On 26 August 2005, the Malta Financial Services Authority, as the
competent authority responsible under the Banking Act, issued a banking
licence to CommBank Europe Limited. The bank is licensed to carry on
the business of banking, specialising in the provision of wholesale
banking services.

The newly licensed bank is a subsidiary of Commonwealth Bank of
Australia, which is one of the largest listed companies on the Australian
Stock Exchange and is supervised by the Australian Prudential
Regulation Authority (APRA).

In view of the grant of this banking licence and with effect from 26
August 2005, CommFinance Limited, also a subsidiary of the
Commonwealth Bank of Australia, surrendered its licence to carry on the
business of a financial institution which was issued on 7 December 2004,
in terms of the Financial Institutions Act 1994 (Cap 376). The surrender
is entirely voluntary and does not arise as a result of any regulatory action
taken by the MFSA.