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APPENDIX I

FORM A

ADVANCE BOOKING FORM

For Collective Investment Schemes

(To be typed under the letter-head of the Sponsor arranging for the application to be submitted)

To: THE GENERAL MANAGER

MALTA STOCK EXCHANGE

Date ...:.................................

Dear Sir

Re: .........................................................................................................(Name of the Collective Investment Scheme which is the subject of the listing application)

We have been instructed to seek an Advance Booking for the submission of an application for Primary/Secondary Listing and for permission to deal in the units/shares of the above Scheme.

The Scheme is duly licensed by the MFSC pursuant to Section 6 of the Investment Services Act, 1994 with Licence No. ....................

(Note : If the Scheme is not yet licensed by the MFSC, please state when the application was made).

Particulars of the proposed listing are :-

1. Name of the Collective Investment Scheme :

.......................................................................................................................................................

2. Place and date of incorporation/governing law and (where applicable) date of original trust deed:

.......................................................................................................................................................

3. If the Scheme is applying for a Secondary Listing, the name of the stock exchange (or stock exchanges if the Scheme is already listed on more than one exchange) where the securities for which the application is being made are already listed, and date of listing :

(Note: If the Scheme has an application for a listing of any of its units pending before any other stock exchange, details should also be provided).

.......................................................................................................................................................

4. Brief description of investment policy and objectives :

.......................................................................................................................................................

5. Names of Scheme Directors, Trustee, Custodian, Management Company, Investment Adviser, Malta Representative and any other parties involved in the management or promotion of the Scheme.

.......................................................................................................................................................

6. Type of security for which listing is sought :

.......................................................................................................................................................

7. Estimated size of initial offer (where the Scheme is newly-formed) :

.......................................................................................................................................................

8. Net Asset Value and profit after tax since incorporation/formation or, if shorter, for the three (3) preceding years :

Net Asset Value as at Year Ended Profit

Year: .......... ...................................................... ...............................................

9. Proposed timetable for listing (please specify dates) (Note 1) :

(a) First draft of Listing Document available for Malta Stock Exchange :

...............................................................................................................

(b) Proposed date for commencement of dealing :

...............................................................................................................

10. We hereby enclose cheque numbered.................... drawn on .......................................................

(Bank) for Lm................... in respect of the applicable listing fee.

Declaration

We have satisfied ourselves that ......................................................................... fulfills all the relevant basic conditions as laid out under Bye-law 9.09 and that it is suitable for listing on the Malta Stock Exchange.

We hereby confirm that the MFSC has been duly authorised by the Scheme to disclose to the Malta Stock Exchange all information and documentation supplied by the Scheme to the MFSC in connection with the licensing of the Scheme in terms of Section 6 of the Investment Services Act, 1994.

We declare that we shall keep the Malta Stock Exchange continuously informed of any developments which may be pertinent to this application.

Yours faithfully

..........................................................

Name:

for and on behalf of

(Sponsor's Name)

Notes to Form A

Note 1 : All applicants should note that :

(1) this Advance Booking Form must be submitted not less than twenty (20) clear days prior to the date on which the Listing Document is to be bulk printed;

(2) the applicant is not guaranteed an exclusive timetable. In other words, the applicant's timetable may coincide with or overlap another applicant's timetable;

(3) applicants will normally only be permitted to delay their timetable as the result of circumstances which were not anticipated at the time of submission of the Advance Booking Application Form, on a maximum of three (3) occasions and, if such delays are made before the submission of a draft Listing Document, for a maximum of twelve (12) months on each occasion. After the draft Listing Document has been submitted to the Malta Stock Exchange the three (3) delays must not exceed six (6) months , in total;

(4) the submission of an Advance Booking Form shall be deemed to confer authority upon the Malta Stock Exchange to notify to :-

(a) any other applicant whose proposed timetable coincides or overlaps with that proposed by the applicants, the estimated size of the applicant's issue and the current date on which it is proposed that the applicant lists will close; and

(b) the MFSC, the details of the application, and any other information related thereto.

Note 2 : If insufficient space is provided for completion of any paragraph, additional information may be entered on a separate sheet of paper, duly signed and attached.

IMPORTANT

Note 3 : In order to maintain an orderly new issues market, the Malta Stock Exchange reserves the right to postpone an Advance Booking if there are too many existing reservations in the relevant period.

FORM B

FORMAL APPLICATION FOR LISTING

For Collective Investment Schemes

(To be typed under the letter-head of the Collective Investment Scheme applying for listing)

This Form, suitably adapted for an issuer which is not a company, must be lodged, duly completed, at least FIFTEEN (15) CLEAR BUSINESS DAYS prior to the hearing of the application by the Malta Stock Exchange.

To: THE GENERAL MANAGER

MALTA STOCK EXCHANGE

Date ..................................

Dear Sir

1. We (.................................................................... hereby apply) (are instructed by .................................................................................to lodge an application) for the primary/secondary listing of and for permission to deal in the securities referred to in Paragraph 3 below, subject to the Listing Rules of the Malta Stock Exchange.

2. (...........................................................................) is a Collective Investment Scheme which was licensed by the MFSC pursuant to Section 6 of the Investment Services Act, 1994 on ............................ with Licence No. .............................

3. Application is now being made in respect of ................ (number of) units.

4. The securities for which application is now being made :-

(a) are identical* in all respects/are divided into the following classes :

...........................................................................................................................................

(* See Note 1.)

(b) are not listed or dealt in on another stock exchange/are listed or dealt in on the following stock exchanges :

...........................................................................................................................................

(c) have been in the previous six (6) months, are or will be the subject of an application for listing on the following stock exchanges :

...........................................................................................................................................

5. The following are particulars of the qualifications and experience of the Directors of the Management Company and of the Investment Adviser and who are/will be responsible for investment management and investment advisory services in relation to the Scheme's portfolio.

.......................................................................................................................................................

6. We declare that :

(a) the Collective Investment Scheme has been licensed by the MFSC pursuant to Section 6 of the Investment Services Act, 1994 and that such licence is currently in force and that we know of no reasons why such licence may be withdrawn;

(b) that the Scheme complies and will comply in all material respects with the Regulations in respect of Collective Investment Schemes as issued from time to time by the MFSC;

(c) all information required to be included in the listing document/explanatory memorandum by virtue of the abovementioned Regulations, the Listing Rules, the Companies Act, the Malta Stock Exchange Act, 1990 as well as its Bye-laws and any other applicable legislation has been included therein or, if the final version has not yet been submitted (or reviewed) will be included therein before it is so submitted; and

(d) there are no other facts bearing on the Scheme's application for listing and permission to deal in such securities which, in our opinion, should be disclosed to the Malta Stock Exchange.

7. We undertake to comply with the provisions of the MFSC and with the Malta Stock Exchange Bye-laws in force from time to time.

Yours faithfully

(See Note 2)

Signed .................................. Signed .................................

Name: Name:

for and on behalf of for and on behalf of

(Trustee, Management Company, (Sponsor's Name)

Scheme, Custodian)

Notes to Form B

Note 1 : "Identical" in this context means that they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all respects.

Note 2 : In the case of a Unit Trust, this Form must normally be signed by the Sponsor, the Management Company and the Trustee. In the case of other Schemes, the Form must normally be signed by the Sponsor, the Management Company, the Scheme itself, and the Custodian.

FORM C

THE LISTING AGREEMENT

For Collective Investment Schemes

(To be typed under the letter-head of the Malta Stock Exchange)

Type of Security : Units in a Collective Investment Scheme

The following is the text of the Listing Agreement denoted in bold type, each paragraph being followed (where appropriate) by notes denoted in italics on its interpretation and application.

This Agreement is entered into between ................................................................................................

...................................................................................................................................................................

....................................................................... (the "Covenantors") and THE MALTA STOCK EXCHANGE (the "Exchange") whereby the Covenantors undertake to the Exchange to perform the covenants set out hereunder fully and in good faith (each such covenant to be read and construed in accordance with and subject to the related notes from time to time appearing in the Bye-laws of the Exchange).

INTERPRETATION

1. In this Agreement, unless the context otherwise requires, terms used shall have the same meaning as in the Malta Stock Exchange Bye-laws.

COMPLIANCE WITH THE MFSC REQUIREMENTS

2. The Covenantors hereby severally covenant that they will each procure that they, and

..............................................................................................("the Scheme"),

(a) will comply in full with the MFSC Regulations insofar as it applies to such parties and to the Scheme. The Covenantors shall inform the Malta Stock Exchange immediately of the details of any waiver of any provision of the MFSC Regulations which is sought or obtained from the MFSC, and the Covenantors undertake that they will not take any action (or refrain from taking any action) on the basis of such waiver until they have so informed the Malta Stock Exchange; and

(b) will comply with the Malta Stock Exchange Bye-laws in force from time to time.

DISCLOSURE

3. The Scheme shall inform the Malta Stock Exchange immediately of :

(a) any changes in the control of the Scheme and/or management company;

(b) any proposed changes in the general character or nature of the Scheme;

(c) any intention to renew, vary or terminate the Scheme; and

(d) any other information necessary to enable the unitholders to appraise the position of the Scheme and to avoid the establishment of a false market in the units.

3.1 Reference in this Agreement to informing the Malta Stock Exchange means delivery of the relevant information to the Malta Stock Exchange in the manner determined by the Malta Stock Exchange.

REPORT AND ACCOUNTS

4. The Scheme shall forward to the Malta Stock Exchange two (2) copies of the Scheme's Report and Accounts at the same time as they are dispatched to unit or shareholders. In the case of an umbrella fund, the Report and Accounts shall provide information in respect of each of its sub-funds.

REVIEW OF LISTING DOCUMENTS

5. The Covenantors shall procure that no Listing Document shall be issued offering for sale or subscription units in the Scheme until the Malta Stock Exchange has confirmed that it has no further comments thereon.

INVESTMENT POLICY

6. The Covenantors shall procure that the investment policy of the Scheme as stated in any Listing Document offering units in the Scheme will be adhered to for at least three (3) years from the date of such Listing Document.

CIRCULARS, NOTICES AND OTHER DOCUMENTS

Review of Documents

7. The Scheme shall :-

(a) submit to the Malta Stock Exchange copies of drafts for review before they are issued, of any announcements or advertisements relating to the issue of new or further units, or any announcements or advertisements the subject matter of which may involve a change in or relate to or affect arrangements regarding trading in its listed units (including a suspension of dealings); and

(b) not to issue any of such documents until the Malta Stock Exchange and the MFSC have confirmed to the Issuer that they have no further comments thereon.

7.1 Two (2) copies of each document are required, which should be submitted in sufficient time for review, and if necessary, re-submission prior to final printing.

7.2 Every announcement or advertisement which has been reviewed by the Malta Stock Exchange in accordance with the provisions of Paragraph 8(a) must contain on the front cover or on the top of the announcement or advertisement a prominent and legible disclaimer statement as follows :_

"The Malta Stock Exchange takes no responsibility for the contents of this advertisement/announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this advertisement/announcement.

Forwarding of documents, circulars, etc.

8. The Scheme shall forward to the Malta Stock Exchange :-

(a) two (2) copies of circulars, notices, and other documents at the same time as they are sent to holders of listed units in the Scheme; and

(b) two (2) certified copies of all resolutions passed by holders of listed units in the Scheme not later than fifteen (15) days after they are passed.

GENERAL

Outstanding Units

9. The Scheme shall inform the Malta Stock Exchange on request of the number of units outstanding in bearer or registered form.

Response to Enquiries

10. The Covenantors shall respond promptly to any enquiry made of them by the Malta Stock Exchange concerning unusual movements in the price or trading volume of the Scheme's listed units or on any other matter by giving such relevant information as is available to them, or if appropriate, by issuing a statement to the effect that they are not aware of any matter or development that is, or may be, related to the unusual price movement or trading volume of the Scheme's listed units and shall also respond promptly to any other inquiry made of them by the Malta Stock Exchange.

Variation

11. (a) The Malta Stock Exchange shall be entitled to require the publication of further information by, and impose additional requirements on, the Covenantors where it considers that circumstances so justify, but will allow representations by them before imposing any such requirements on it which are not otherwise imposed on listed Schemes generally.

(b) The Malta Stock Exchange shall be entitled, and will so notify the MFSC, to revise the terms of this Agreement and the related notes generally, and the Covenantors agree that they will comply with any such revision and will, if so required, enter into a new Listing Agreement in the revised form by way of confirmation.

Law

12. This Agreement is governed by and shall be construed in accordance with the laws of Malta and the Covenantors hereby undertake to submit unto the jurisdiction of the Courts of Malta.

IN WITNESS WHEREOF the parties hereto have hereunto set their hands this day .......19............

......................................................

for and on behalf of

( )

as authorised thereto by resolutions

of the boards of directors

dated ...........................................

......................................................

for and behalf of the

Malta Stock Exchange

Note: In the case of a Unit Trust, the Covenantors must normally be the Management Company and the Trustee. In the case of other Schemes, the Covenantors must normally be the Management Company, the Company itself and the Custodian.