Instruments listed on the MSE as at
31.12.12
Appendix 2 Official List as at 31.12.12
Appendix 3 Official Trading Summary for 2012
Appendix 4 Member Firms as at 31.12.12
Appendix 5 Conclusions of Assessments
Appendix 6 Criteria for the admission to one of the MSE’s
recognized lists
Appendix 7 Exchange Notice 1 – Fees and charges

SEC Des Off SM – V.1. – Appendix 1
APPENDIX 1
Financial Instruments admitted to the MSE’s Recognised Lists as at 31.12.12 [Unless otherwise indicated all instruments are Primary Listed] Financial Instruments Number of Issues Equities – Main List Alternative Companies List 20 1 Corporate Bonds – Main List Alternative Companies List 42 3 Malta Government Stocks 54 Treasury Bills 24 Closed ended Collective Investment Scheme (Primary Listed) 1 Open ended Collective Investment Schemes (Primary Listed) 43 Collective Investment Schemes (Secondary Listed) 174 Structured Debt Instrument 1 TOTAL

Official List
Monday, December 31, 2012
Official List - Equity
Security ISIN Amount Listed Security Name Symbol Code Currency Listing MT0000020116 270,000,000 Bank of Valletta p.l.c. Ord €1.00 BOV EUR Primary MT0000030107 291,840,000 HSBC Bank Malta p.l.c. Ord €0.30 HSB EUR Primary MT0000040106 36,092,692 Lombard Bank Malta p.l.c. Ord €0.25 LOM EUR Primary MT0000050105 92,000,000 Middlesea Insurance p.l.c. Ord €0.21 MSI EUR Primary MT0000070103 30,000,000 Simonds Farsons Cisk p.l.c. Ord €0.30 SFC EUR Primary MT0000090101 101,310,488 GO p.l.c. Ord €0.582343 GO EUR Primary MT0000110107 554,238,573 International Hotel Investments p.l.c. Ord €1.00 IHI EUR Primary MT0000120106 28,242,000 Plaza Centres p.l.c. Ord €0.20 PZC EUR Primary MT0000170101 13,207,548 GlobalCapital p.l.c. Ord €0.291172 GCL EUR Primary MT0000180100 142,943,602 FIMBank p.l.c. Ord US$0.50 FIM USD Primary MT0000250101 81,179,990 Malta International Airport p.l.c. Ord €0.25 MIA EUR Primary MT0000310103 10,000,000 Medserv p.l.c. Ord €0.232937 MDS EUR Primary MT0000320102 10,000,000 Grand Harbour Marina p.l.c. Ord €0.232937 GHM EUR Primary MT0000350109 19,019,520 6pm Holdings p.l.c. Ord GBP0.20 6PM GBP Primary MT0000380106 28,940,000 Crimsonwing p.l.c. Ord €0.10 CW EUR Primary MT0000390105 32,688,600 MaltaPost p.l.c. Ord €0.25 MTP EUR Primary MT0000400102 39,999,956 RS2 Software p.l.c. Ord €0.20 RS2 EUR Primary MT0000420126 214,159,922 MIDI p.l.c. Ord €0.20 MDI EUR Primary MT0000480104 36,340,160 Island Hotels Group Holdings p.l.c. Ord €1.00 IHG EUR Primary MT0000610106 30,000,000 Malita Investments p.l.c. Ord B €0.50 MLT EUR Primary Official List - Corporate Bonds Security ISIN Amount Listed Security Name Symbol Code Currency Listing MT0000021262 50,000,000 5.35% Bank of Valletta plc Sub € 2019 BV19A EUR Primary MT0000021270 70,000,000 4.8% Bank of Valletta Plc Sub € 2020 BV20A EUR Primary MT0000021288 55,400,000 4.8% Bank of Valletta plc Notes 2018 BV18A EUR Primary MT0000021304 40,000,000 4.25% Bank of Valletta plc € Notes 2019 Series 2 Tranche 1 BV19B EUR Primary MT0000031220 58,234,390 4.6% HSBC Bank Malta Plc € 2017 HB17A EUR Primary MT0000031238 30,000,000 5.9% HSBC Bank Malta Plc € Sub 2018 HB18A EUR Primary MT0000061243 20,000,000 6% Gasan Finance Company plc € 2014-2016 GF16A EUR Primary MT0000071226 15,000,000 6% Simonds Farsons Cisk plc 2017 - 2020 SF20A EUR Primary MT0000073412 17,000,000 5.6% GlobalCapital plc € 2014/16 GC16A EUR Primary MT0000081217 11,647,819 6.7% AX Investments Plc 2014-2016 AX16A EUR Primary MT0000081225 1,730,884 4% AX Investments Plc 2013 AX13A EUR Primary MT0000101239 40,000,000 6.25% Corinthia Finance plc € 2016-2019 CF19A EUR Primary MT0000101254 7,500,000 6% Corinthia Finance plc € 2019-2022 CF22A EUR Primary MT0000111220 4,061,143 6.3% Int. Hotel Investments Plc 2013 IH13A EUR Primary MT0000111238 1,687,600 6.2%-6.8% Int. Hotel Invest. Plc € 2013 IH13B EUR Primary MT0000111246 12,500,000 6.5% Int. Hotel Invest. Plc € 2012/14 IH14A EUR Primary MT0000111253 35,000,000 6.25% Int. Hotel Invest. Plc € 2015-2019
IH19A EUR Primary MT0000111261 25,000,000 6.25% International Hotel Investments Plc € 2017 - 2020 IH20A EUR Primary MT0000111279 20,000,000 5.8% International Hotel Investments plc 2021 IH21A EUR Primary MT0000131210 12,000,000 6.75% United Finance Plc € 2014-2016 UF16A EUR Primary MT0000141219 15,000,000 6.6% Eden Finance plc 2017-2020 EF20A EUR Primary MT0000181215 23,579,500 7% FIMBank plc EUR 2012-2019 FB19A EUR Primary MT0000181223 8,107,800 7% FIMBank plc USD 2012-2019 FB19B USD Primary MT0000181231 19,263,600 4.25% FIMBank plc EUR 2013 FB13A EUR Primary MT0000181249 18,047,700 4.25% FIMBank plc USD 2013 FB13B USD Primary MT0000211210 30,000,000 6.2% Mizzi Org. Fin. plc € 2016-2019 MO19A EUR Primary MT0000231226 25,000,000 6.25% Tumas Investments plc € 2014-2016 TI16A EUR Primary MT0000231234 25,000,000 6.2% Tumas Investments plc € 2017 - 2020 TI20A EUR Primary MT0000321217 12,000,000 7% Grand Harbour Marina plc € 2017-2020 GH20A EUR Primary MT0000371212 14,757,659 7.5% Mediterranean Investments Holding plc EUR 2012-2014 MI14A EUR Primary MT0000371220 19,649,600 7.5% Mediterranean Investments Holding Plc € 2015 MI15A EUR Primary MT0000371238 28,519,400 7.15% Mediterranean Investments Holding plc Euro 2015-2017 MI17A EUR Primary MT0000371246 4,351,100 7.15% Mediterranean Investments Holding plc GBP 2015-2017 MI17B GBP Primary MT0000371253 7,120,300 7.15% Mediterranean Investments Holding plc USD 2015-2017 MI17C USD Primary MT0000421207 31,702,900 7% MIDI plc EUR 2016-2018 MD18A EUR Primary

Monday, December 31, 2012
Official List - Corporate Bonds
Security ISIN Amount Listed Security Name Symbol Code Currency Listing MT0000421215 7,214,300 7% MIDI plc GBP 2016-2018 MD18B GBP Primary MT0000481219 14,000,000 6.5% Island Hotels Group Holdings plc € 2017-2019 IG19A EUR Primary MT0000511205 24,735,600 6.8% Premier Capital plc € Bond 2017-2020 PC20A EUR Primary MT0000531203 9,000,000 5.35% Izola Bank plc Secured Notes 2015 IB15A EUR Primary MT0000551201 18,634,000 6.25% Mediterranean Bank plc EUR 2015 MB15A EUR Primary MT0000551227 10,156,000 7.5% Mediterranean Bank plc Subordinated Bonds EUR 2019 MB19A EUR Primary MT0000551235 1,911,000 7.5% Mediterranean Bank plc Subordinated Bonds GBP 2019 MB19B GBP Primary Official List - Malta Goverment Bonds Security ISIN Amount Listed Security Name Symbol Code Currency Listing MT0000010786 79,781,860 7.8% MGS 2013 G13A EUR Primary MT0000010828 163,057,021 7.8% MGS 2018 G18A EUR Primary MT0000010901 102,493,253 6.6% MGS 2019 G19A EUR Primary MT0000010943 69,882,174 6.10% MGS 2015 G15A EUR Primary MT0000010976 24,459,140 6.6% MGS 2014 G14A EUR Primary MT0000010984 69,883,069 6.65% MGS 2016 G16A EUR Primary MT0000010992 69,882,324 6.45% MGS 2014 (II) G14B EUR Primary MT0000011016 60,565,893 6.35% MGS 2013 (II) G13B EUR Primary MT0000011040 116,518,196 5.9% MGS 2015(II) G15B EUR Primary MT0000011115 388,915,541 5.1% MGS 2014 (III) G14C EUR Primary MT0000011123 78,811,283 5.5% MGS 2023 (I) G23A EUR Primary MT0000011131 155,370 7% MGS 2013 (III) G13C EUR Primary MT0000011149 186,351,758 4.8% MGS 2016 (II) G16B EUR Primary MT0000011164 458,844,653 5% MGS 2021(I) G21A EUR Primary MT0000011172 71,047,725 5.1% MGS 2022(I) G22A EUR Primary MT0000011206 4,003,727 7% MGS 2014(IV) G14D EUR Primary MT0000011271 678,780 7% MGS 2015(III) G15C EUR Primary MT0000011305 804,571 7% MGS 2015 (IV) G15D EUR Primary MT0000011321 3,390,636 7% MGS 2016 (III) G16C EUR Primary MT0000011347 668,998 7% MGS 2017 G17A EUR Primary MT0000011370 52,407,462 5.2% MGS 2020 (I) G20A EUR Primary MT0000011404 10,338,691 7% MGS 2017 (II) G17B EUR Primary MT0000011438 326,700 7% MGS 2018 (II) G18B EUR Primary MT0000011461 6,542,600 7% MGS 2018 (III) G18C EUR Primary MT0000011511 140,514,800 3.6% MGS 2013 (IV) G13D EUR Primary MT0000011545 13,670,000 7% MGS 2019 (II) G19B EUR Primary MT0000011602 158,327,200 4.6% MGS 2020 (II) G20B EUR Primary MT0000011610 131,545,100 3.75% MGS 2015(VI) G15F EUR Primary MT0000011651 440,165,700 5.25% MGS 2030 (I) G30A EUR Primary MT0000011669 430,700 7% MGS 2020 (III) G20C EUR Primary MT0000011719 263,853,300 4.25% MGS 2017 (III) G17C EUR Primary MT0000011750 466,000 7% MGS 2021 (II) G21B EUR Primary MT0000011768 2,858,800 7% MGS 2021 (III) R G21C EUR Primary MT0000011818 158,145,275 4.3% MGS 2016 (IV) G16D EUR Primary MT0000011883 201,343,600 5.2% MGS 2031 (I) G31A EUR Primary MT0000011891 210,970,100 4.3% MGS 2022 (II) G22B EUR Primary MT0000011909 48,052,800 3.75% MGS 2017 (IV) G17D EUR Primary MT0000011958 79,144,900 5.1% MGS 2029 (I) G29A EUR Primary
MT0000011982 1,318,800 7% MGS 2022 (III) R G22C EUR Primary MT0000011990 2,358,900 3.75% MGS 2017 (IV) FI Nov 12r G17DC EUR Primary MT0000012006 1,400,000 3.75% MGS 2017 (IV) FI Nov 12 I G17DD EUR Primary MT0000012014 21,399,300 4.3% MGS 2022 (II) FI Nov 12 r G22BE EUR Primary MT0000012022 7,800,000 4.3% MGS 2022 (II) FI Nov 12 I G22BF EUR Primary MT0000012030 97,029,000 4.8% MGS 2028 (I) r G28AA EUR Primary MT0000012048 10,000,500 4.8% MGS 2028 (I) I G28AB EUR Primary MT0000012063 20,152,000 3.75% MGS 2017 (IV) FI Dec 12 G17DE EUR Primary MT0000012071 121,431,000 3.85% MGS 2018 (V) G18E EUR Primary MT1000010008 29,800,000 Floating Rate 6 Month Euribor MGS 2015 (V) G15E EUR Primary

Monday, December 31, 2012
Official List - Malta Goverment Bonds
Security ISIN Amount Listed Security Name Symbol Code Currency Listing MT1000010016 7,250,000 Floating Rate 6 Month Euribor MGS 2013 (V) G13E EUR Primary MT1000010024 30,000,000 Floating Rate 6 Month Euribor MGS 2013 (VI) G13F EUR Primary MT1000010032 52,000,000 Floating Rate 6 Month Euribor MGS 2013 (VII) G13G EUR Primary MT1000010040 24,000,000 Floating Rate 6 Month Euribor MGS 2014 (V) G14E EUR Primary MT1000010057 25,000,000 Floating Rate 6 Month Euribor MGS 2017 (V) G17E EUR Primary MT1000010065 31,400,000 Floating Rate 6 Month Euribor MGS 2018 (IV) G18D EUR Primary Official List - Treasury Bills Security ISIN Amount Listed Security Name Symbol Code Currency Listing MT3100012199 1,000,000 91 Day Treasury Bill 05.10.12-04.01.13 B1301 EUR Primary MT3100012207 4,061,000 91 Day Treasury Bill 12.10.12 - 11.01.13 B1302 EUR Primary MT3100012215 10,350,000 91 Day Treasury Bill 19.10.12 - 18.01.13 B1303 EUR Primary MT3100012223 4,999,000 91 Day Treasury Bill 26.10.12-25.01.13 B1304 EUR Primary MT3100012231 1,050,000 91 Day Treasury Bill 23.11.12 - 22.02.13 B1308 EUR Primary MT3100012249 1,750,000 91 Day Treasury Bill 30.11.12 - 01.03.13 B1309 EUR Primary MT3100012256 13,600,000 91 Day Treasury Bill 07.12.12 - 08.03.13 B1310 EUR Primary MT3100012264 14,200,000 91 Day Treasury Bill 14.12.12 - 15.03.13 B1311 EUR Primary MT3100012272 11,250,000 91 Day Treasury Bill 21.12.12 - 22.03.13 B1312 EUR Primary MT3200011133 5,000,000 182 Day Treasury Bill 06.07.12 - 04.01.13 C1301 EUR Primary MT3200011141 3,000,000 182 Day Treasury Bill 13.07.12 - 11.01.13 C1302 EUR Primary MT3200011158 14,000,000 182 Day Treasury Bill 20.07.12 - 18.01.13 C1303 EUR Primary MT3200011166 10,000,000 182 Day Treasury Bill 27.07.12 - 25.01.13 C1304 EUR Primary MT3200011174 3,000,000 182 Day Treasury Bill 10.08.12 - 08.02.13 C1306 EUR Primary MT3200011182 7,000,000 183 Day Treasury Bill 20.09.12-22.03.13 C1312 EUR Primary MT3200011190 4,000,000 181 Day Treasury Bill 28.09.12 - 28.03.13 C1313 EUR Primary MT3200011224 5,000,000 181 Day Treasury Bill 07.12.12 - 06.06.13 C1323 EUR Primary MT3200011232 5,000,000 182 Day Treasury Bill 14.12.12 - 14.06.13 C1324 EUR Primary MT3300010480 3,051,000 274 Day Treasury Bill 05.04.12 - 04.01.13 D1301 EUR Primary MT3300010498 8,000,000 273 Day Treasury Bill 13.04.12-11.01.13 D1302 EUR Primary MT3300010506 5,000,000 273 Day Treasury Bill 28.09.12 - 28.06.13 D1326 EUR Primary MT3300010514 10,322,000 273 Day Treasury Bill 02.11.12 - 02.08.13 D1331 EUR Primary MT3400010067 4,000,000 364 Day Treasury Bill 13.04.12-12.04.13 E1315 EUR Primary MT3400010075 5,500,000 364 Day Treasury Bill 05.10.12-04.10.13 E1340 EUR Primary Official List - Closed Ended Collective Investment Funds Security ISIN Amount Listed Security Name Symbol Code Currency Listing MT0000290107 1,665,176 Santumas Shareholdings p.l.c. Ord €0.582343 STUM EUR Primary Official List - Collective Investment Schemes Security ISIN Security Name Currency Listing LU0132414490 Aberdeen Global Sicav -
Emerging Markets Bond Fund B2 Shares USD Primary LU0132413682 Aberdeen Global Sicav - Emerging Markets Bond Fund Income B1 USD Primary LU0119176823 Aberdeen Global Sicav – European High Yield Bond Fund Class B1 EUR Primary LU0119177631 Aberdeen Global Sicav – European High Yield Bond Fund Class B2 EUR Primary MT0000072273 Amalgamated Growth and Income Fund EUR Primary MT0000075557 APS Funds SICAV plc - APS Income Fund - Accumulator EUR Primary MT0000075565 APS Funds SICAV plc - APS Income Fund - Distributor EUR Primary MT0000072158 Global Funds Sicav plc - Global Bond Fund Plus - Accumulator Shares EUR Primary MT0000072257 Global Funds Sicav plc - Malta Privatisation and Equity Fund EUR Primary MT0000072687 Global Funds Sicav plc - Melita International Equity Fund USD Primary MT0000072042 HSBC Malta Funds Sicav plc Malta Bond Fund - Accumulator Shares EUR Primary MT0000072711 HSBC Malta Funds Sicav plc Malta Bond Fund - Income Shares EUR Primary MT0000072166 HSBC No-Load Funds Sicav plc Malta Government Bond Fund - Accumulator Shares EUR Primary MT0000072729 HSBC No-Load Funds Sicav plc Malta Government Bond Fund - Income Shares EUR Primary MT0000072174 HSBC No-Load Funds Sicav plc Maltese Assets Fund - Accumuluator Shares EUR Primary MT0000072737 HSBC No-Load Funds Sicav plc Maltese Assets Fund - Income Shares EUR Primary MT0000074709 HSBC No-Load Funds SICAV Plc Maltese Money Market Fund - Accumulator Shares EUR Primary MT7000001871 JFP Investments SICAV plc - JFP Emerging Europe Momentum Fund - Class B Shares EUR Primary

Monday, December 31, 2012
Official List - Collective Investment Schemes
Security ISIN Security Name Currency Listing
MT7000001889 JFP Investments SICAV plc - JFP Emerging Europe Momentum Fund - Class C Shares USD Primary MT0000073198 La Valette Euro Malta Money Fund - Institutional Class EUR Primary MT0000073180 La Valette Euro Malta Money Fund - Retail Class EUR Primary MT0000072067 La Valette Malta Bond Fund - Accumulator Shares EUR Primary MT0000072547 La Valette Malta Bond Fund - Distributor Shares EUR Primary MT0000072034 La Valette Malta Fund - Accumulator Shares EUR Primary MT0000072604 La Valette Malta Fund - Distributor Shares EUR Primary MT7000001012 RohFund Global SICAV plc - SIPA Balanced Fund - Class D Non-Voting Accumulation Shares GBP Primary MT0000078833 RohFund Growth Fund - Class C Non-Voting Accumulation Shares EUR Primary MT0000078841 RohFund Income Fund - Class B Non-Voting Distribution Shares EUR Primary MT0000075151 The Timeless Energy Fund Sicav - Class B Non-Voting Accumulation Shares EUR Primary MT0000072612 The Timeless Precious Metals Fund Sicav plc EUR Primary MT0000074956 Vilhena Diversified Multi-Manager Income Fund EUR Primary MT0000074048 Vilhena Dynamic Multi-Manager Fund EUR Primary MT0000072638 Vilhena European Multi Manager Fund EUR Primary MT0000074345 Vilhena Global Themed Fund - EUR Class EUR Primary MT0000072448 Vilhena Global Themed Fund - USD Class USD Primary MT0000072075 Vilhena Malta Fund - Accumulator Shares EUR Primary MT0000072570 Vilhena Malta Fund - Distributor Shares EUR Primary MT0000072125 Vilhena Malta Government Bond Fund - Accumulator Shares EUR Primary MT0000072554 Vilhena Malta Government Bond Fund - Distributor Shares EUR Primary MT0000072646 Vilhena UK Multi Manager Fund GBP Primary MT0000072653 Vilhena US Multi Manager Fund USD Primary MT0000072265 Wignacourt Malta Fund - Accumulator Shares EUR Primary MT0000072588 Wignacourt Malta Fund - Distributor Shares EUR Primary IE0004019158 Aberdeen Global – High Yield Bond Fund D1 GBP Secondary LU0132413252 Aberdeen Global Sicav - Emerging Markets Bond Fund A1 Shares USD Secondary LU0132414144 Aberdeen Global Sicav - Emerging Markets Bond Fund A2 Shares USD Secondary LU0119174026 Aberdeen Global Sicav – European High Yield Bond Fund Class A1 EUR Secondary LU0119176310 Aberdeen Global Sicav – European High Yield Bond Fund Class A2 EUR Secondary LU0286668966 Fidelitv Funds Sicav Asian High Yield Fund (Share Class A-ACC-EUR) EUR Secondary LU0286668453 Fidelitv Funds Sicav Asian High Yield Fund (Share Class A-ACC-USD) USD Secondary LU0286670517 Fidelitv Funds Sicav Multi Asset Navigator (Share Class A-ACC-USD) USD Secondary LU0286670350 Fidelitv Funds Sicav Multi Asset Navigator (Share Class A-USD) USD Secondary LU0069450822 Fidelity America Fund (A Class Shares) – EURO EUR Secondary LU0238205958 Fidelity Emerging Market Debt Fund (A Class Accumulation Shares)) USD Secondary LU0238203821 Fidelity Emerging Market Debt Fund (A Class Shares) EUR Secondary LU0238205446 Fidelity Emerging Market Debt Fund (A Class Shares) USD Secondary LU0238205289 Fidelity Emerging
Market Debt Fund (A Class, Accumulation Shares) EUR Secondary LU0238202427 Fidelity European Fund (A Class, Accumulation Shares) EUR Secondary LU0048573561 Fidelity Funds - America Fund USD Secondary LU0251127410 Fidelity Funds - America Fund A-ACC-Euro EUR Secondary LU0187122535 Fidelity Funds - American Diversified EUR Shares EUR Secondary LU0261960354 Fidelity Funds - American Diversified Fund A-ACC-Euro EUR Secondary LU0187121727 Fidelity Funds - American Diversified USD Shares USD Secondary LU0077335932 Fidelity Funds - American Growth Fund USD Secondary LU0275692696 Fidelity Funds - American Growth Fund A-ACC-Euro EUR Secondary LU0346393456 Fidelity Funds - American Growth Fund A-ACC-Euro (hedged) EUR Secondary LU0048573645 Fidelity Funds - ASEAN Fund USD Secondary LU0270844946 Fidelity Funds - Asia Pacific Property Fund (A-ACC-Euro) EUR Secondary LU0270844607 Fidelity Funds - Asia Pacific Property Fund (A-Euro) EUR Secondary LU0270844359 Fidelity Funds - Asia Pacific Property Fund (A-USD) USD Secondary LU0345361124 Fidelity Funds - Asian Aggressive Fund (A-ACC-Euro) EUR Secondary LU0345360662 Fidelity Funds - Asian Aggressive Fund (A-Euro) EUR Secondary LU0345359904 Fidelity Funds - Asian Aggressive Fund (A-USD) USD Secondary LU0054237671 Fidelity Funds - Asian Special Situations Fund USD Secondary LU0413542167 Fidelity Funds - Asian Special Situations Fund A-ACC-Euro EUR Secondary LU0048574536 Fidelity Funds - Australia Fund AUD Secondary

Monday, December 31, 2012
Official List - Collective Investment Schemes
Security ISIN Security Name Currency Listing
LU0318931192 Fidelity Funds - China Focus Fund A-Acc EUR Secondary LU0173614495 Fidelity Funds - China Focus Fund USD Shares USD Secondary LU0329678410 Fidelity Funds - Emerging Asia Fund (AA-ACC-Euro) EUR Secondary LU0329678337 Fidelity Funds - Emerging Asia Fund (A-ACC-USD) USD Secondary LU0329678253 Fidelity Funds - Emerging Asia Fund (A-Euro) EUR Secondary LU0329678170 Fidelity Funds - Emerging Asia Fund (A-USD) USD Secondary LU0048575426 Fidelity Funds - Emerging Markets Fund USD Secondary LU0307839646 Fidelity Funds - Emerging Markets Fund A-Euro EUR Secondary LU0052588471 Fidelity Funds - Euro Balanced Fund EUR Secondary LU0261950553 Fidelity Funds - Euro Balanced Fund A-ACC-Euro EUR Secondary LU0088814487 Fidelity Funds - Euro Blue Chip Fund EUR Secondary LU0251128657 Fidelity Funds - Euro Blue Chip Fund A-ACC-Euro EUR Secondary LU0048579097 Fidelity Funds - Euro Bond Fund EUR Secondary LU0251130638 Fidelity Funds - Euro Bond Fund A-ACC-Euro EUR Secondary LU0064964074 Fidelity Funds - Euro Cash Fund EUR Secondary LU0261953490 Fidelity Funds - Euro Cash Fund A-ACC-Euro EUR Secondary LU0370787193 Fidelity Funds - Euro Corporate Bond Fund A-ACC-Euro EUR Secondary LU0267388220 Fidelity Funds - Euro Short Term Bond Fund (A-ACC-Euro) EUR Secondary LU0083291335 Fidelity Funds - European Aggressive Fund EUR Secondary LU0251129465 Fidelity Funds - European Aggressive Fund A-ACC-Euro EUR Secondary LU0261959422 Fidelity Funds - European Dynamic Growth A-ACC-Euro EUR Secondary LU0119124781 Fidelity Funds - European Dynamic Growth Fund EUR Secondary LU0048578792 Fidelity Funds - European Growth Fund EUR Secondary LU0110060430 Fidelity Funds - European High Yield Fund EUR Secondary LU0251130802 Fidelity Funds - European High Yield Fund A-ACC-Euro EUR Secondary LU0251129549 Fidelity Funds - European Larger Companies Fund A-ACC-Euro EUR Secondary LU0119124278 Fidelity Funds - European Larger Companies Funds EUR Secondary LU0061175625 Fidelity Funds - European Smaller Companies Fund EUR Secondary LU0261951528 Fidelity Funds - European Smaller Companies Fund A-ACC-Euro EUR Secondary LU0329678766 Fidelity Funds - European Special Situations Fund (A-ACC-Euro) EUR Secondary LU0329678501 Fidelity Funds - European Special Situations Fund (A-Euro) EUR Secondary LU0251131446 Fidelity Funds - Fidelity TargetTM 2015 (Euro) Fund A-ACC-Euro EUR Secondary LU0251131289 Fidelity Funds - Fidelity TargetTM 2020 (Euro) Fund A-ACC-Euro EUR Secondary LU0251131792 Fidelity Funds - Fidelity TargetTM 2025 (Euro) Fund A-ACC-Euro EUR Secondary LU0251131362 Fidelity Funds - Fidelity TargetTM 2030 (Euro) Fund A-ACC-Euro EUR Secondary LU0251119078 Fidelity Funds - Fidelity TargetTM 2035 (Euro) Fund A-ACC-Euro EUR Secondary LU0251120084 Fidelity Funds - Fidelity TargetTM 2040 (Euro) Fund A-ACC-Euro EUR Secondary LU0048579410 Fidelity Funds - France Fund EUR Secondary LU0261948060 Fidelity Funds - France Fund A-ACC-Euro EUR Secondary LU0048580004 Fidelity Funds - Germany Fund EUR
Secondary LU0261948227 Fidelity Funds - Germany Fund A-ACC-Euro EUR Secondary LU0114721508 Fidelity Funds - Global Consumer Industries Fund EUR Secondary LU0114722498 Fidelity Funds - Global Financial Services Fund EUR Secondary LU0157215616 Fidelity Funds - Global Focus Fund USD Secondary LU0114720955 Fidelity Funds - Global Health Care Fund EUR Secondary LU0261952419 Fidelity Funds - Global Health Care Fund A-ACC-Euro EUR Secondary LU0114722902 Fidelity Funds - Global Industrials Fund EUR Secondary LU0267387255 Fidelity Funds - Global Opportunities Fund (A-ACC-Euro) EUR Secondary LU0267387172 Fidelity Funds - Global Opportunities Fund (A-Euro) EUR Secondary LU0267386448 Fidelity Funds - Global Opportunities Fund (A-USD) USD Secondary LU0099574567 Fidelity Funds - Global Technology Fund EUR Secondary LU0099575291 Fidelity Funds - Global Telecommunications Fund EUR Secondary LU0261951957 Fidelity Funds - Global Telecommunications Fund A-ACC-Euro EUR Secondary LU0048580855 Fidelity Funds - Greater China Fund USD Secondary LU0138981039 Fidelity Funds - Growth & Income Fund USD Secondary LU0048581077 Fidelity Funds - Iberia Fund EUR Secondary LU0261948904 Fidelity Funds - Iberia Fund A-ACC-Euro EUR Secondary LU0197230542 Fidelity Funds - India Focus Fund EUR Shares EUR Secondary

Monday, December 31, 2012
Official List - Collective Investment Schemes
Security ISIN Security Name Currency Listing
LU0197230971 Fidelity Funds - India Focus Fund GBP Shares GBP Secondary LU0197229882 Fidelity Funds - India Focus Fund USD Shares USD Secondary LU0055114457 Fidelity Funds - Indonesia Fund USD Secondary LU0048582984 Fidelity Funds - International Bond Fund USD Secondary LU0337577430 Fidelity Funds - International Bond Fund A-Acc (hedged) EUR Secondary LU0048584097 Fidelity Funds - International Fund USD Secondary LU0251129895 Fidelity Funds - International Fund A-ACC-Euro EUR Secondary LU0048584766 Fidelity Funds - Italy Fund EUR Secondary LU0161332480 Fidelity Funds - Japan Advantage Fund JPY Secondary LU0413543058 Fidelity Funds - Japan Advantage Fund A-ACC-Euro EUR Secondary LU0048585144 Fidelity Funds - Japan Fund JPY Secondary LU0251130042 Fidelity Funds - Japan Fund A-ACC-Euro EUR Secondary LU0048587603 Fidelity Funds - Japan Smaller Companies Fund JPY Secondary LU0061324488 Fidelity Funds - Korea Fund USD Secondary LU0050427557 Fidelity Funds - Latin America Fund USD Secondary LU0048587868 Fidelity Funds - Malaysia Fund USD Secondary LU0393653166 Fidelity Funds - Multi Asset Strategic Defensive Fund A-ACC-Euro EUR Secondary LU0393653596 Fidelity Funds - Multi Asset Strategic Defensive Fund A-ACC-Euro (Hedged) EUR Secondary LU0413543991 Fidelity Funds - Multi Asset Strategic Defensive Fund A-Euro EUR Secondary LU0048588080 Fidelity Funds - Nordic Fund SEK Secondary LU0049112450 Fidelity Funds - Pacific Fund USD Secondary LU0080751232 Fidelity Funds - Portfolio Selector Global Growth Fund USD Secondary LU0303816028 Fidelity Funds - SICAV Emerging Europe Middle East and Africa Fund (Share Class A- Euro) EUR Secondary LU0303816705 Fidelity Funds - SICAV Emerging Europe Middle East and Africa Fund (Share Class A-ACC-Euro) EUR Secondary LU0303823156 Fidelity Funds - SICAV Emerging Europe Middle East and Africa Fund (Share Class A-ACC-USD) USD Secondary LU0303821028 Fidelity Funds - SICAV Emerging Europe Middle East and Africa Fund (Share Class A-USD) USD Secondary LU0296857971 Fidelity Funds - SICAV European Growth Fund (Share Class A-ACC-Euro) EUR Secondary LU0267387685 Fidelity Funds - SICAV Multi Asset Strategic Fund (Share Class A-ACC-Euro) EUR Secondary LU0267387503 Fidelity Funds - SICAV Multi Asset Strategic Fund (Share Class A-Euro) EUR Secondary LU0267386521 Fidelity Funds - SICAV Multi Asset Strategic Fund (Share Class A-USD) USD Secondary LU0048588163 Fidelity Funds - Singapore Fund USD Secondary LU0048597586 Fidelity Funds - South East Asia Fund USD Secondary LU0261946445 Fidelity Funds - South East Asia Fund A-ACC-Euro EUR Secondary LU0048620586 Fidelity Funds - Sterling Bond Fund GBP Secondary LU0054754816 Fidelity Funds - Switzerland Fund CHF Secondary LU0075458603 Fidelity Funds - Taiwan Fund USD Secondary LU0048621477 Fidelity Funds - Thailand Fund USD Secondary LU0048621717 Fidelity Funds - United Kingdom Fund GBP Secondary LU0048622798 Fidelity Funds - US Dollar Bond Fund USD Secondary LU0064963852 Fidelity Funds - US Dollar
Cash Fund USD Secondary LU0132282301 Fidelity Funds - US High Yield Fund USD Secondary LU0261953904 Fidelity Funds - US High Yield Fund A-ACC-Euro EUR Secondary LU0069449576 Fidelity Funds - World Fund EUR Secondary LU0157922724 Fidelity Global Focus Fund (A Class Shares) – EURO EUR Secondary LU0157924183 Fidelity Global Focus Fund (A Class Shares) – GBP GBP Secondary LU0237697510 Fidelity Global Property Fund (A Class Shares) EUR Secondary LU0237698245 Fidelity Global Property Fund (A Class Shares) USD Secondary LU0237698914 Fidelity Global Property Fund (A Class Shares) USD Secondary LU0237697940 Fidelity Global Property Fund (A Class, Accumulation Shares) GBP Secondary LU0237698757 Fidelity Global Property Fund (A Class, Accumulation Shares) EUR Secondary LU0069451390 Fidelity International Fund (A Class Shares) – EURO EUR Secondary LU0069452018 Fidelity Japan Fund (A Class Shares) – EURO EUR Secondary LU0069452877 Fidelity South East Asia Fund (A Class Shares) – EURO EUR Secondary LU0172516436 Fidelity Target™ 2015 (Euro) Fund - (Share Class A-Euro) EUR Secondary LU0172516865 Fidelity Target™ 2020 (Euro) Fund - (Share Class A-Euro) EUR Secondary LU0147748072 Fidelity Target™ 2020 Fund - (Share Class A-USD) USD Secondary LU0215158840 Fidelity Target™ 2025 (Euro) Fund - (Share Class A-Euro) EUR Secondary LU0215159145 Fidelity Target™ 2030 (Euro) Fund - (Share Class A-Euro) EUR Secondary

Monday, December 31, 2012
Official List - Collective Investment Schemes
Security ISIN Security Name Currency Listing
LU0251118260 Fidelity Target™ 2035 Euro Fund (Share Class A) EUR Secondary LU0251119318 Fidelity Target™ 2040 Euro Fund (Share Class A) EUR Secondary IE0005022946 Lazard Global Active Fund plc Emerging World Fund USD Secondary IE0005060367 Lazard Global Active Fund plc European Equity Fund EUR Secondary IE0005061001 Lazard Global Active Fund plc Japanese Equity Fund JPY Secondary IE0005062074 Lazard Global Active Fund plc North American Equity Fund USD Secondary IE0005060581 Lazard Global Active Fund plc Pan European Equity Fund EUR Secondary IE0005062744 Lazard Global Active Fund plc UK Equity Fund GBP Secondary IE0030989507 Lazard Global Active Funds plc Global Fixed Income Fund USD Secondary IE0030989614 Lazard Global Active Funds plc Sterling High Quality Bond Fund GBP Secondary GB0005222559 Lloyds TSB Money Fund Australian Dollars AUD Secondary GB0005204903 Lloyds TSB Money Fund Euro EUR Secondary GB0005225601 Lloyds TSB Money Fund New Zealand Dollars NZD Secondary GB0005222475 Lloyds TSB Money Fund Sterling STG Secondary GB0005222582 Lloyds TSB Money Fund US Dollars USD Secondary GB0008717562 Lloyds TSB Offshore Fund Ltd Euro High Income Fund EUR Secondary GB0030726193 Lloyds TSB Offshore Fund Ltd Sterling Bond Fund GBP Secondary GB0001096394 Lloyds TSB Offshore Funds Ltd Capital Growth Fund GBP Secondary GB0008717901 Lloyds TSB Offshore Funds Ltd European Fund GBP Secondary GB0001094027 Lloyds TSB Offshore Funds Ltd High Income Fund GBP Secondary GB0008717786 Lloyds TSB Offshore Funds Ltd International Fund GBP Secondary GB0008718081 Lloyds TSB Offshore Funds Ltd North American Fund GBP Secondary GB0008717679 Lloyds TSB Offshore Funds Ltd UK Fund GBP Secondary GB0009069716 Lloyds TSB Offshore Gilt Fund Ltd Quarterly A GBP Secondary GB0009068304 Lloyds TSB Offshore Gilt Fund Ltd Monthly B GBP Secondary Official List - Structured Debt Instruments Security ISIN Amount Listed Security Name Symbol Code Currency Listing XS0212139850 6,000,000 Societe Generale Acceptance NV - Malta Notes 2015 GBP Primary

Alternative Companies List
Monday, December 31, 2012
Alternative Companies List - Equity
Security ISIN Amount Listed Security Name Symbol Code Currency Listing MT0000150103 31,899,000 Loqus Holdings p.l.c. Ord €0.232937 LQS EUR Primary Alternative Companies List - Corporate Bonds Security ISIN Amount Listed Security Name Symbol Code Currency Listing MT0000331216 29,422,286 7% GAP Developments Plc Euro Sec 2011-13 GD13A EUR Primary MT0000361205 10,319,496 7% PAVI Shopping Complex Plc Sec 2014-2017 PS17A EUR Primary MT0000471202 25,878,300 7.15% Melita Capital plc € 2014-2016 MC16A EUR Primary

Symbol code Security high low OPEN CLOSE for year to date DEALS VOLUME Equities BOV Bank of Valletta p.l.c. Ord €1.00 2.590 2.000 2.520 2.415 -4.167% 2,354 5,204,603 HSB HSBC Bank Malta p.l.c. Ord €0.30 2.900 2.460 2.579 2.700 4.692% 767 1,826,805 LOM Lombard Bank Malta p.l.c. Ord €0.25 2.600 1.770 2.600 1.860 -28.462% 216 717,533 MSI Middlesea Insurance p.l.c. Ord €0.21 0.820 0.605 0.820 0.740 -9.756% 96 118,860 SFC Simonds Farsons Cisk p.l.c. Ord €0.30 2.500 1.720 1.800 2.500 38.889% 98 240,967 GO GO p.l.c. Ord €0.582343 1.200 0.700 0.980 1.190 21.429% 844 5,084,841 IHI International Hotel Investments p.l.c. Ord €1.00 0.950 0.740 0.840 0.860 2.381% 212 2,252,810 PZC Plaza Centres p.l.c. Ord €0.20 * 0.900 0.510 1.799 0.600 -66.648% 58 1,541,999 GCL GlobalCapital p.l.c. Ord €0.291172 0.950 0.799 0.880 0.800 -9.091% 13 16,350 FIM FIMBank p.l.c. Ord US$0.50 0.950 0.744 0.770 0.800 3.896% 123 3,020,237 MIA Malta International Airport p.l.c. Ord €0.25 1.800 1.650 1.710 1.800 5.263% 352 1,366,212 MDS Medserv p.l.c. Ord €0.232937 4.000 3.850 3.950 3.940 -0.253% 27 80,406 GHM Grand Harbour Marina p.l.c. Ord €0.232937 2.000 1.650 1.950 1.820 -6.667% 36 135,250 6PM 6pm Holdings p.l.c. Ord GBP0.20 0.400 0.280 0.320 0.310 -3.125% 30 106,700 CW Crimsonwing p.l.c. Ord €0.10 0.490 0.160 0.240 0.490 104.167% 100 1,458,788 MTP MaltaPost p.l.c. Ord €0.25 1.000 0.630 1.000 0.850 -15.000% 170 758,441 RS2 RS2 Software p.l.c. Ord €0.20 0.740 0.480 0.598 0.740 23.746% 142 1,773,886 IHG Island Hotels Group Holdings p.l.c. Ord €1.00 0.850 0.790 0.850 0.790 -7.059% 28 17,551 MDI MIDI p.l.c. Ord €0.20 0.390 0.250 0.390 0.275 -29.487% 48 3,059,320 MLT Malita Investments p.l.c. Ord B €0.50 0.520 0.500 0.520 0.500 -3.846% 22 82,530 LQS Loqus Holdings p.l.c. Ord €0.232937 0.147 1 100 STUM Santumas Shareholdings p.l.c. Ord €0.582343 2.100 1.700 2.100 1.800 -14.286% 10 23,520 Subtotal 5,747 28,887,709 Corporate Bonds B.CFC675 6.75% Corinthia Finance Plc 2012 101.000 99.950 99.950 101.000 1.051% 17 599,573 IH13A 6.3% Int. Hotel Investments Plc 2013 101.000 99.990 100.000 100.500 0.500% 47 162,104 IH13B 6.2%-6.8% Int. Hotel Invest. Plc € 2013 101.000 98.000 100.010 98.000 -2.010% 13 75,000 DP13A 6% Dolmen Properties Plc Sec 2010/3 100.020 99.000 100.000 100.000 13 43,532 FB13A 4.25% FIMBank plc EUR 2013 101.000 99.000 101.000 100.260 -0.733% 94 1,837,600 FB13B 4.25% FIMBank plc USD 2013 101.750 100.000 100.500 100.750 0.249% 56 707,800 AX13A 4% AX Investments Plc 2013 135.000 105.000 123.000 133.000 8.130% 37 655,454 IH14A 6.5% Int. Hotel Invest. Plc € 2012/14 102.000 100.000 100.000 102.000 2.000% 9 135,500 MI14A 7.5% Mediterranean Investments Holding plc EUR 2012-2014 103.500 99.500 100.000 103.500 3.500% 81 493,886 IB15A 5.35% Izola Bank plc Secured Notes 2015 101.800 101.400 101.500 101.500 34 1,117,000 MI15A 7.5% Mediterranean Investments Holding Plc € 2015 104.700 99.000 100.250 103.000 2.743% 102 1,506,500 MB15A 6.25% Mediterranean Bank plc EUR 2015 102.500 98.000 102.490
100.500 -1.942% 152 3,671,800 GF16A 6% Gasan Finance Company plc € 2014-2016 103.100 102.000 102.320 103.100 0.762% 42 221,800 GC16A 5.6% GlobalCapital plc € 2014/16 89.000 80.000 83.000 80.000 -3.614% 58 245,900 UF16A 6.75% United Finance Plc € 2014-2016 103.010 102.000 102.000 103.000 0.980% 12 125,700 TI16A 6.25% Tumas Investments plc € 2014-2016 104.500 101.000 103.000 104.500 1.456% 48 220,500 AX16A 6.7% AX Investments Plc 2014-2016 103.500 100.000 100.000 101.500 1.500% 41 133,235 HB17A 4.6% HSBC Bank Malta Plc € 2017 103.260 101.500 103.000 103.260 0.252% 126 2,551,543 201,239.30 128,974.50 226,905.35 133,969.10 2,600,531.42 136,143.00 500,737.68 1,134,047.80 1,521,330.06 3,706,915.85 227,516.77 162,364.40 75,020.50 43,515.58 1,839,914.72 559,114.23 849,749.09 890,882.50 42,073.60 14.70 42,191.49 33,545,406.23 599,607.24 253,604.70 42,332.92 408,700.71 609,766.65 1,016,861.21 14,819.70 1,832,958.13 950,150.28 15,334.73 1,930,737.99 2,384,665.29 318,901.19 11,525,459.01 4,819,881.41 1,484,029.71 83,263.04 485,788.09 4,392,989.18 Malta Stock Exchange Official Trading Summary for the year 2012 as at 28 Dec 2012. Yearly Yearly % CHANGE VALUE

MI17A 7.15% Mediterranean Investments Holding plc Euro 2015-2017 104.000 97.000 100.500 104.000 3.483% 233 1,899,000 MI17B 7.15% Mediterranean Investments Holding plc GBP 2015-2017 103.500 100.000 100.000 103.250 3.250% 30 274,500 MI17C 7.15% Mediterranean Investments Holding plc USD 2015-2017 103.650 99.200 100.000 103.600 3.600% 48 540,900 BV18A 4.8% Bank of Valletta plc Notes 2018 103.500 101.500 102.980 103.100 0.117% 164 2,252,000 B.BOV48C 4.8% Bank of Valletta plc Notes 2018 Tranche II 103.000 102.000 103.000 102.000 -0.971% 9 175,900 HB18A 5.9% HSBC Bank Malta Plc € Sub 2018 110.000 104.500 104.500 108.000 3.349% 68 1,207,400 MD18A 7% MIDI plc EUR 2016-2018 103.500 100.000 102.000 103.500 1.471% 238 2,134,100 MD18B 7% MIDI plc GBP 2016-2018 103.500 102.000 102.000 103.500 1.471% 33 415,600 FB19A 7% FIMBank plc EUR 2012-2019 103.000 100.500 102.000 101.500 -0.490% 200 1,112,100 FB19B 7% FIMBank plc USD 2012-2019 103.000 101.000 102.500 103.000 0.488% 29 510,300 BV19B 4.25% Bank of Valletta plc € Notes 2019 Series 2 Tranche 1 103.200 100.000 100.520 101.750 1.224% 153 1,645,600 BV19A 5.35% Bank of Valletta plc Sub € 2019 105.500 102.310 103.000 105.000 1.942% 144 673,700 IG19A 6.5% Island Hotels Group Holdings plc € 2017-2019 103.050 101.000 101.000 103.050 2.030% 42 134,900 IH19A 6.25% Int. Hotel Invest. Plc € 2015-2019 103.000 100.000 101.990 102.760 0.755% 106 688,700 CF19A 6.25% Corinthia Finance plc € 2016-2019 104.000 100.000 100.500 102.750 2.239% 124 978,800 MO19A 6.2% Mizzi Org. Fin. plc € 2016-2019 105.500 102.990 103.000 105.500 2.427% 63 372,500 MB19A 7.5% Mediterranean Bank plc Subordinated Bonds EUR 2019 101.600 101.500 101.500 101.600 0.099% 3 1,005,000 GH20A 7% Grand Harbour Marina plc € 2017-2020 106.000 104.000 106.000 104.780 -1.151% 32 156,100 BV20A 4.8% Bank of Valletta Plc Sub € 2020 103.250 100.800 102.890 102.500 -0.379% 148 910,400 PC20A 6.8% Premier Capital plc € Bond 2017-2020 105.510 102.500 102.610 104.000 1.355% 89 1,088,100 IH20A 6.25% International Hotel Investments Plc € 2017 - 2020 103.000 100.000 100.000 102.260 2.260% 48 196,600 SF20A 6% Simonds Farsons Cisk plc 2017 - 2020 107.500 103.200 103.300 107.000 3.582% 59 264,700 EF20A 6.6% Eden Finance plc 2017-2020 104.500 100.000 101.490 104.200 2.670% 47 459,000 TI20A 6.2% Tumas Investments plc € 2017 - 2020 107.500 103.000 103.510 104.500 0.956% 71 1,047,900 IH21A 5.8% International Hotel Investments plc 2021 101.250 100.000 100.000 101.250 1.250% 3 367,300 CF22A 6% Corinthia Finance plc € 2019-2022 102.000 101.000 102.000 101.000 -0.980% 2 20,000 GD13A 7% GAP Developments Plc Euro Sec 2011-13 101.010 98.000 100.100 100.000 -0.100% 238 7,996,354 MC16A 7.15% Melita Capital plc € 2014-2016 103.750 101.000 101.500 103.750 2.217% 268 3,125,700 PS17A 7% PAVI Shopping Complex Plc Sec 2014-2017 106.750 102.000 103.010 106.750 3.631% 26 160,554 Subtotal 3,700 46,318,135 Govt. Bonds G78.12A 7.8% MGS 2012 102.530 100.620 102.530 100.620 -1.863% 35 1,454,519 G12C 5.7%
MGS 2012 (III) 102.960 100.320 102.960 100.320 -2.564% 166 7,637,891 G13E Floating Rate 6 Month Euribor MGS 2013 (V) 100.310 1 2,000,000 G13B 6.35% MGS 2013 (II) 105.970 101.970 105.940 101.970 -3.747% 189 16,571,290 G13A 7.8% MGS 2013 109.990 105.480 109.990 105.480 -4.100% 90 27,989,273 G13D 3.6% MGS 2013 (IV) 103.050 101.670 102.750 101.780 -0.944% 160 42,684,800 G14A 6.6% MGS 2014 109.590 106.540 109.550 106.540 -2.748% 54 900,829 G14C 5.1% MGS 2014 (III) 106.990 105.360 106.750 105.580 -1.096% 346 36,752,511 G14B 6.45% MGS 2014 (II) 111.260 109.580 111.180 109.600 -1.421% 99 13,532,413 G15A 6.10% MGS 2015 111.360 110.320 111.190 111.060 -0.117% 82 17,293,388 G15B 5.9% MGS 2015(II) 111.610 110.030 111.080 111.450 0.333% 186 14,931,046 G15E Floating Rate 6 Month Euribor MGS 2015 (V) 100.050 98.740 98.740 100.000 1.276% 12 3,175,000 G15F 3.75% MGS 2015(VI) 105.790 103.260 103.280 105.720 2.363% 75 5,949,400 G16A 6.65% MGS 2016 115.240 113.750 114.360 115.150 0.691% 120 7,514,230 G16D 4.3% MGS 2016 (IV) 107.920 104.600 104.700 107.920 3.075% 21 34,353,200 G16B 4.8% MGS 2016 (II) 110.250 106.140 106.760 110.190 3.213% 186 17,972,193 G17D 3.75% MGS 2017 (IV) 104.860 2 200,000 G17DA 3.75% MGS 2017 (IV) r 103.010 1 14,700 G17C 4.25% MGS 2017 (III) 107.500 103.810 103.850 107.500 3.515% 361 24,445,800 G425.17CFIBR 4.25% MGS 2017 (III) FI Nov'11 r 105.280 103.730 103.730 104.800 1.032% 31 1,734,100 G425.17CFIDR 4.25% MGS 2017 (III) FI Feb 12 r 104.430 104.080 104.080 104.310 0.221% 3 28,400 G18A 7.8% MGS 2018 125.720 123.100 123.660 125.640 1.601% 67 13,372,546 G19A 6.6% MGS 2019 121.140 117.220 117.260 121.120 3.292% 52 7,122,025 G20B 4.6% MGS 2020 (II) 109.170 103.630 103.630 109.170 5.346% 181 59,038,100 1,811,113.52 29,613.04 16,597,291.26 8,569,072.87 62,247,885.09 8,605,397.74 36,235,103.16 19,315,274.66 209,720.00 15,142.47 25,735,078.31 38,973,447.63 14,878,100.90 19,155,201.74 16,619,083.90 3,152,592.50 6,194,718.41 7,746,353.79 2,006,200.00 17,306,244.91 30,127,883.33 43,616,365.14 973,041.20 20,300.00 7,996,042.95 3,213,993.62 168,422.79 47,029,893.22 1,476,212.51 1,141,457.82 199,913.22 277,973.15 472,460.44 1,099,102.27 367,478.75 697,998.18 995,810.62 388,392.23 1,020,709.00 163,064.02 925,230.19 535,522.12 1,138,433.82 407,027.01 1,669,690.33 701,825.48 137,834.80 346,808.62 428,491.89 2,314,187.54 180,463.80 1,288,926.81 2,165,568.66 1,919,166.50

G20A 5.2% MGS 2020 (I) 112.710 107.760 107.760 112.710 4.594% 76 7,480,786 G21A 5% MGS 2021(I) 110.670 105.350 105.480 110.610 4.863% 410 31,682,728 G43.22BR 4.3% MGS 2022 (II) r 102.000 100.140 100.500 101.550 1.045% 138 5,281,900 G22B 4.3% MGS 2022 (II) 104.160 100.300 101.560 104.160 2.560% 353 16,490,600 G22BC 4.3% MGS 2022 (II) FI Jun 12 r 103.500 101.640 101.640 102.170 0.521% 94 4,363,900 G22BE 4.3% MGS 2022 (II) FI Nov 12 r 104.000 103.500 103.770 104.000 0.222% 11 662,100 G22A 5.1% MGS 2022(I) 110.240 105.940 106.100 110.240 3.902% 130 2,978,170 G23A 5.5% MGS 2023 (I) 114.250 109.230 109.760 113.920 3.790% 61 3,310,893 G28AA 4.8% MGS 2028 (I) r 103.490 101.300 101.300 103.400 2.073% 125 3,527,500 G29A 5.1% MGS 2029 (I) 105.220 102.500 103.610 105.110 1.448% 96 3,341,100 G29AA 5.1% MGS 2029 (I) r 103.830 102.070 102.070 103.000 0.911% 95 3,070,800 G29AB 5.1% MGS 2029 (I) I 103.000 1 30,000 G30A 5.25% MGS 2030 (I) 105.900 101.160 103.200 105.900 2.616% 628 42,239,700 G52.31AR 5.2% MGS 2031 (I) r 103.060 101.650 102.350 101.800 -0.537% 391 15,872,700 G52.31AI 5.2% MGS 2031 (I) I 102.350 101.120 102.350 101.120 -1.202% 17 5,838,800 G52.31AFIBR 5.2% MGS 2031(I) FI Feb 12 r 102.750 101.120 102.500 101.120 -1.346% 17 554,000 G31A 5.2% MGS 2031 (I) 105.000 100.550 101.130 104.730 3.560% 750 30,682,700 Subtotal 5,913 534,076,031 Treasury Bills T1.200112 91 Day Treasury Bill 21.10.11-20.01.12 2 750,000 T1.030212 91 Day Treasury Bill 04.11.11-03.02.12 1 700,000 T1.090212 90 Day Treasury Bill 11.11.11-09.02.12 1 750,000 T2.090312 182 Day Treasury Bill 09.09.11 - 09.03.12 1 50,000 T2.230312 182 Day Treasury Bill 23.09.11-23.03.12 1 500,000 T3.130412 273 Day Treasury Bill 15.07.11-13.04.12 2 145,000 T1.040512 91 Day Treasury Bill 03.02.12-04.05.12 1 341,000 B1230 91 Day Treasury Bill 27.04.12 - 27.07.12 1 191,000 B1231 91 Day Treasury Bill 04.05.12 -03.08.12 5 1,279,000 B1235 91 Day Treasury Bill 01.06.12 - 31.08.12 1 500,000 C1242 182 Day Treasury Bill 20.04.12-19.10.12 2 237,000 B1244 91 Day Treasury Bill 03.08.12 - 02.11.12 1 124,000 B1246 91 Day Treasury Bill 17.08.12 - 16.11.12 2 1,750,000 B1247 91 Day Treasury Bill 24.08.12 - 23.11.12 1 2,000,000 B1248 91 Day Treasury Bill 31.08.12 - 30.11.12 2 1,050,000 B1250 91 Day Treasury Bill 14.09.12 - 14.12.12 3 6,600,000 B1251 92 Day Treasury Bill 20.09.12-21.12.12 1 6,000,000 C1251 182 Day Treasury Bill 22.06.12 - 21.12.12 1 400,000 Subtotal 29 23,367,000 Put-Through Equities HSB HSBC Bank Malta p.l.c. Ord €0.30 1 100 IHI International Hotel Investments p.l.c. Ord €1.00 1 327 MTP MaltaPost p.l.c. Ord €0.25 1 2,412 Subtotal 3 2,839 15,392 632,651,714 Grand Total in Lm 287,736,006.72 MSE Index as at 12/28/2012 : 3,211.906 Note:- Turnover figures of US$ and £ denominated securities converted to Euro using ECB Reference rates. For further statistics contact stats@borzamalta.com.mt

255.90
294.30
2,291.40
2,841.60
Grand Total in Euro 670,244,599.85
1,999,120.00
1,049,669.25
6,592,824.30
5,992,308.00
399,860.40
23,347,236.79
190,949.58
1,278,409.28
499,825.00
236,568.38
123,655.78
1,749,239.30
699,748.70
749,804.25
49,943.25
499,787.50
144,948.28
340,916.80
16,220,705.98
5,939,782.66
567,406.90
31,404,125.67
566,319,222.01
749,658.75
3,682,515.00
3,618,827.18
3,465,876.09
3,167,020.82
30,900.00
43,620,877.17
34,084,145.59
5,340,404.84
16,879,709.37
4,474,583.13
685,789.70
3,215,073.50
8,325,340.34

Values displayed in Lm are based on the rate of €1 = Lm0.429300 and are for information purposes only.

APPENDIX 4
List of Members of the Malta Stock Exchange as at 31.12.12

Bank of Valletta plc
Calamatta Cuschieri & Company Ltd
Charts Investment Management Service Ltd
Curmi & Partners Ltd
Financial Planning Services Ltd
Finco Treasury Management Ltd
GlobalCapital Financial Management Ltd
Hogg Capital Investments Ltd
HSBC Stockbrokers (Malta) Ltd
Jesmond Mizzi Financial Advisors Ltd
Lombard Bank Malta plc
Rizzo, Farrugia & Co. (Stockbrokers) Ltd

SEC Des Off SM – V.1. – Appendix 5
APPENDIX 5
Conclusions of Assessments
International Evaluation:

1999 – Financial Action Task Force
2000 – Organisation for Economic Co-operation and Development
2001 – Council of Europe Money Laundering Committee
2002 – EU Peer Review
2003 – International Monetary Fund – full FSAP
2010 – World Economic Forum Report on Competitiveness
2010 – BCP/IAIS/IOSCO Assessment
OECD Official News Release, June 2000
Malta embraces international tax standards for transparency and exchange of information and has joined OECD member countries in committing to eliminate harmful tax practices Report of the Council of Europe Money-laundering Committee, April 2003 A comprehensive and robust legal framework and a particularly well-regulated financial sector

SEC Des Off SM – V.1. – Appendix 5
International Monetary Fund, FSSA, September 2003 Malta’s financial system appears to be healthy and well-supervised …Malta has a comprehensive legal framework and strongly adheres to most of the international standards and codes …the authorities have undertaken major efforts in strengthening the supervisory framework International Monetary Fund, FSAP, 2003

Malta’s financial sector is sound and well-supervised by very concentrated
Very concentrated sector and strong reliance on real estate properties collateral
Insurance and securities : not systemically important
Insurance companies are healthy
World Economic Forum Report on Competitiveness, 2010-2011
Malta in the 11th position in financial market development. Key performance indicators
for the financial services sector also confirm this sector’s standing as a leading innovator in the Maltese economy
Soundness of Maltese banks ranked in 10th position
Malta ranked 12th in the assessment carried out on the regulation of securities
exchanges
Malta ranked 8th on the strength of auditing and reporting standards

SEC Des Off SM – V.1. – Appendix 5
BCP Assessment, 2010
26 Principles
Compliant 21
Largely compliant 5
Materially Non-compliant 0
IAIS Assessment, 2010
28 Principles
Observed 22
Largely observed 4
Partly observed 2
Non-observed 0
IOSCO Assessment, 2010
30 Principles
Implemented 24
Broadly implemented 4
Partly implemented 0
Non-implemented 0
Not Applicable 2

Incoming Letter

Lineage