Curmi & Partners

MSE Bond Market Overview
As of: 03 February, 2012

Corporate Bonds (Eur)

Bond	Maturity Date	Volume	Best Bid (Eur)	Best Offer (Eur)	Yield To Maturity (%) *	Closing Price (Eur)	Last Trade
6.5% IHI EUR	27 Mar 12/14	No Trade	-	103.00	6.15%	100.00	20 Jan 12
6.75% Corinthia	08 Apr 12	No Trade	100.00	100.00	6.60%	100.00	02 Feb 12
7% FIMBank EUR	30 Apr 12/19	No Trade	102.00	103.00	-1.76%	102.01	31 Jan 12
7.5% MIH EUR	04 Dec 12/14	No Trade	-	100.00	7.08%	100.25	19 Jan 12
6.3% IHI	15 Feb 13	No Trade	-	-	6.30%	100.00	02 Feb 12
6.2-6.8% IHI EUR	15 Feb 13	No Trade	100.00	-	6.80%	100.00	02 Feb 12
4.25% FIMBank	30 Nov 13	No Trade	92.00	100.50	4.25%	100.00	26 Jan 12
4% AX Invest	15 Dec 13	No Trade	-	125.00	7.91%	123.00	02 Feb 12
6% Gasan	31 May 14/16	10,700	102.01	-	4.92%	102.02	03 Feb 12
5.6% Global EUR	02 Jun 14/16	No Trade	-	82.00	16.64%	80.00	02 Feb 12
6.75% United Finance II	30 Jun 14/16	No Trade	-	106.00	5.81%	102.00	06 Dec 11
6.25% Tumas	31 Jul 14/16	No Trade	103.00	105.25	4.92%	103.00	23 Jan 12
7.15% Melita Capital	30 Sep 14/16	No Trade	102.00	102.30	6.26%	102.05	27 Jan 12
6.7% AX Invest	15 Dec 14/16	3,727	100.00	103.00	6.69%	100.00	03 Feb 12
7% MIDI plc Euro Bonds	15 Dec 14/16	14,000	101.50	102.00	6.20%	102.00	03 Feb 12
5.35% Izola Bank	30 Jun 15	10,000	101.50	-	4.85%	101.50	03 Feb 12
6.25% IHI	10 Jul 15/19	No Trade	100.51	103.25	6.24%	100.00	25 Jan 12
7.15% MIH EUR	23 Jul 15/17	No Trade	95.00	99.75	7.16%	99.90	31 Jan 12
7.5% MIH II	04 Aug 15	No Trade	98.00	100.24	7.48%	100.00	30 Jan 12
6.25% Mediterranean Bank	30 Oct 15	15,000	-	100.00	6.24%	100.00	03 Feb 12
6.25% Mediterranean Bank FI	30 Oct 15	No Trade	-	-	6.24%	N/A	03 Feb 12
6.25% Corinthia	24 Sep 16/19	No Trade	101.25	-	5.98%	101.00	02 Feb 12
6.2% Mizzi	30 Nov 16/19	1,200	103.06	-	5.48%	103.05	03 Feb 12
4.6% HSBC EUR	01 Feb 17	5,000	102.00	102.00	4.26%	101.60	03 Feb 12
7% GHM	25 Feb 17/20	No Trade	104.00	105.00	5.83%	105.00	31 Jan 12
6.8% Premier Capital	15 Mar 17/20	No Trade	103.01	105.60	6.09%	103.00	26 Jan 12
6.25% IHI II	08 Apr 17/20	No Trade	100.01	-	5.79%	102.00	25 Jan 12
6% Farsons	15 Jun 17/20	1,600	103.51	-	5.24%	103.51	03 Feb 12
6.6% Eden Finance	16 Jun 17/20	No Trade	100.00	102.00	6.14%	102.00	24 Jan 12
6.5% IHG	30 Jun 17/19	No Trade	101.00	-	6.26%	101.00	31 Jan 12
6.2% Tumas	09 Jul 17/20	No Trade	103.60	-	5.42%	103.52	24 Jan 12
4.8% BOV II	27 Aug 18	No Trade	102.00	102.96	4.44%	102.00	02 Feb 12
4.8% BOV III	27 Aug 18	No Trade	-	102.75	4.27%	103.00	11 Jan 12
5.9% HSBC	07 Oct 18	No Trade	104.51	112.00	4.89%	105.65	24 Jan 12
5.35% BOV	15 Jun 19	No Trade	103.50	108.00	4.78%	103.50	02 Feb 12
4.8% BOV	15 Mar 20	No Trade	101.00	101.40	4.57%	101.50	02 Feb 12

* Where more than one maturity date exists, YTM is calculated on earliest maturity date.

Corporate Bonds (USD)

Bond	Maturity Date	Volume	Best Bid (USD)	Best Offer (USD)	Yield To Maturity (%) *	Closing Price (USD)	Last Trade
7% FIMBank USD	30 Apr 12/19	No Trade	102.00	105.00	6.82%	100.01	20 Dec 11
4.25% FIMBank USD	30 Nov 13	No Trade	101.00	101.75	3.67%	101.00	27 Jan 12
7.15% MIH USD	23 Jul 15/17	No Trade	100.00	-	7.13%	100.00	31 Jan 12

* Where more than one maturity date exists, YTM is calculated on earliest maturity date.

Corporate Bonds (GBP)

Bond	Maturity Date	Volume	Best Bid (GBP)	Best Offer (GBP)	Yield To Maturity (%) *	Closing Price (GBP)	Last Trade
7% MIDI plc GBP Bonds	15 Dec 14/16	No Trade	101.00	-	6.20%	102.00	25 Jan 12
7.15% MIH GBP	23 Jul 15/17	No Trade	100.00	100.00	7.13%	100.00	29 Dec 11

* Where more than one maturity date exists, YTM is calculated on earliest maturity date.

Corporate Bonds (Alternative List) (Eur)

Bond	Maturity Date	Volume	Best Bid (Eur)	Best Offer (Eur)	Yield To Maturity (%) *	Closing Price (Eur)	Last Trade
7% GAP EUR	30 Apr 12/13	25,000	100.00	-	6.64%	100.00	03 Feb 12
7.5% San Antonio	30 May 12	No Trade	-	100.00	4.18%	101.00	21 Dec 11
8% Bay Street	26 Jun 12	No Trade	-	100.00	7.62%	100.00	28 Sep 11
7% Pavi	26 Oct 14/17	No Trade	103.51	107.25	5.75%	103.02	20 Jan 12

* Where more than one maturity date exists, YTM is calculated on earliest maturity date.

Government Bonds (Eur)

Bond	Maturity Date	Volume	Best Bid (Eur)	Best Offer (Eur)	Yield To Maturity (%) *	Closing Price (Eur)	Last Trade
7.8% MGS 2012 (I)	24 May 12	No Trade	101.91	-	1.20%	101.91	02 Feb 12
5.7% MGS 2012 (III)	30 Sep 12	93,175	102.70	-	1.45%	102.70	03 Feb 12
7% MGS 2012 (II)	31 Dec 12	No Trade	113.15	-	1.60%	N/A	N/A
6.35% MGS 2013 (II)	19 May 13	No Trade	105.85	-	1.70%	105.86	31 Jan 12
7.8% MGS 2013 (I)	18 Oct 13	No Trade	109.89	-	1.83%	109.90	31 Jan 12
3.6% MGS 2013 (IV)	18 Oct 13	900,000	102.93	-	1.83%	102.88	03 Feb 12
7% MGS 2013 (III)	31 Dec 13	No Trade	117.62	-	1.91%	N/A	N/A
6.6% MGS 2014 (I)	28 Mar 14	No Trade	109.55	-	2.01%	109.59	02 Feb 12
5.1% MGS 2014 (III)	06 Jul 14	95,231	106.96	-	2.12%	106.96	03 Feb 12
6.45% MGS 2014 (II)	21 Nov 14	No Trade	111.17	-	2.28%	111.21	02 Feb 12
7% MGS 2014 (IV)	31 Dec 14	No Trade	120.94	-	2.33%	N/A	N/A
6.1% MGS 2015 (I)	10 Jun 15	No Trade	111.36	-	2.53%	111.31	31 Jan 12
5.9% MGS 2015 (II)	09 Oct 15	6,989	111.17	-	2.68%	111.17	03 Feb 12
7% MGS 2015 (III)	01 Dec 15	No Trade	123.07	-	2.72%	N/A	N/A
3.75% MGS 2015 (VI)	03 Dec 15	No Trade	103.59	-	2.75%	103.62	02 Feb 12
7% MGS 2015 (IV)	31 Dec 15	No Trade	123.07	-	2.79%	123.25	15 Jul 09
6.65% MGS 2016 (I)	25 Mar 16	853	114.55	-	2.88%	114.55	03 Feb 12
4.8% MGS 2016 (II)	26 Nov 16	9,318	107.44	-	3.12%	107.44	03 Feb 12
7% MGS 2016 (III)	31 Dec 16	No Trade	124.68	-	3.14%	N/A	N/A
4.25% MGS 2017 (III)	06 Nov 17	No Trade	104.60	-	3.36%	104.20	27 Jan 12
7% MGS 2017 (I)	31 Dec 17	No Trade	126.01	-	3.40%	N/A	N/A
7% MGS 2017 (II)	31 Dec 17	No Trade	126.01	-	3.40%	N/A	N/A
7.8% MGS 2018 (I)	15 Jul 18	No Trade	124.44	-	3.52%	124.45	02 Feb 12
7% MGS 2018 (II)	31 Dec 18	No Trade	127.08	-	3.62%	N/A	N/A
6.6% MGS 2019 (I)	01 Sep 19	No Trade	118.51	-	3.76%	118.48	02 Feb 12
7% MGS 2019 (II)	31 Dec 19	No Trade	127.68	-	3.83%	N/A	N/A
4.6% MGS 2020 (II)	25 Apr 20	No Trade	104.95	-	3.89%	104.89	02 Feb 12
5.2% MGS 2020 (I)	10 Jun 20	31,235	109.08	-	3.91%	109.08	03 Feb 12
7% MGS 2020 (III)	31 Dec 20	No Trade	128.16	-	4.01%	N/A	N/A
5% MGS 2021 (I)	08 Aug 21	2,000	106.97	-	4.11%	106.97	03 Feb 12
7% MGS 2021 (II)	31 Dec 21	No Trade	128.29	-	4.18%	N/A	N/A
7% MGS 2021 (II)	31 Dec 21	No Trade	128.29	-	4.18%	N/A	N/A
5.1% MGS 2022 (I)	16 Aug 22	No Trade	107.15	-	4.25%	107.10	02 Feb 12
5.5% MGS 2023 (I)	06 Jul 23	No Trade	110.28	-	4.35%	110.23	31 Jan 12
5.25% MGS 2030 (I)	23 Jun 30	8,000	103.30	-	4.97%	103.30	03 Feb 12

* Where more than one maturity date exists, YTM is calculated on earliest maturity date.