Curmi & Partners Ltd.

MSE Bond Market Overview

As of: 24th July 2008

Corporate Bonds (EUR):

Bond Maturity Date Volume Best Bid
(EUR) Best Offer
(EUR) Yield to
Maturity (%) Closing
Price (EUR) Last
Trade

5.75% Mariner 15 Jul 2008 - 2010 4,600 99.00 6.30 99.00 24 Jul 08

6.75% United 31 Oct 2008 No trade SUSP SUSP SUSP SUSP 14 Apr 08

6.5% Care Malta 15 Nov 2008 No trade 100.00 6.22 100.00 1 Jul 08

6.4% Gasan 30 Nov 2008 - 2011 No trade 100.00 6.33 100.00 4 Jul 08

6.7% Corinthia 22 Oct 2009 27,953 100.00 6.67 100.00 24 Jul 08

3.8% EIB 2009 30 Mar 2009 No trade 96.25 99.00 5.28 99.00 19 May 08

6.15% BOV 15 Mar 2010 No trade 100.50 100.49 5.80 100.49 23 Jul 08

6.5% Corinthia EUR 8 Apr 2010 No trade 100.00 6.47 100.00 17 Jul 08

5% IHI 29 May 2010 No trade 98.20 4.99 100.00 17 Sep 07

6.7% Eden 12 Oct 2010 No trade 98.99 6.93 99.50 6 Jun 08

6.6% Farsons 02 Nov 2010 - 2012 No trade 100.11 6.53 100.10 23 Jul 08

6.7% Mizzi 31 May 2012 No trade 100.50 104.00 6.06 100.50 26 Jun 08

6.7% Tumas Group 09 Jul 2010 - 2012 No trade 100.05 104.25 6.70 100.00 17 Jul 08

6.5% IHI EUR 2012/14 27 Mar 2012 - 2014 No trade 100.00 6.17 101.00 1 Jul 08

6.75% Corinthia 08 Apr 2012 8,620 100.00 6.75 100.00 24 Jul 08

6% Dolmen 20 Nov 2010 - 2013 No trade 100.10 101.00 5.84 100.30 17 Jul 08

6.3% IHI 2013 15 Feb 2013 No trade 95.00 99.99 6.03 101.00 6 Jun 08

4% AX Inv 2013 15 Dec 2013 No trade 105.00 7.90 106.00 20 Jun 08

5.6% Global EUR 02 Jun 2014 - 2016 No trade 89.45 7.79 90.00 7 Jul 08

6.7% AX Investments 15 Dec 2014-2016 No trade 100.25 6.69 100.00 15 Jul 08

4.6% HSBC MTL 2017 1 Feb 2017 No trade 89.00 96.60 4.74 99.00 24 Jun 08

4.6% HSBC EUR 2017 1 Feb 2017 No trade 91.92 96.50 5.11 96.50 26 Jun 08

6.2% IHI EUR 2013 15 Feb 2013 No trade 100.00 6.52 100.00 23 Jul 08

Yield to Maturity is calculated on the average trade weighted price (ATWP).

Corporate Bonds (USD):

Bond Maturity Date Volume Best Bid
(USD) Best Offer
(USD) Yield to
Maturity (%) Closing
Price (USD) Last
Trade

8% BOV USD 2 Oct 2010 No trade 107.17 4.46 107.17 23 Jul 08

Yield to Maturity is calculated on the average trade weighted price (ATWP).

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 2011/13 MTL 30 Apr 2013 No trade 96.00 8.67 96.00 18 Jul 08

7% GAP 2011/13 EUR 30 Apr 2013 No trade 97.00 7.82 98.00 20 Jun 08

7.5% San Antonio Hotels 30 May 2012 No trade 100.00 7.19 101.00 21 Jul 08

8% Bay Street 26 Jun 2012 No trade 100.50 7.99 100.00 18 Jul 08

7.5% MIH MTL 2012/14 04 Dec 2012 - 2014 No trade 100.50 7.35 100.50 7 Jul 08

7.5% MIH EUR 2012/2014 04 Dec 2012 - 2014 No trade 102.25 6.87 102.25 21 May 08

7% Big Bon 20 Dec 2012 No trade 94.00 99.99 6.97 100.00 13 Jun 08

7% PAVI 26 Oct 2014 - 2017 No trade 98.89 7.01 99.90 5 Jun 08

Yield to Maturity is calculated on the average trade weighted price (ATWP).

Government Bonds (EUR):

Bond Maturity Date Volume CBM Bid
(EUR) Yield to
Maturity (%) Closing
Price (EUR) Last
Trade

7.2% MGS 2008 II 28 Aug 2008 No trade 100.00 6.99 100.00 23 Jul 08

7% MGS 2009 I 03 Jul 2009 No trade 109.77 5.14 N/A N/A

5.9% MGS 2009 II 01 Sep 2009 No trade 100.78 5.15 100.77 24 Jun 08

5.9% MGS 2009 III 27 Mar 2009 No trade 100.46 5.17 100.46 22 Jul 08

5.9% MGS 2010 19 Nov 2010 No trade 101.50 5.20 101.76 27 Jun 08

5.75% MGS 2010 II 10 Jun 2010 No trade 101.01 5.17 104.13 11 Mar 08

7% MGS 2010 III 02 Jul 2010 No trade 111.00 5.18 N/A N/A

5.4% MGS 2010 (IV) 21 Feb 2010 No trade 100.35 5.16 100.49 18 Jul 08

7.5% MGS 2011 I 28 Sep 2011 No trade 106.46 5.25 106.26 3 Jul 08

6.25% MGS 2011 II 01 Feb 2011 No trade 102.41 5.21 102.39 21 Jul 08

7% MGS 2011 III 31 Dec 2011 No trade 112.45 5.27 N/A N/A

7.8% MGS 2012 I 24 May 2012 No trade 108.54 5.30 109.38 17 Jul 08

7% MGS 2012 (II) 31 Dec 2012 No trade 122.99 4.54 N/A N/A

5.7% MGS 2012 III 30 Sep 2012 No trade 101.39 5.32 101.35 22 Jul 08

7.8% MGS 2013 I 18 Oct 2013 No trade 111.05 5.34 111.22 21 Jul 08

6.35% MGS 2013 II 19 May 2013 No trade 104.21 5.34 104.16 22 Jul 08

7% MGS 2013 III 31 Dec 2013 No trade 114.11 5.34 N/A N/A

6.6% MGS 2014 I 28 Mar 2014 No trade 106.11 5.33 107.60 15 Jul 08

6.45% MGS 2014 II 21 Nov 2014 No trade 105.96 5.32 105.54 23 Jul 08

5.1% MGS 2014 III 06 Jul 2014 No trade SUSP SUSP SUSP 21 Jul 08

7% MGS 2014 IV 31 Dec 2014 No trade 115.13 5.31 N/A N/A

6.1% MGS 2015 I 10 Jun 2015 No trade 104.52 5.30 104.49 22 Jul 08

5.9% MGS 2015 II 9 Oct 2015 No trade 103.56 5.30 103.16 23 Jul 08

7% MGS 2015 III 1-30 Dec 2015 No trade 116.09 5.29 N/A N/A

7% MGS 2015 IV 31 Dec 2015 No trade 116.09 5.30 N/A N/A

6.65% MGS 2016 I 25 Mar 2016 No trade 108.41 5.30 110.07 10 Jul 08

4.8% MGS 2016 II 26 Nov 2016 No trade 96.63 5.30 96.31 23 Jul 08

7% MGS 2016 III 31 Dec 2016 No trade 116.84 5.31 N/A N/A

7% MGS 2017 I 31 Dec 2017 No trade 117.46 5.32 N/A N/A

7% MGS 2017 II 31 Dec 2017 No trade 117.46 5.32 N/A N/A

7.8% MGS 2018 I 15 Jul 2018 No trade 118.86 5.33 118.95 22 Jul 08

7% MGS 2018 II 31 Dec 2018 No trade 117.99 5.35 N/A N/A

7% MGS 2018 III 31 Dec 2018 No trade 117.99 5.35 N/A N/A

6.6% MGS 2019 I 01 Sep 2019 No trade 110.24 5.36 109.86 23 Jul 08

5.2% MGS 2020 I 10 Jun 2020 No trade 98.42 5.38 99.36 18 Jul 08

5% MGS 2021 I 08 Aug 2021 No trade SUSP SUSP SUSP 21 Jul 08

5.1% MGS 2022 I 16 Aug 2022 No trade 96.45 5.46 100.00 23 Jul 08

5.1% MGS 2021 I FI E 08 Aug 2021 No trade N/A N/A

5.5% MGS 2023 I 06 Jul 2023 No trade 99.86 5.51 99.46 23 Jul 08

Yield to Maturity is calculated on the CBM bid price.

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