The Admission ProcessA Guide for Corporate Advisors and Issuers

Introductory Meeting Compilation Verification Submission Admission

The five step approach for Admission to Prospects

4.00.02 An Applicant notifies the Exchange of its intention to submit an Application for Admission on Prospects at least one (1) month before submitting the Application

4.07.01Subject to the Application and Admission Documents being complete and satisfactory in all respects, the Exchange shall endeavour to approve or refuse the Application within not more than ten (10) business days from the date of submission of fully compliant Application and Admission Documents. Where an Applicant

submits updates to the Application and Admission Documents prior to Admission, the Exchange reserves the right to extend the expected date of Admission for up to a further ten (10) business days where such updates are significant. A Company shall not have its securities admitted to Prospects unless and until the Exchange has issued a formal public notice so admitting them.

2.02.01 The Exchange shall set up a Prospects Committee which shall make recommendations to the Exchange’s Board regarding Admission of Applicants.

PHASE ONE

INTRODUCTORY MEETING

Prior to the intended submission of the formal Application an introductory meeting is set-up between the Exchange, the Corporate Advisor and the prospective Applicant. The scope of such a meeting is to give the opportunity to the Corporate Advisor to introduce the Applicant to the Exchange, inviting the Applicant to outline its setup and activities, present its business plan and explain any particular aspects of its financing requirements. The Exchange on the other hand will explain the eligibility criteria and discuss any issues which may be pertinent to the particular application.

PHASE TWO

COMPILATION OF THE ADMISSION DOCUMENT

The Corporate Advisor in consultation with the Applicant will start compiling the Admission Document. At this stage it is expected that there will be discussions between the Corporate Advisor and the Applicant regarding the information which needs to be included in the said Document. It may also be necessary for the Corporate Advisor to consult with the Exchange regarding specific issues relating to the content of the Application and the Admission Document. No documents are to be submitted at this stage. It is expected that at the end of this phase the Corporate Advisor has clarified all issues pertaining to the Application to enable the compilation of a comprehensive first draft document.

The Malta Stock Exchange has adopted the following five step approach in order to ensure that the Admission of Financial Instruments to Prospects is as smooth as possible.

PHASE THREE

MEETING WITH CORPORATE ADVISOR

A meeting between the Corporate Advisor and the Exchange is setup. At this stage all the documentation relevant to the Application, including the applicable checklists, are verified for completeness ensuring that on submission the Formal Application will meet the required standard expected by the Prospects Committee. If for any reason the Application is not satisfactory, it will be returned to the Corporate Advisor for review and re-submission.

PHASE FOUR

SUBMISSION OF FORMAL APPLICATION & PAYMENT

In phase four, the admission documents as well as the Application should be finalised. The Formal Application together with the relevant Application Fee are submitted to the Prospects Committee and the processing of the Application begins. The Prospects Committee will review the admission pack to confirm completeness and will formally acknowledge receipt of all the documentation. If at this point, the Application is not fully compliant, it will be rejected and returned to the Corporate Advisor for re-submission.

PHASE FIVE

COMMITTEE REVIEW AND RECOMMENDATION TO THE BOARD

When the Prospects Committee has finalised the review of the Application it will make its recommendation whether to approve or refuse the Admission to Prospects to the Board of the Malta Stock Exchange in line with rule 2.02.01.

A GUIDE FOR CORPORATE ADVISORS AND ISSUERS

Malta Stock Exchange plc, Garrison Chapel, Castille Place, Valletta VLT 1063.Tel: + 35621244051 E-mail: borza@borzamalta.com.mt Website: www.borzamalta.com.mt