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MITTS LTD ANNUAL REPORT 2000

As the global impact of the information age gathers momentum, MITTS Ltd is engaged in an ongoing process of upgrading and change to embrace the new and exciting challenges that emerge. I am pleased to record that MITTS Ltd 's performance in the past year has been outstanding. Our staff have proved their ability to be flexible and creative. They have responded in positive and innovative ways to the tasks put before them. MITTS Ltd has delivered better results more consistently. The results reflect the work and dedication of all who make up MITTS Ltd to-day. The skills and commitment of staff members continue to be vital ingredients in the success of our Company. The dawn of the new millennium saw the consolidation of our organisational framework. Initiated during 1999, a successful Corporate restructuring has enabled MITTS Ltd to respond faster to the requirements of our customers in an ever changing scenario. Restructuring has been followed up by a very substantial investment in human resources and the technology infrastructure - an investment deemed necessary for MITTS Ltd to continue to consolidate its position as a leading edge service provider. The Government’s current thrust towards the attainment of e-Government has opened new avenues of opportunity for our Company which secure our future. Yet we have to continue to be innovative, flexible and smart. e-Government is all about putting the citizen at the heart of the Information Society. It is about providing the individual with the keys to his or her own personal information. It is about improving the cost effectiveness of doing quality business with Government electronically. It is about empowerment - and it is a revolution. MITTS Ltd has already established itself on various working groups as a key player in assisting the Central Information Management Unit at the Office of the Prime Minister in pushing forward this ambitious project of e-Government. MITTS Ltd has been involved in the technical preparation of the legal framework which shall serve to regulate business, protect personal information and provide redress in an electronic marketplace. MITTS Ltd has been participating in initiatives to see a more IT literate society on one side, and a more IT literate Public Service on the other. The Government’s European Union accession programme shall also inevitably continue to require much work to be

done. In order to fulfil the obligations of membership, several IT applications would need to be enhanced, and new ones developed. MITTS Ltd is already investigating the implications that membership obligations would have on existing and future systems. Consequently, more pressure will be placed upon MITTS Ltd to deliver quality products in an environment already competing for limited

resources. The increased workload resulting from new Government initiatives has to-date necessitated MITTS Ltd to solicit a stronger partnership with the private sector. Through the implementation of outsourcing agreements and subcontracting frameworks, we hope to involve the private sector in many of our initiatives. This strategy shall enable us to re-direct our resources towards core Government business. This shall in turn provide us with the necessary human-resource capacity to fulfil our obligations. Today, the combined effects of strong corporate governance and a pervasive customer service culture enables MITTS Ltd to maintain its position as Malta’s leading IT solution provider. We role by solid shall strive to maintain this continuing to deliver value, and excellent products and services to our clients - we shall continue to deliver on our promise to provide the very best. And in doing so we shall continuously and aggressively re-invest and re-engineer ourselves to ensure that we are operating efficiently, effectively and economically to the benefit of our clients within the Public Service, our staff and our shareholders. It remains a privilege and a pleasure to chair the MITTS Ltd Board of Directors and in doing so provide policy direction to the Executive Management team. This Annual Report shows that MITTS Ltd is performing well, is excellently placed to take advantage of prevailing opportunities and is investing heavily to maintain a sustainable ICT infrastructure. As we embark on a new financial year, we remain fully committed to our clients' success. Finally, I must thank my colleagues on the Board for their support as well as the CEO, his Top Management team and all the staff of MITTS Ltd for another extremely successful year. Their commitment and professionalism has been outstanding and together, we plan to play an increasingly significant part in our country’s future. We face this exciting future with confidence.

Board Mambers left to right: Joseph W Izzo, Joseph R Grima - Chairman, Paul Galea, Anna McKenna, Anthony Diacono.

J R Grima Chairman