Jerusalem, 24 February 2000

Finance Ministry Submits Proposals for Dual Listings

(Communicated by the Finance Ministry Spokesman)

The committee to examine the issue of dual listing of stocks on the Tel Aviv Stock Exchange and foreign exchanges headed by Finance Ministry Director-General Avi Ben-Bassat submitted its conclusions and recommendation to Finance Minister Avraham Shohat yesterday (Wednesday) 23.2.2000. The Minister will submit the proposals for the approval by the Ministerial Committee for Legislation.

The key recommendation is to permit Israeli companies to submit reports in Israel using the same format as foreign companies in the United States (Form 20-F); they would not have to supply additional information required by American companies.

Companies that are listed on stock exchanges in the United States and want to be listed in Israel as well may register on the TASE using the same American disclosure and reporting documents and report to Israeli investors using the reports required by American law. This would meet the requirements of the Securities Law.

The committee also recommends simplifying the listing process for companies that first register in Israel and later in the United States, so that they may use American reporting methods from the outset.

The Securities Authority and TASE would have the supervisory authority over dual listed companies. The Security Authority would have the authority to demand additional details and documentation from companies that have submitted documents according to American law. Israeli courts would have the authority to handle violations of the laws instructions and violations of disclosure and reporting that are based on American law.