The Cayman Islands Stock Exchange (the CSX) commenced operations in July 1997. Since then, with over 650 listings the CSX has become one of the fastest growing international stock exchanges.

Over 500 of the issues listed on the CSX are mutual funds, among which are several of the largest hedge funds in the world. Major institutional arrangers have preferred the CSX as a listing venue for a variety of asset-backed securities, credit-linked notes and collateralised debt offerings as well as derivative warrants.

The success of the CSX lies in its professionalism, the flexibility of its listing requirements, competitive costs and its ability to swiftly react to changes in products and markets.

The CSX listing process is streamlined, responsive and cost effective. Its highly experienced staff understands the time pressures that govern the issues brought for listing and they ensure that documents are processed quickly to accommodate each issuer's specific timetable. To this purpose, a maximum of 5 days turnaround time for comments on first draft of the listing document and a maximum of 3 days turnaround time for comments on further drafts is guaranteed.

The exchange's listing requirements are carefully balanced to ensure the safeguard of investors' interests and appropriate regulation, while at the same time encouraging issuers through the flexibility of its rules to apply to list. They are tailored to meet the needs of issuers and to accommodate the latest structures and products, focusing upon the disclosure of all relevant information without imposing unnecessarily onerous conditions upon the issuers.

Unlike other stock exchanges, there is no requirement in the CSX listing rules for a local listing agent to be appointed in connection with an application to list specialist debt securities or derivative warrants. The lead manager or the issuer's legal advisors may deal directly with the CSX's listing department. This helps to reduce costs and improve time efficiencies.

The CSX in its constant efforts to accommodate developments in the market and to provide facilities for new products and structures has demonstrated again its hallmark flexibility by introducing in 2001 special listing requirements to facilitate the listing of preferred shares issued by special purpose vehicles. Due to the nature of these preferred shares, these listing requirements are a combination of those for specialist debt and equity, and emphasise disclosure of relevant information to enable investors to assess the value of the securities.

The Cayman Islands Stock Exchange recognises the importance of international recognition and co-operation.

In July 1999, it was granted approved organization status by the London Stock Exchange (the LSE). This means that securities listed on the CSX are eligible for trading in the LSE's international equity market and for quotation on the SEAQ (Stock Exchange Automatic Quotation) international trading system.

In the past year the CSX has become the first offshore exchange to be admitted as a member of the Intermarket Surveillance Group, a group of self-regulatory organisations committed to international co-operation for regulatory purposes. Among its members are all US Exchanges as well as a number of European, Canadian, Asian and Australian Exchanges.

To further pursue its development on the international scene the CSX agreed with Euroclear to establish a co-operative link that enables CSX listed funds to participate on FundSettle at no additional cost, allowing the funds access to a larger investor base.

In 2001, the CSX was also admitted to membership of the European Securitisation Forum, an independent initiative of The Bond Market Association.

The result? The world's leading financial institutions have listed their products on the CSX, and the exchange is recognised and accepted by the major market players as a "blue chip" listing environment, which provides investors with the necessary degree of regulation and comfort they require when making investment decisions.

For more details, please contact:

Cayman Islands Stock Exchange
P.O. Box 2408 GT
Elizabethan Square
4th Floor
Grand Cayman
Cayman Islands

Telephone: (1) (345) 945-6060.
Facsimile: (1) (345) 945-6061

www.csx.com.ky

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