EXCHANGE OF INFORMATION (UNITED STATES OF AMERICA) (FATCA) ORDER

SUBSIDIARY LEGISLATION 123.156

EXCHANGE OF INFORMATION

(UNITED STATES OF AMERICA) (FATCA) ORDER

26th June, 2014 *

LEGAL NOTICE 78 of 2014, as amended by Legal Notice 30 of 2015.

The title of this order is the Exchange of Information

(United States of America) (FATCA) Order.

Amended by

L.N. 30 of 2015.

Article 2

Agreement

between the

Government of the Republic of Malta

and the

Government of the United States of America

to Improve International Tax Compliance and to Implement the

Foreign Account Tax Compliance Act

Whereas, the Government of the Republic of Malta and the Government of the

United States of America (each, a "Party," and together, the "Parties") desire to

conclude an agreement to improve international tax compliance through mutual

assistance in tax matters based on an effective infrastructure for the automatic

exchange of information;

Whereas, Article 26 of the Convention between the Government of the Republic

of Malta and the Government of the United States of America for the Avoidance of

Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on

Income, done at Valletta on August 8, 2008 ( "the Convention") authorises the

exchange of information for tax purposes, including on an automatic basis;

Whereas, the United States of America enacted provisions commonly known as

the Foreign Account Tax Compliance Act ("FATCA"), which introduce a reporting

regime for financial institutions with respect to certain accounts;

Whereas, the Government of the Republic of Malta is supportive of the underlying

policy goal of FATCA to improve tax compliance;

Whereas, FATCA has raised a number of issues, including that Republic of Malta

financial institutions may not be able to comply with certain aspects of FATCA due

to domestic legal impediments;

Whereas, the Government of the United States of America collects information

regarding certain accounts maintained by U.S. financial institutions held by

Republic of Malta residents and is committed to exchanging such information with

the Government of the Republic of Malta and pursuing equivalent levels of

exchange, provided that the appropriate safeguards and infrastructure for an

effective exchange relationship are in place;

Whereas, the Parties are committed to working together over the longer term

towards achieving common reporting and due diligence standards for financial

institutions;

Whereas, the Government of the United States of America acknowledges the need

to coordinate the reporting obligations under FATCA with other U.S. tax reporting

obligations of Republic of Malta financial institutions to avoid duplicative reporting;

Whereas, an intergovernmental approach to FATCA implementation would

address legal impediments and reduce burdens for Republic of Malta financial

institutions;

Whereas, the Parties desire to conclude an agreement to improve international tax

compliance and provide for the implementation of FATCA based on domestic

reporting and reciprocal automatic exchange pursuant to the Convention and subject

to the confidentiality and other protections provided for therein, including the

provisions limiting the use of the information exchanged under the Convention;

Now, therefore, the Parties have agreed as follows

ARTICLE 1

Definitions

1. For purposes of this agreement and any annexes thereto ("Agreement"), the

following terms shall have the meanings set forth below

The term "United States" means the United States of America,

including the States thereof, and, when used in a geographical sense,

means the land territory of the United States of America, including

inland waters, and the air space, the territorial sea thereof and any

maritime area beyond the territorial sea within which the United States

of America may exercise sovereign rights or jurisdiction in accordance

with international law; the term, however, does not include the U.S.

Territories. Any reference to a "State" of the United States includes the

District of Columbia.

The term "U.S. Territory" means American Samoa, the Commonwealth

of the Northern Mariana Islands, Guam, the Commonwealth of Puerto

Rico, or the U.S. Virgin Islands.

The term "IRS" means the U.S. Internal Revenue Service.

The term "Malta" means the Republic of Malta and, when used in a

geographical sense, means the Island of Malta, the Island of Gozo and

the other islands of the Maltese archipelago including the territorial sea

thereof as well as any area of the sea-bed, its sub-soil and the

superjacent water column adjacent to the territorial sea, where Malta

exercises sovereign rights and jurisdiction in accordance with

international law.

The term "Partner Jurisdiction" means a jurisdiction that has in effect

an agreement with the United States to facilitate the implementation of

FATCA. The IRS shall publish a list identifying all Partner

Jurisdictions.

The term "Competent Authority" means

(1) in the case of the United States, the Secretary of the Treasury or

his delegate; and

(2) in the case of Malta, the Minister responsible for finance or his

authorised representative.

The term "Financial Institution" means a Custodial Institution, a

Depository Institution, an Investment Entity, or a Specified Insurance

Company.

The term "Custodial Institution" means any Entity that holds, as a

substantial portion of its business, financial assets for the account of

others. An entity holds financial assets for the account of others as a

substantial portion of its business if the entity’s gross income

attributable to the holding of financial assets and related financial

services equals or exceeds 20 percent of the entity’s gross income

during the shorter of: (i) the three-year period that ends on December 31

(or the final day of a non-calendar year accounting period) prior to the

year in which the determination is being made; or (ii) the period during

which the entity has been in existence.

The term "Depository Institution" means any Entity that accepts

deposits in the ordinary course of a banking or similar business.

The term "Investment Entity" means any Entity that conducts as a

business (or is managed by an entity that conducts as a business) one or

more of the following activities or operations for or on behalf of a

customer

(1) trading in money market instruments (cheques, bills, certificates

of deposit, derivatives, etc.); foreign exchange; exchange, interest

rate and index instruments; transferable securities; or commodity

futures trading;

(2) individual and collective portfolio management; or

(3) otherwise investing, administering, or managing funds or money

on behalf of other persons.

This subparagraph 1(j) shall be interpreted in a manner consistent with

similar language set forth in the definition of "financial institution" in

the Financial Action Task Force Recommendations.

The term "Specified Insurance Company" means any Entity that is an

insurance company (or the holding company of an insurance company)

that issues, or is obligated to make payments with respect to, a Cash

Value Insurance Contract or an Annuity Contract.

The term "Malta Financial Institution" means (i) any Financial

Institution resident in Malta, but excluding any branch of such Financial

Institution that is located outside Malta, and (ii) any branch of a

Financial Institution not resident in Malta, if such branch is located in

Malta.

m) The term "Partner Jurisdiction Financial Institution" means (i) any

Financial Institution established in a Partner Jurisdiction, but excluding

any branch of such Financial Institution that is located outside the

Partner Jurisdiction, and (ii) any branch of a Financial Institution not

established in the Partner Jurisdiction, if such branch is located in the

Partner Jurisdiction.

The term "Reporting Financial Institution" means a Reporting Malta

Financial Institution or a Reporting U.S. Financial Institution, as the

context requires.

The term "Reporting Malta Financial Institution" means any Malta

Financial Institution that is not a Non-Reporting Malta Financial

Institution.

The term "Reporting U.S. Financial Institution" means (i) any

Financial Institution that is resident in the United States, but excluding

any branch of such Financial Institution that is located outside the

United States, and (ii) any branch of a Financial Institution not resident

in the United States, if such branch is located in the United States,

provided that the Financial Institution or branch has control, receipt, or

custody of income with respect to which information is required to be

exchanged under subparagraph (2)(b) of Article 2 of this Agreement.

The term "Non-Reporting Malta Financial Institution" means any

Malta Financial Institution, or other Entity resident in Malta that is

described in Annex II as a Non-Reporting Malta Financial Institution or

that otherwise qualifies as a deemed-compliant FFI or an exempt

beneficial owner under relevant U.S. Treasury Regulations.

The term "Nonparticipating Financial Institution" means a

nonparticipating FFI, as that term is defined in relevant U.S. Treasury

Regulations, but does not include a Malta Financial Institution or other

Partner Jurisdiction Financial Institution other than a Financial

Institution treated as a Nonparticipating Financial Institution pursuant

to subparagraph 2(b) of Article 5 of this Agreement or the

corresponding provision in an agreement between the United States and

a Partner Jurisdiction.

The term "Financial Account" means an account maintained by a

Financial Institution, and includes

(1) in the case of an Entity that is a Financial Institution solely

because it is an Investment Entity, any equity or debt interest

(other than interests that are regularly traded on an established

securities market) in the Financial Institution;

(2) in the case of a Financial Institution not described in

subparagraph 1(s)(1) of this Article, any equity or debt interest in

the Financial Institution (other than interests that are regularly

traded on an established securities market), if (i) the value of the

debt or equity interest is determined, directly or indirectly,

primarily by reference to assets that give rise to U.S. Source

Withholdable Payments, and (ii) the class of interests was

established with a purpose of avoiding reporting in accordance

with this Agreement; and

(3) any Cash Value Insurance Contract and any Annuity Contract

issued or maintained by a Financial Institution, other than a

noninvestment-linked, nontransferable immediate life annuity

that is issued to an individual and monetizes a pension or

disability benefit provided under an account that is excluded from

the definition of Financial Account in Annex II.

Notwithstanding the foregoing, the term "Financial Account" does not

include any account that is excluded from the definition of Financial

Account in Annex II. For purposes of this Agreement, interests are

"regularly traded" if there is a meaningful volume of trading with

respect to the interests on an ongoing basis, and an "established

securities market" means an exchange that is officially recognized and

supervised by a governmental authority in which the market is located

and that has a meaningful annual value of shares traded on the

exchange. For purposes of this subparagraph 1(s), an interest in a

Financial Institution is not "regularly traded" and shall be treated as a

Financial Account if the holder of the interest (other than a Financial

Institution acting as an intermediary) is registered on the books of such

Financial Institution. The preceding sentence will not apply to interests

first registered on the books of such Financial Institution prior to July 1,

2014, and with respect to interests first registered on the books of such

Financial Institution on or after July 1, 2014, a Financial Institution is

not required to apply the preceding sentence prior to January 1, 2016.

The term "Depository Account" includes any commercial, checking,

savings, time, or thrift account, or an account that is evidenced by a

certificate of deposit, thrift certificate, investment certificate, certificate

of indebtedness, or other similar instrument maintained by a Financial

Institution in the ordinary course of a banking or similar business. A

Depository Account also includes an amount held by an insurance

company pursuant to a guaranteed investment contract or similar

agreement to pay or credit interest thereon.

The term "Custodial Account" means an account (other than an

Insurance Contract or Annuity Contract) for the benefit of another

person that holds any financial instrument or contract held for

investment (including, but not limited to, a share or stock in a

corporation, a note, bond, debenture, or other evidence of indebtedness,

a currency or commodity transaction, a credit default swap, a swap

based upon a nonfinancial index, a notional principal contract, an

Insurance Contract or Annuity Contract, and any option or other

derivative instrument).

The term "Equity Interest" means, in the case of a partnership that is a

Financial Institution, either a capital or profits interest in the

partnership. In the case of a trust that is a Financial Institution, an

Equity Interest is considered to be held by any person treated as a settlor

or beneficiary of all or a portion of the trust, or any other natural person

exercising ultimate effective control over the trust. A Specified U.S.

Person shall be treated as being a beneficiary of a foreign trust if such

Specified U.S. Person has the right to receive directly or indirectly (for

example, through a nominee) a mandatory distribution or may receive,

directly or indirectly, a discretionary distribution from the trust.

The term "Insurance Contract" means a contract (other than an

Annuity Contract) under which the issuer agrees to pay an amount upon

the occurrence of a specified contingency involving mortality,

morbidity, accident, liability, or property risk.

The term "Annuity Contract" means a contract under which the issuer

agrees to make payments for a period of time determined in whole or in

part by reference to the life expectancy of one or more individuals. The

term also includes a contract that is considered to be an Annuity

Contract in accordance with the law, regulation, or practice of the

jurisdiction in which the contract was issued, and under which the issuer

agrees to make payments for a term of years.

The term "Cash Value Insurance Contract" means an Insurance

Contract (other than an indemnity reinsurance contract between two

insurance companies) that has a Cash Value greater than $50,000.

The term "Cash Value" means the greater of (i) the amount that the

policyholder is entitled to receive upon surrender or termination of the

contract (determined without reduction for any surrender charge or

policy loan), and (ii) the amount the policyholder can borrow under or

with regard to the contract. Notwithstanding the foregoing, the term

“Cash Value” does not include an amount payable under an Insurance

Contract as

(1) a personal injury or sickness benefit or other benefit providing

indemnification of an economic loss incurred upon the occurrence

of the event insured against;

(2) a refund to the policyholder of a previously paid premium under

an Insurance Contract (other than under a life insurance contract)

due to policy cancellation or termination, decrease in risk

exposure during the effective period of the Insurance Contract, or

arising from a redetermination of the premium due to correction

of posting or other similar error; or

(3) a policyholder dividend based upon the underwriting experience

of the contract or group involved.

aa) The term "Reportable Account" means a U.S. Reportable Account or a

Malta Reportable Account, as the context requires.

bb) The term "Malta Reportable Account" means a Financial Account

maintained by a Reporting U.S. Financial Institution if: (i) in the case of

a Depository Account, the account is held by an individual resident in

Malta and more than $10 of interest is paid to such account in any given

calendar year; or (ii) in the case of a Financial Account other than a

Depository Account, the Account Holder is a resident of Malta,

including an Entity that certifies that it is resident in Malta for tax

purposes, with respect to which U.S. source income that is subject to

reporting under chapter 3 of subtitle A or chapter 61 of subtitle F of the

U.S. Internal Revenue Code is paid or credited.

cc) The term "U.S. Reportable Account" means a Financial Account

maintained by a Reporting Malta Financial Institution and held by one

or more Specified U.S. Persons or by a Non-U.S. Entity with one or

more Controlling Persons that is a Specified U.S. Person.

Notwithstanding the foregoing, an account shall not be treated as a U.S.

Reportable Account if such account is not identified as a U.S.

Reportable Account after application of the due diligence procedures in

Annex I.

dd) The term "Account Holder" means the person listed or identified as the

holder of a Financial Account by the Financial Institution that maintains

the account. A person, other than a Financial Institution, holding a

Financial Account for the benefit or account of another person as agent,

custodian, nominee, signatory, investment advisor, or intermediary, is

not treated as holding the account for purposes of this Agreement, and

such other person is treated as holding the account. For purposes of the

immediately preceding sentence, the term "Financial Institution" does

not include a Financial Institution organized or incorporated in a U.S.

Territory. In the case of a Cash Value Insurance Contract or an Annuity

Contract, the Account Holder is any person entitled to access the Cash

Value or change the beneficiary of the contract. If no person can access

the Cash Value or change the beneficiary, the Account Holder is any

person named as the owner in the contract and any person with a vested

entitlement to payment under the terms of the contract. Upon the

maturity of a Cash Value Insurance Contract or an Annuity Contract,

each person entitled to receive a payment under the contract is treated as

an Account Holder.

ee) The term "U.S. Person" means a U.S. citizen or resident individual, a

partnership or corporation organized in the United States or under the

laws of the United States or any State thereof, a trust if (i) a court within

the United States would have authority under applicable law to render

orders or judgments concerning substantially all issues regarding

administration of the trust, and (ii) one or more U.S. persons have the

authority to control all substantial decisions of the trust, or an estate of a

decedent that is a citizen or resident of the United States. This

subparagraph 1(ee) shall be interpreted in accordance with the U.S.

Internal Revenue Code.

The term "Specified U.S. Person" means a U.S. Person, other than: (i) a

corporation the stock of which is regularly traded on one or more

established securities markets; (ii) any corporation that is a member of

the same expanded affiliated group, as defined in section 1471(e)(2) of

the U.S. Internal Revenue Code, as a corporation described in clause (i);

(iii) the United States or any wholly owned agency or instrumentality

thereof; (iv) any State of the United States, any U.S. Territory, any

political subdivision of any of the foregoing, or any wholly owned

agency or instrumentality of any one or more of the foregoing; (v) any

organization exempt from taxation under section 501(a) of the U.S.

Internal Revenue Code or an individual retirement plan as defined in

section 7701(a)(37) of the U.S. Internal Revenue Code; (vi) any bank as

defined in section 581 of the U.S. Internal Revenue Code; (vii) any real

estate investment trust as defined in section 856 of the U.S. Internal

Revenue Code; (viii) any regulated investment company as defined in

section 851 of the U.S. Internal Revenue Code or any entity registered

with the U.S. Securities and Exchange Commission under the

Investment Company Act of 1940 (15 U.S.C. 80a-64); (ix) any common

trust fund as defined in section 584(a) of the U.S. Internal Revenue

Code; (x) any trust that is exempt from tax under section 664(c) of the

U.S. Internal Revenue Code or that is described in section 4947(a)(1) of

the U.S. Internal Revenue Code; (xi) a dealer in securities,

commodities, or derivative financial instruments (including notional

principal contracts, futures, forwards, and options) that is registered as

such under the laws of the United States or any State; (xii) a broker as

defined in section 6045(c) of the U.S. Internal Revenue Code; or (xiii)

any tax-exempt trust under a plan that is described in section 403(b) or

section 457(b) of the U.S. Internal Revenue Code.

gg) The term "Entity" means a legal person or a legal arrangement such as a

trust.

hh) The term "Non-U.S. Entity" means an Entity that is not a U.S. Person.

The term "U.S. Source Withholdable Payment" means any payment of

interest (including any original issue discount), dividends, rents,

salaries, wages, premiums, annuities, compensations, remunerations,

emoluments, and other fixed or determinable annual or periodical gains,

profits, and income, if such payment is from sources within the United

States. Notwithstanding the foregoing, a U.S. Source Withholdable

Payment does not include any payment that is not treated as a

withholdable payment in relevant U.S. Treasury Regulations.

An Entity is a "Related Entity" of another Entity if either Entity

controls the other Entity, or the two Entities are under common control.

For this purpose control includes direct or indirect ownership of more

than 50 percent of the vote or value in an Entity. Notwithstanding the

foregoing, the Malta Competent Authority may treat an Entity as not a

Related Entity of another Entity if the two Entities are not members of

the same expanded affiliated group as defined in section 1471(e)(2) of

the U.S. Internal Revenue Code.

kk) The term "U.S. TIN" means a U.S. federal taxpayer identifying number.

The term "Malta TIN" means a Malta taxpayer identifying number.

mm) The term "Controlling Persons" means the natural persons who

exercise control over an Entity. In the case of a trust, such term means

the settlor, the trustees, the protector (if any), the beneficiaries or class

of beneficiaries, and any other natural person exercising ultimate

effective control over the trust, and in the case of a legal arrangement

other than a trust, such term means persons in equivalent or similar

positions. The term “Controlling Persons” shall be interpreted in a

manner consistent with the Financial Action Task Force

Recommendations.

2. Any term not otherwise defined in this Agreement shall, unless the context

otherwise requires or the Competent Authorities agree to a common meaning (as

permitted by domestic law), have the meaning that it has at that time under the law

of the Party applying this Agreement, any meaning under the applicable tax laws of

that Party prevailing over a meaning given to the term under other laws of that Party.

ARTICLE 2

Obligations to Obtain and Exchange Information

with Respect to Reportable Accounts

1. Subject to the provisions of Article 3 of this Agreement, each Party shall

obtain the information specified in paragraph 2 of this Article with respect to all

Reportable Accounts and shall annually exchange this information with the other

Party on an automatic basis pursuant to the provisions of Article 26 of the

2. The information to be obtained and exchanged is

In the case of Malta with respect to each U.S. Reportable Account of

each Reporting Malta Financial Institution

(1) the name, address, and U.S. TIN of each Specified U.S. Person

that is an Account Holder of such account and, in the case of a

Non-U.S. Entity that, after application of the due diligence

procedures set forth in Annex I, is identified as having one or

more Controlling Persons that is a Specified U.S. Person, the

name, address, and U.S. TIN (if any) of such entity and each such

Specified U.S. Person;

(2) the account number (or functional equivalent in the absence of an

account number);

(3) the name and identifying number of the Reporting Malta Financial

Institution;

(4) the account balance or value (including, in the case of a Cash

Value Insurance Contract or Annuity Contract, the Cash Value or

surrender value) as of the end of the relevant calendar year or

other appropriate reporting period or, if the account was closed

during such year, immediately before closure;

(5) in the case of any Custodial Account

(A) the total gross amount of interest, the total gross amount of

dividends, and the total gross amount of other income

generated with respect to the assets held in the account, in

each case paid or credited to the account (or with respect to

the account) during the calendar year or other appropriate

reporting period; and

(B) the total gross proceeds from the sale or redemption of

property paid or credited to the account during the calendar

year or other appropriate reporting period with respect to

which the Reporting Malta Financial Institution acted as a

custodian, broker, nominee, or otherwise as an agent for the

Account Holder;

(6) in the case of any Depository Account, the total gross amount of

interest paid or credited to the account during the calendar year or

other appropriate reporting period; and

(7) in the case of any account not described in subparagraph 2(a)(5)

or 2(a)(6) of this Article, the total gross amount paid or credited

to the Account Holder with respect to the account during the

calendar year or other appropriate reporting period with respect to

which the Reporting Malta Financial Institution is the obligor or

debtor, including the aggregate amount of any redemption

payments made to the Account Holder during the calendar year or

other appropriate reporting period.

In the case of the United States, with respect to each Malta Reportable

Account of each Reporting U.S. Financial Institution

(1) the name, address, and Malta TIN of any person that is a resident

of Malta and is an Account Holder of the account;

(2) the account number (or the functional equivalent in the absence of

an account number);

(3) the name and identifying number of the Reporting U.S. Financial

Institution;

(4) the gross amount of interest paid on a Depository Account

(5) the gross amount of U.S. source dividends paid or credited to the

account; and

(6) the gross amount of other U.S. source income paid or credited to

the account, to the extent subject to reporting under chapter 3 of

subtitle A or chapter 61 of subtitle F of the U.S. Internal Revenue

Code.

ARTICLE 3

Time and Manner of Exchange of Information

1. For purposes of the exchange obligation in Article 2 of this Agreement, the

amount and characterization of payments made with respect to a U.S. Reportable

Account may be determined in accordance with the principles of Malta’s tax laws,

and the amount and characterization of payments made with respect to a Malta

Reportable Account may be determined in accordance with principles of U.S. federal

2. For purposes of the exchange obligation in Article 2 of this Agreement, the

information exchanged shall identify the currency in which each relevant amount is

It is hereby declared

(a) that the arrangements specified in the Agreement set

out in the Schedule to this Order have been made with

the Government of tthe United States of America with

a view to preventing fiscal evasion;

(b) that it is expedient that those arrangements should

have effect following the entry into force of the

Agreement and in accordance with the relevant

provisions of the Agreement and the Annexes thereto;

(c) that the Agreement shall enter into force on such date

as may be announced by notice in the Government

Gazette.*

*see article 2 of this Order, and Legal Notice 290 of 2014.

Added by

L.N. 30 of 2015.

Article 2

Language in italics considered by the United States to be “more

favourable terms” in Annex I of the Agreement as notified to the Competent

Authority of Malta through letters dated 1 July 2014 and 3 October 2014.

1. Subparagraph B(4)(e) of Section VI of Annex I

Substantially all of the activities of the NFFE consist of holding (in

whole or in part) the outstanding stock of, and providing financing and

services to, one or more subsidiaries that engage in trades or businesses other

than the business of a Financial Institution, except that an Entity shall not

qualify for NFFE status if the Entity functions (or holds itself out) as an

investment fund, such as a private equity fund, venture capital fund,

leveraged buyout fund, or any investment vehicle whose purpose is to

acquire or fund companies and then hold interests in those companies as

capital assets for investment purposes;

2. Paragraph G of section VI of Annex 1

G.

Alternative Procedures for New Entity Accounts Opened on or

after July 1, 2014, and before January 1, 2015. For New Entity Accounts

opened on or after July 1, 2014, and before January 1, 2015, either with

respect to all New Entity Accounts or, separately, with respect to any clearly

identified group of such accounts, Malta may permit Reporting Malta

Financial Institutions to treat such accounts as Preexisting Entity Accounts

and apply the due diligence procedures related to Preexisting Entity

Accounts specified in section IV of this Annex I in lieu of the due diligence

procedures specified in section V of this Annex I. In this case, the due

diligence procedures of section IV of this Annex I must be applied without

regard to the account balance or value threshold specified in paragraph A of

section IV of this Annex I.

With respect to paragraph 2 of Article 2 of this Agreement, information is to

be obtained and exchanged with respect to 2014 and all subsequent years, except

In the case of Malta

(1) the information to be obtained and exchanged with respect to

2014 is only the information described in subparagraphs 2(a)(1)

through 2(a)(4) of Article 2 of this Agreement;

(2) the information to be obtained and exchanged with respect to

2015 is the information described in subparagraphs 2(a)(1)

through 2(a)(7) of Article 2 of this Agreement, except for gross

proceeds described in subparagraph 2(a)(5)(B) of Article 2 of this

Agreement; and

(3) the information to be obtained and exchanged with respect to

2016 and subsequent years is the information described in

subparagraphs 2(a)(1) through 2(a)(7) of Article 2 of this

Agreement;

b)

In the case of the United States, the information to be obtained and

exchanged with respect to 2014 and subsequent years is all of the

information identified in subparagraph 2(b) of Article 2 of this

Agreement.

Notwithstanding paragraph 3 of this Article, with respect to each Reportable

Account that is maintained by a Reporting Financial Institution as of June 30, 2014,

and subject to paragraph 4 of Article 6 of this Agreement, the Parties are not

required to obtain and include in the exchanged information the Malta TIN or the

U.S. TIN, as applicable, of any relevant person if such taxpayer identifying number

is not in the records of the Reporting Financial Institution. In such case, the Parties

shall obtain and include in the exchanged information the date of birth of the

relevant person, if the Reporting Financial Institution has such date of birth in its

records.

Subject to paragraphs 3 and 4 of this Article, the information described in

Article 2 of this Agreement shall be exchanged within nine months after the end of

the calendar year to which the information relates.

The Competent Authorities of Malta and the United States shall enter into an

agreement under the mutual agreement procedure provided for in Article 25 of the

Convention, which shall

a)

establish the procedures for the automatic exchange obligations

described in Article 2 of this Agreement;

b)

prescribe rules and procedures as may be necessary to implement

Article 5 of this Agreement; and

c)

establish as necessary procedures for the exchange of the information

reported under subparagraph 1(b) of Article 4 of this Agreement.

All information exchanged shall be subject to the confidentiality and other

protections provided for in the Convention, including the provisions limiting the use

of the information exchanged.

Following entry into force of this Agreement, each Competent Authority

shall provide written notification to the other Competent Authority when it is

satisfied that the jurisdiction of the other Competent Authority has in place (i)

appropriate safeguards to ensure that the information received pursuant to this

Agreement shall remain confidential and be used solely for tax purposes; and (ii) the

infrastructure for an effective exchange relationship (including established processes

for ensuring timely, accurate, and confidential information exchanges, effective and

reliable communications, and demonstrated capabilities to promptly resolve

questions and concerns about exchanges or requests for exchanges and to administer

the provisions of Article 5 of this Agreement). The Competent Authorities shall

endeavour in good faith to meet, prior to September 2015, to establish that each

jurisdiction has such safeguards and infrastructure in place.

The obligations of the Parties to obtain and exchange information under

Article 2 of this Agreement shall take effect on the date of the later of the written

notifications described in paragraph 8 of this Article. Notwithstanding the foregoing,

if the Malta Competent Authority is satisfied that the United States has the

safeguards and infrastructure described in paragraph 8 of this Article in place, but

additional time is necessary for the U.S. Competent Authority to establish that Malta

has such safeguards and infrastructure in place, the obligation of Malta to obtain and

exchange information under Article 2 of this Agreement shall take effect on the date

of the written notification provided by the Malta Competent Authority to the U.S.

Competent Authority pursuant to paragraph 8 of this Article.

This Agreement shall terminate on September 30, 2015, if Article 2 of this

Agreement is not in effect for either Party pursuant to paragraph 9 of this Article by

ARTICLE 4

Application of FATCA to Malta Financial Institutions

1. Treatment of Reporting Malta Financial Institutions. Each Reporting

Malta Financial Institution shall be treated as complying with, and not subject to

withholding under, section 1471 of the U.S. Internal Revenue Code if Malta

complies with its obligations under Articles 2 and 3 of this Agreement with respect

to such Reporting Malta Financial Institution, and the Reporting Malta Financial

Institution

identifies U.S. Reportable Accounts and reports annually to the Malta

Commissioner for Revenue the information required to be reported in

subparagraph 2(a) of Article 2 of this Agreement in the time and manner

described in Article 3 of this Agreement;

for each of 2015 and 2016, reports annually to the Malta Commissioner

for Revenue the name of each Nonparticipating Financial Institution to

which it has made payments and the aggregate amount of such

payments;

complies with the applicable registration requirements on the IRS

FATCA registration website;

to the extent that a Reporting Malta Financial Institution is (i) acting as

a qualified intermediary (for purposes of section 1441 of the U.S.

Internal Revenue Code) that has elected to assume primary withholding

responsibility under chapter 3 of subtitle A of the U.S. Internal Revenue

Code, (ii) a foreign partnership that has elected to act as a withholding

foreign partnership (for purposes of both sections 1441 and 1471 of the

U.S. Internal Revenue Code), or (iii) a foreign trust that has elected to

act as a withholding foreign trust (for purposes of both sections 1441

and 1471 of the U.S. Internal Revenue Code), withholds 30 percent of

any U.S. Source Withholdable Payment to any Nonparticipating

Financial Institution; and

in the case of a Reporting Malta Financial Institution that is not

described in subparagraph 1(d) of this Article and that makes a payment

of, or acts as an intermediary with respect to, a U.S. Source

Withholdable Payment to any Nonparticipating Financial Institution, the

Reporting Malta Financial Institution provides to any immediate payor

of such U.S. Source Withholdable Payment the information required for

withholding and reporting to occur with respect to such payment.

Notwithstanding the foregoing, a Reporting Malta Financial Institution with

respect to which the conditions of this paragraph 1 are not satisfied shall not be

subject to withholding under section 1471 of the U.S. Internal Revenue Code unless

such Reporting Malta Financial Institution is treated by the IRS as a

Nonparticipating Financial Institution pursuant to subparagraph 2(b) of Article 5 of

this Agreement.

2. Suspension of Rules Relating to Recalcitrant Accounts. The United States

shall not require a Reporting Malta Financial Institution to withhold tax under

section 1471 or 1472 of the U.S. Internal Revenue Code with respect to an account

held by a recalcitrant account holder (as defined in section 1471(d)(6) of the U.S.

Internal Revenue Code), or to close such account, if the U.S. Competent Authority

receives the information set forth in subparagraph 2(a) of Article 2 of this

Agreement, subject to the provisions of Article 3 of this Agreement, with respect to

such account.

3. Specific Treatment of Malta Retirement Plans. The United States shall

treat as deemed-compliant FFIs or exempt beneficial owners, as appropriate, for

purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, Malta

retirement plans described in Annex II. For this purpose, a Malta retirement plan

includes an Entity established or located in, and regulated by, Malta, or a

predetermined contractual or legal arrangement, operated to provide pension or

retirement benefits or earn income for providing such benefits under the laws of

Malta and regulated with respect to contributions, distributions, reporting,

sponsorship, and taxation.

4. Identification and Treatment of Other Deemed-Compliant FFIs and

Exempt Beneficial Owners. The United States shall treat each Non-Reporting Malta

Financial Institution as a deemed-compliant FFI or as an exempt beneficial owner, as

appropriate, for purposes of section 1471 of the U.S. Internal Revenue Code.

5. Special Rules Regarding Related Entities and Branches That Are

Nonparticipating Financial Institutions. If a Malta Financial Institution, that

otherwise meets the requirements described in paragraph 1 of this Article or is

described in paragraph 3 or 4 of this Article, has a Related Entity or branch that

operates in a jurisdiction that prevents such Related Entity or branch from fulfilling

the requirements of a participating FFI or deemed-compliant FFI for purposes of

section 1471 of the U.S. Internal Revenue Code or has a Related Entity or branch

that is treated as a Nonparticipating Financial Institution solely due to the expiration

of the transitional rule for limited FFIs and limited branches under relevant U.S.

Treasury Regulations, such Malta Financial Institution shall continue to be in

compliance with the terms of this Agreement and shall continue to be treated as a

deemed-compliant FFI or an exempt beneficial owner, as appropriate, for purposes

of section 1471 of the U.S. Internal Revenue Code, provided that

a)

the Malta Financial Institution treats each such Related Entity or branch

as a separate Nonparticipating Financial Institution for purposes of all

the reporting and withholding requirements of this Agreement and each

such Related Entity or branch identifies itself to withholding agents as a

Nonparticipating Financial Institution;

b)

each such Related Entity or branch identifies its U.S. accounts and

reports the information with respect to those accounts as required under

section 1471 of the U.S. Internal Revenue Code to the extent permitted

under the relevant laws pertaining to the Related Entity or branch; and

c)

such Related Entity or branch does not specifically solicit U.S. accounts

held by persons that are not resident in the jurisdiction where such

Related Entity or branch is located or accounts held by Nonparticipating

Financial Institutions that are not established in the jurisdiction where

such Related Entity or branch is located, and such Related Entity or

branch is not used by the Malta Financial Institution or any other

Related Entity to circumvent the obligations under this Agreement or

under section 1471 of the U.S. Internal Revenue Code, as appropriate.

6. Coordination of Timing. Notwithstanding paragraphs 3 and 5 of Article 3

of this Agreement

Malta shall not be obligated to obtain and exchange information with

respect to a calendar year that is prior to the calendar year with respect

to which similar information is required to be reported to the IRS by

participating FFIs pursuant to relevant U.S. Treasury Regulations;

Malta shall not be obligated to begin exchanging information prior to the date by

which participating FFIs are required to report similar information to the

IRS under relevant U.S. Treasury Regulations;

the United States shall not be obligated to obtain and exchange

information with respect to a calendar year that is prior to the first

calendar year with respect to which Malta is required to obtain and

exchange information; and

the United States shall not be obligated to begin exchanging information

prior to the date by which Malta is required to begin exchanging

information.

7. Coordination of Definitions with U.S. Treasury Regulations.

Notwithstanding Article 1 of this Agreement and the definitions provided in the

Annexes to this Agreement, in implementing this Agreement, Malta may use, and

may permit Malta Financial Institutions to use, a definition in relevant U.S. Treasury

Regulations in lieu of a corresponding definition in this Agreement, provided that

such application would not frustrate the purposes of this Agreement.

ARTICLE 5

Collaboration on Compliance and Enforcement

1. Minor and Administrative Errors. A Competent Authority shall notify the

Competent Authority of the other Party when the first-mentioned Competent

Authority has reason to believe that administrative errors or other minor errors may

have led to incorrect or incomplete information reporting or resulted in other

infringements of this Agreement. The Competent Authority of such other Party shall

apply its domestic law (including applicable penalties) to obtain corrected and/or

complete information or to resolve other infringements of this Agreement.

2. Significant Non-Compliance.

A Competent Authority shall notify the Competent Authority of the

other Party when the first-mentioned Competent Authority has

determined that there is significant non-compliance with the obligations

under this Agreement with respect to a Reporting Financial Institution

in the other jurisdiction. The Competent Authority of such other Party

shall apply its domestic law (including applicable penalties) to address

the significant non-compliance described in the notice.

If, in the case of a Reporting Malta Financial Institution, such

enforcement actions do not resolve the non-compliance within a period

of 18 months after notification of significant non-compliance is first

provided, the United States shall treat the Reporting Malta Financial

Institution as a Nonparticipating Financial Institution pursuant to this

subparagraph 2(b).

3. Reliance on Third Party Service Providers. Each Party may allow

Reporting Financial Institutions to use third party service providers to fulfil the

obligations imposed on such Reporting Financial Institutions by a Party, as

contemplated in this Agreement, but these obligations shall remain the responsibility

of the Reporting Financial Institutions.

4. Prevention of Avoidance. The Parties shall implement as necessary

requirements to prevent Financial Institutions from adopting practices intended to

circumvent the reporting required under this Agreement.

ARTICLE 6

Mutual Commitment to Continue to Enhance the Effectiveness

of Information Exchange and Transparency

1. Reciprocity. The Government of the United States acknowledges the need

to achieve equivalent levels of reciprocal automatic information exchange with

Malta. The Government of the United States is committed to further improve

transparency and enhance the exchange relationship with Malta by pursuing the

adoption of regulations and advocating and supporting relevant legislation to

achieve such equivalent levels of reciprocal automatic information exchange.

2. Treatment of Passthru Payments and Gross Proceeds. The Parties are

committed to work together, along with Partner Jurisdictions, to develop a practical

and effective alternative approach to achieve the policy objectives of foreign

passthru payment and gross proceeds withholding that minimizes burden.

3. Development of Common Reporting and Exchange Model. The Parties

are committed to working with Partner Jurisdictions, the Organisation for Economic

Co-operation and Development, and the European Union, on adapting the terms of

this Agreement and other agreements between the United States and Partner

Jurisdictions to a common model for automatic exchange of information, including

the development of reporting and due diligence standards for financial institutions.

4. Documentation of Accounts Maintained as of June 30, 2014. With respect

to Reportable Accounts maintained by a Reporting Financial Institution as of June

30, 2014

a)

The United States commits to establish, by January 1, 2017, for

reporting with respect to 2017 and subsequent years, rules requiring

Reporting U.S. Financial Institutions to obtain and report the Malta TIN

of each Account Holder of a Malta Reportable Account as required

pursuant to subparagraph 2(b)(1) of Article 2 of this Agreement; and

b)

Malta commits to establish, by January 1, 2017, for reporting with

respect to 2017 and subsequent years, rules requiring Reporting Malta

Financial Institutions to obtain the U.S. TIN of each Specified U.S.

Person as required pursuant to subparagraph 2(a)(1) of Article 2 of this

Agreement.

ARTICLE 7

Consistency in the Application of FATCA to Partner Jurisdictions

1. Malta shall be granted the benefit of any more favourable terms under

Article 4 or Annex 1 of this Agreement relating to the application of FATCA to

Malta Financial Institutions afforded to another Partner Jurisdiction under a signed

bilateral agreement pursuant to which the other Partner Jurisdiction commits to

undertake the same obligations as Malta described in Articles 2 and 3 of this

Agreement, and subject to the same terms and conditions as described therein and in

Articles 5 through 9 of this Agreement.

2. The United States shall notify Malta of any such more favorable terms and

such more favorable terms shall apply automatically under this Agreement as if such

terms were specified in this Agreement and effective as of the date of the entry into

force of the agreement incorporating the more favorable terms, unless Malta declines

the application thereof.

ARTICLE 8

Consultations and Amendments

1. In case any difficulties in the implementation of this Agreement arise, either

Party may request consultations to develop appropriate measures to ensure the

fulfilment of this Agreement.

2. This Agreement may be amended by written mutual agreement of the

Parties. Unless otherwise agreed upon, such an amendment shall enter into force

through the same procedures as set forth in paragraph 1 of Article 10 of this

Agreement.

ARTICLE 9

Annexes

The Annexes form an integral part of this Agreement.

ARTICLE 10

Term of Agreement

1. This Agreement shall enter into force on the date of Malta’s written

notification to the United States that Malta has completed its necessary internal

procedures for entry into force of this Agreement.

2. Either Party may terminate this Agreement by giving notice of termination

in writing to the other Party. Such termination shall become effective on the first day

of the month following the expiration of a period of 12 months after the date of the

notice of termination.

3. The Parties shall, prior to December 31, 2016, consult in good faith to

amend this Agreement as necessary to reflect progress on the commitments set forth

in Article 6 of this Agreement.

In witness whereof, the undersigned, being duly authorized thereto by their

respective Governments, have signed this Agreement.

Done at Valletta, in duplicate, in the English language this 16th day of December

2013. For the Government

For the Government

of the Republic of Malta

of the United States of America

Edward Scicluna

Gina Abercrombie Winstanley

Minister for Finance

Ambassador

ANNEX I

DUE DILIGENCE OBLIGATIONS FOR IDENTIFYING AND REPORTING

ON U.S. REPORTABLE ACCOUNTS AND ON PAYMENTS TO CERTAIN

NONPARTICIPATING FINANCIAL INSTITUTIONS

General.

Malta shall require that Reporting Malta Financial Institutions apply the due

diligence procedures contained in this Annex I to identify U.S. Reportable Accounts

and accounts held by Nonparticipating Financial Institutions.

For purposes of the Agreement,

1. All dollar amounts are in U.S. dollars and shall be read to include the

equivalent in other currencies.

2. Except as otherwise provided herein, the balance or value of an account

shall be determined as of the last day of the calendar year or other

appropriate reporting period.

3. Where a balance or value threshold is to be determined as of June 30,

2014, under this Annex I, the relevant balance or value shall be

determined as of that day or the last day of the reporting period ending

immediately before June 30, 2014, and where a balance or value

threshold is to be determined as of the last day of a calendar year under

this Annex I, the relevant balance or value shall be determined as of the

last day of the calendar year or other appropriate reporting period.

4. Subject to subparagraph E(1) of section II of this Annex I, an account

shall be treated as a U.S. Reportable Account beginning as of the date it

is identified as such pursuant to the due diligence procedures in this

Annex I.

5. Unless otherwise provided, information with respect to a U.S.

Reportable Account shall be reported annually in the calendar year

following the year to which the information relates.

As an alternative to the procedures described in each section of this Annex I,

Malta may permit Reporting Malta Financial Institutions to rely on the procedures

described in relevant U.S. Treasury Regulations to establish whether an account is a

U.S. Reportable Account or an account held by a Nonparticipating Financial

Institution. Malta may permit Reporting Malta Financial Institutions to make such

election separately for each section of this Annex I either with respect to all relevant

Financial Accounts or, separately, with respect to any clearly identified group of

such accounts (such as by line of business or the location of where the account is

maintained).

Preexisting Individual Accounts. The following rules and procedures

apply for purposes of identifying U.S. Reportable Accounts among Preexisting

Accounts held by individuals ("Preexisting Individual Accounts").

Accounts Not Required to Be Reviewed, Identified, or Reported. Unless

the Reporting Malta Financial Institution elects otherwise, either with respect to all

Preexisting Individual Accounts or, separately, with respect to any clearly identified

group of such accounts, where the implementing rules in Malta provide for such an

election, the following Preexisting Individual Accounts are not required to be

reviewed, identified, or reported as U.S. Reportable Accounts

1. Subject to subparagraph E(2) of this section, a Preexisting Individual

Account with a balance or value that does not exceed $50,000 as of June

30, 2014.

2. Subject to subparagraph E(2) of this section, a Preexisting Individual

Account that is a Cash Value Insurance Contract or an Annuity Contract

with a balance or value of $250,000 or less as of June 30, 2014.

3. A Preexisting Individual Account that is a Cash Value Insurance

Contract or an Annuity Contract, provided the law or regulations of

Malta or the United States effectively prevent the sale of such a Cash

Value Insurance Contract or an Annuity Contract to U.S. residents (e.g.,

if the relevant Financial Institution does not have the required

registration under U.S. law, and the law of Malta requires reporting or

withholding with respect to insurance products held by residents of

Malta).

4. A Depository Account with a balance of $50,000 or less.

Review Procedures for Preexisting Individual Accounts With a Balance

or Value as of June 30, 2014, that Exceeds $50,000 ($250,000 for a Cash Value

Insurance Contract or Annuity Contract), But Does Not Exceed $1,000,000

("Lower Value Accounts").

1. Electronic Record Search. The Reporting Malta Financial Institution

must review electronically searchable data maintained by the Reporting

Malta Financial Institution for any of the following U.S. indicia

a)

Identification of the Account Holder as a U.S. citizen or resident;

b)

Unambiguous indication of a U.S. place of birth;

c)

Current U.S. mailing or residence address (including a U.S. post

office box);

d)

Current U.S. telephone number;

e)

Standing instructions to transfer funds to an account maintained

in the United States;

f)

Currently effective power of attorney or signatory authority

granted to a person with a U.S. address; or

g)

An "in-care-of" or "hold mail" address that is the sole address the

Reporting Malta Financial Institution has on file for the Account

Holder. In the case of a Preexisting Individual Account that is a

Lower Value Account, an "in-care-of" address outside the United

States or "hold mail" address shall not be treated as U.S. indicia.

2. If none of the U.S. indicia listed in subparagraph B(1) of this section are

discovered in the electronic search, then no further action is required

until there is a change in circumstances that results in one or more U.S.

indicia being associated with the account, or the account becomes a

High Value Account described in paragraph D of this section.

3. If any of the U.S. indicia listed in subparagraph B(1) of this section are

discovered in the electronic search, or if there is a change in

circumstances that results in one or more U.S. indicia being associated

with the account, then the Reporting Malta Financial Institution must

treat the account as a U.S. Reportable Account unless it elects to apply

subparagraph B(4) of this section and one of the exceptions in such

subparagraph applies with respect to that account.

4. Notwithstanding a finding of U.S. indicia under subparagraph B(1) of

this section, a Reporting Malta Financial Institution is not required to

treat an account as a U.S. Reportable Account if

a)

Where the Account Holder information unambiguously indicates

a U.S. place of birth, the Reporting Malta Financial Institution

obtains or has previously reviewed and maintains a record of

(1)

A self-certification that the Account Holder is neither a

U.S. citizen nor a U.S. resident for tax purposes (which

may be on an IRS Form W-8 or other similar agreed form);

(2)

A non-U.S. passport or other government-issued

identification evidencing the Account Holder’s citizenship

or nationality in a country other than the United States; and

(3)

A copy of the Account Holder’s Certificate of Loss of

Nationality of the United States or a reasonable explanation

of

(a) The reason the Account Holder does not have such a

certificate despite relinquishing U.S. citizenship; or

(b) The reason the Account Holder did not obtain U.S.

citizenship at birth.

Where the Account Holder information contains a current U.S.

mailing or residence address, or one or more U.S. telephone

numbers that are the only telephone numbers associated with

the account, the Reporting Malta Financial Institution obtains, or

has previously reviewed and maintains a record of

(1)

A self-certification that the Account Holder is neither a

U.S. citizen nor a U.S. resident for tax purposes (which

may be on an IRS Form W-8 or other similar agreed form);

and

(2)

Documentary evidence, as defined in paragraph D of

section VI of this Annex I, establishing the Account

Holder’s non-U.S. status.

Where the Account Holder information contains standing

instructions to transfer funds to an account maintained in the

United States, the Reporting Malta Financial Institution obtains,

or has previously reviewed and maintains a record of

(1)

A self-certification that the Account Holder is neither a

U.S. citizen nor a U.S. resident for tax purposes (which

may be on an IRS Form W-8 or other similar agreed form);

and

(2) Documentary evidence, as defined in paragraph D of section

VI of this Annex I, establishing the Account Holder’s non-

U.S. status.

Where the Account Holder information contains a currently

effective power of attorney or signatory authority granted to a

person with a U.S. address, has an "in-care-of" address or

"hold mail" address that is the sole address identified for the

Account Holder, or has one or more U.S. telephone numbers (if

a non-U.S. telephone number is also associated with the

account), the Reporting Malta Financial Institution obtains, or

has previously reviewed and maintains a record of

(1)

A self-certification that the Account Holder is neither a

U.S. citizen nor a U.S. resident for tax purposes (which

may be on an IRS Form W-8 or other similar agreed form);

or

(2)

Documentary evidence, as defined in paragraph D of

section VI of this Annex I, establishing the Account

Holder’s non-U.S. status.

C.

Additional Procedures Applicable to Preexisting Individual Accounts

That Are Lower Value Accounts.

1. Review of Preexisting Individual Accounts that are Lower Value Accounts

for U.S. indicia must be completed by June 30, 2016.

2. If there is a change of circumstances with respect to a Preexisting Individual

Account that is a Lower Value Account that results in one or more U.S. indicia

described in subparagraph B(1) of this section being associated with the account,

then the Reporting Malta Financial Institution must treat the account as a U.S.

Reportable Account unless subparagraph B(4) of this section applies.

3. Except for Depository Accounts described in subparagraph A(4) of this

section, any Preexisting Individual Account that has been identified as a U.S.

Reportable Account under this section shall be treated as a U.S. Reportable Account

in all subsequent years, unless the Account Holder ceases to be a Specified U.S.

Person.

D. Enhanced Review Procedures for Preexisting Individual Accounts With

a Balance or Value That Exceeds $1,000,000 as of June 30, 2014, or December 31

of 2015 or Any Subsequent Year ("High Value Accounts").

1. Electronic Record Search. The Reporting Malta Financial Institution must

review electronically searchable data maintained by the Reporting Malta Financial

Institution for any of the U.S. indicia described in subparagraph B(1) of this section.

2. Paper Record Search. If the Reporting Malta Financial Institution’s

electronically searchable databases include fields for, and capture all of the

information described in, subparagraph D(3) of this section, then no further paper

record search is required. If the electronic databases do not capture all of this

information, then with respect to a High Value Account, the Reporting Malta

Financial Institution must also review the current customer master file and, to the

extent not contained in the current customer master file, the following documents

associated with the account and obtained by the Reporting Malta Financial

Institution within the last five years for any of the U.S. indicia described in

subparagraph B(1) of this section

a)

The most recent documentary evidence collected with respect to the

account;

b)

The most recent account opening contract or documentation;

c)

The most recent documentation obtained by the Reporting Malta

Financial Institution pursuant to AML/KYC Procedures or for other

regulatory purposes;

d)

Any power of attorney or signature authority forms currently in effect;

and

e)

Any standing instructions to transfer funds currently in effect.

3. Exception Where Databases Contain Sufficient Information. A

Reporting Malta Financial Institution is not required to perform the paper record

search described in subparagraph D(2) of this section if the Reporting Malta

Financial Institution’s electronically searchable information includes the following

a)

The Account Holder’s nationality or residence status;

b)

The Account Holder’s residence address and mailing address currently

on file with the Reporting Malta Financial Institution;

The Account Holder’s telephone number(s) currently on file, if any,

with the Reporting Malta Financial Institution;

Whether there are standing instructions to transfer funds in the account

to another account (including an account at another branch of the

Reporting Malta Financial Institution or another Financial Institution);

Whether there is a current "in-care-of" address or "hold mail" address

for the Account Holder; and

Whether there is any power of attorney or signatory authority for the

account.

4. Relationship Manager Inquiry for Actual Knowledge. In addition to the

electronic and paper record searches described above, the Reporting Malta Financial

Institution must treat as a U.S. Reportable Account any High Value Account

assigned to a relationship manager (including any Financial Accounts aggregated

with such High Value Account) if the relationship manager has actual knowledge

that the Account Holder is a Specified U.S. Person.

5. Effect of Finding U.S. Indicia.

If none of the U.S. indicia listed in subparagraph B(1) of this section are

discovered in the enhanced review of High Value Accounts described

above, and the account is not identified as held by a Specified U.S.

Person in subparagraph D(4) of this section, then no further action is

required until there is a change in circumstances that results in one or

more U.S. indicia being associated with the account.

If any of the U.S. indicia listed in subparagraph B(1) of this section are

discovered in the enhanced review of High Value Accounts described

above, or if there is a subsequent change in circumstances that results in

one or more U.S. indicia being associated with the account, then the

Reporting Malta Financial Institution must treat the account as a U.S.

Reportable Account unless it elects to apply subparagraph B(4) of this

section and one of the exceptions in such subparagraph applies with

respect to that account.

Except for Depository Accounts described in subparagraph A(4) of this

section, any Preexisting Individual Account that has been identified as a

U.S. Reportable Account under this section shall be treated as a U.S.

Reportable Account in all subsequent years, unless the Account Holder

ceases to be a Specified U.S. Person.

Additional Procedures Applicable to High Value Accounts.

1. If a Preexisting Individual Account is a High Value Account as of June 30,

2014, the Reporting Malta Financial Institution must complete the enhanced review

procedures described in paragraph D of this section with respect to such account by

June 30, 2015. If based on this review such account is identified as a U.S. Reportable

Account on or before December 31, 2014, the Reporting Malta Financial Institution

must report the required information about such account with respect to 2014 in the

first report on the account and on an annual basis thereafter. In the case of an account

identified as a U.S. Reportable Account after December 31, 2014, and on or before

June 30, 2015, the Reporting Malta Financial Institution is not required to report

information about such account with respect to 2014, but must report information

about the account on an annual basis thereafter.

2. If a Preexisting Individual Account is not a High Value Account as of June

30, 2014, but becomes a High Value Account as of the last day of 2015 or any

subsequent calendar year, the Reporting Malta Financial Institution must complete

the enhanced review procedures described in paragraph D of this section with

respect to such account within six months after the last day of the calendar year in

which the account becomes a High Value Account. If based on this review such

account is identified as a U.S. Reportable Account, the Reporting Malta Financial

Institution must report the required information about such account with respect to

the year in which it is identified as a U.S. Reportable Account and subsequent years

on an annual basis, unless the Account Holder ceases to be a Specified U.S. Person.

3. Once a Reporting Malta Financial Institution applies the enhanced review

procedures described in paragraph D of this section to a High Value Account, the

Reporting Malta Financial Institution is not required to re-apply such procedures,

other than the relationship manager inquiry described in subparagraph D(4) of this

section, to the same High Value Account in any subsequent year.

4. If there is a change of circumstances with respect to a High Value Account

that results in one or more U.S. indicia described in subparagraph B(1) of this

section being associated with the account, then the Reporting Malta Financial

Institution must treat the account as a U.S. Reportable Account unless it elects to

apply subparagraph B(4) of this section and one of the exceptions in such

subparagraph applies with respect to that account.

5. A Reporting Malta Financial Institution must implement procedures to

ensure that a relationship manager identifies any change in circumstances of an

account. For example, if a relationship manager is notified that the Account Holder

has a new mailing address in the United States, the Reporting Malta Financial

Institution is required to treat the new address as a change in circumstances and, if it

elects to apply subparagraph B(4) of this section, is required to obtain the

appropriate documentation from the Account Holder.

F.

Preexisting Individual Accounts That Have Been Documented for

Certain Other Purposes. A Reporting Malta Financial Institution that has

previously obtained documentation from an Account Holder to establish the Account

Holder’s status as neither a U.S. citizen nor a U.S. resident in order to meet its

obligations under a qualified intermediary, withholding foreign partnership, or

withholding foreign trust agreement with the IRS, or to fulfil its obligations under

chapter 61 of Title 26 of the United States Code, is not required to perform the

procedures described in subparagraph B(1) of this section with respect to Lower

Value Accounts or subparagraphs D(1) through D(3) of this section with respect to

High Value Accounts.

III. New Individual Accounts. The following rules and procedures apply for

purposes of identifying U.S. Reportable Accounts among Financial Accounts held

by individuals and opened on or after July 1, 2014 ("New Individual Accounts").

A.

Accounts Not Required to Be Reviewed, Identified, or Reported. Unless

the Reporting Malta Financial Institution elects otherwise, either with respect to all

New Individual Accounts or, separately, with respect to any clearly identified group

of such accounts, where the implementing rules in Malta provide for such an

election, the following New Individual Accounts are not required to be reviewed,

identified, or reported as U.S. Reportable Accounts

1. A Depository Account unless the account balance exceeds $50,000 at

the end of any calendar year or other appropriate reporting period.

2. A Cash Value Insurance Contract unless the Cash Value exceeds

$50,000 at the end of any calendar year or other appropriate reporting

period.

B.

Other New Individual Accounts. With respect to New Individual Accounts

not described in paragraph A of this section, upon account opening (or within 90

days after the end of the calendar year in which the account ceases to be described in

paragraph A of this section), the Reporting Malta Financial Institution must obtain a

self-certification which may be part of the account opening documentation, that

allows the Reporting Malta Financial Institution to determine whether the Account

Holder is resident in the United States for tax purposes (for this purpose, a U.S.

citizen is considered to be resident in the United States for tax purposes, even if the

Account Holder is also a tax resident of another jurisdiction) and confirm the

reasonableness of such self-certification based on the information obtained by the

Reporting Malta Financial Institution in connection with the opening of the account,

including any documentation collected pursuant to AML/KYC Procedures.

1. If the self-certification establishes that the Account Holder is resident in

the United States for tax purposes, the Reporting Malta Financial

Institution must treat the account as a U.S. Reportable Account and

obtain a self-certification that includes the Account Holder’s U.S. TIN

(which may be an IRS Form W-9 or other similar agreed form).

2. If there is a change of circumstances with respect to a New Individual

Account that causes the Reporting Malta Financial Institution to know

or have reason to know that the original self-certification is incorrect or

unreliable, the Reporting Malta Financial Institution cannot rely on the

original self-certification and must obtain a valid self-certification that

establishes whether the Account Holder is a U.S. citizen or resident for

U.S. tax purposes. If the Reporting Malta Financial Institution is unable

to obtain a valid self-certification, the Reporting Malta Financial

Institution must treat the account as a U.S. Reportable Account.

IV. Preexisting Entity Accounts. The following rules and procedures apply for

purposes of identifying U.S. Reportable Accounts and accounts held by

Nonparticipating Financial Institutions among Preexisting Accounts held by Entities

("Preexisting Entity Accounts").

A.

Entity Accounts Not Required to Be Reviewed, Identified, or Reported.

Unless the Reporting Malta Financial Institution elects otherwise, either with respect

to all Preexisting Entity Accounts or, separately, with respect to any clearly

identified group of such accounts, where the implementing rules in Malta provide for

such an election, a Preexisting Entity Account with an account balance or value that

does not exceed $250,000 as of June 30 2014, is not required to be reviewed,

identified, or reported as a U.S. Reportable Account until the account balance or

value exceeds $1,000,000.

B.

Entity Accounts Subject to Review. A Preexisting Entity Account that has

an account balance or value that exceeds $250,000 as of June 30, 2014, and a

Preexisting Entity Account that does not exceed $250,000 as of June 30, 2014, but

the account balance or value of which exceeds $1,000,000 as of the last day of 2015

or any subsequent calendar year, must be reviewed in accordance with the

procedures set forth in paragraph D of this section.

C.

Entity Accounts With Respect to Which Reporting is Required. With

respect to Preexisting Entity Accounts described in paragraph B of this section, only

accounts that are held by one or more Entities that are Specified U.S. Persons, or by

Passive NFFEs with one or more Controlling Persons who are U.S. citizens or

residents, shall be treated as U.S. Reportable Accounts. In addition, accounts held by

Nonparticipating Financial Institutions shall be treated as accounts for which

aggregate payments as described in subparagraph 1(b) of Article 4 of the Agreement

are reported to the Malta Commissioner for Revenue.

Review Procedures for Identifying Entity Accounts With Respect to

Which Reporting is Required. For Preexisting Entity Accounts described in

paragraph B of this section, the Reporting Malta Financial Institution must apply the

following review procedures to determine whether the account is held by one or

more Specified U.S. Persons, by Passive NFFEs with one or more Controlling

Persons who are U.S. citizens or residents, or by Nonparticipating Financial

1. Determine Whether the Entity is a Specified U.S. Person.

Review information maintained for regulatory or customer

relationship purposes (including information collected pursuant

to AML/KYC Procedures) to determine whether the information

indicates that the Account Holder is a U.S. Person. For this

purpose, information indicating that the Account Holder is a U.S.

Person includes a U.S. place of incorporation or organization, or a

U.S. address.

If the information indicates that the Account Holder is a U.S.

Person, the Reporting Malta Financial Institution must treat the

account as a U.S. Reportable Account unless it obtains a self-

certification from the Account Holder (which may be on an IRS

Form W-8 or W-9, or a similar agreed form), or reasonably

determines based on information in its possession or that is

publicly available, that the Account Holder is not a Specified U.S.

Person.

2. Determine Whether a Non-U.S. Entity is a Financial Institution.

Review information maintained for regulatory or customer

relationship purposes (including information collected pursuant

to AML/KYC Procedures) to determine whether the information

indicates that the Account Holder is a Financial Institution.

If the information indicates that the Account Holder is a Financial

Institution, or the Reporting Malta Financial Institution verifies

the Account Holder’s Global Intermediary Identification Number

on the published IRS FFI list, then the account is not a U.S.

Reportable Account.

3. Determine Whether a Financial Institution is a Nonparticipating

Financial Institution Payments to Which Are Subject to Aggregate

Reporting Under Subparagraph 1(b) of Article 4 of the Agreement.

Subject to subparagraph D(3)(b) of this section, a Reporting

Malta Financial Institution may determine that the Account

Holder is a Malta Financial Institution or other Partner

Jurisdiction Financial Institution if the Reporting Malta Financial

Institution reasonably determines that the Account Holder has

such status on the basis of the Account Holder’s Global

Intermediary Identification Number on the published IRS FFI list

or other information that is publicly available or in the possession

of the Reporting Malta Financial Institution, as applicable. In

such case, no further review, identification, or reporting is

required with respect to the account.

If the Account Holder is a Malta Financial Institution or other

Partner Jurisdiction Financial Institution treated by the IRS as a

Nonparticipating Financial Institution, then the account is not a

U.S. Reportable Account, but payments to the Account Holder

must be reported as contemplated in subparagraph 1(b) of Article

4 of the Agreement.

If the Account Holder is not a Malta Financial Institution or other

Partner Jurisdiction Financial Institution, then the Reporting

Malta Financial Institution must treat the Account Holder as a

Nonparticipating Financial Institution payments to which are

reportable under subparagraph 1(b) of Article 4 of the Agreement,

unless the Reporting Malta Financial Institution

(1) Obtains a self-certification (which may be on an IRS Form

W-8 or similar agreed form) from the Account Holder that it

is a certified deemed-compliant FFI, or an exempt

beneficial owner, as those terms are defined in relevant U.S.

Treasury Regulations; or

(2) In the case of a participating FFI or registered deemed-

compliant FFI, verifies the Account Holder’s Global

Intermediary Identification Number on the published IRS

FFI list.

4. Determine Whether an Account Held by an NFFE Is a U.S.

Reportable Account. With respect to an Account Holder of a

Preexisting Entity Account that is not identified as either a U.S. Person

or a Financial Institution, the Reporting Malta Financial Institution

must identify (i) whether the Account Holder has Controlling Persons,

(ii) whether the Account Holder is a Passive NFFE, and (iii) whether

any of the Controlling Persons of the Account Holder is a U.S. citizen

or resident. In making these determinations the Reporting Malta

Financial Institution must follow the guidance in subparagraphs D(4)(a)

through D(4)(d) of this section in the order most appropriate under the

circumstances.

For purposes of determining the Controlling Persons of an

Account Holder, a Reporting Malta Financial Institution may rely

on information collected and maintained pursuant to AML/KYC

Procedures.

For purposes of determining whether the Account Holder is a

Passive NFFE, the Reporting Malta Financial Institution must

obtain a self-certification (which may be on an IRS Form W-8 or

W-9, or on a similar agreed form) from the Account Holder to

establish its status, unless it has information in its possession or

that is publicly available, based on which it can reasonably

determine that the Account Holder is an Active NFFE.

For purposes of determining whether a Controlling Person of a

Passive NFFE is a U.S. citizen or resident for tax purposes, a

Reporting Malta Financial Institution may rely on

(1) Information collected and maintained pursuant to AML/

KYC Procedures in the case of a Preexisting Entity Account

held by one or more NFFEs with an account balance or

value that does not exceed $1,000,000; or

(2) A self-certification (which may be on an IRS Form W-8 or

W-9, or on a similar agreed form) from the Account Holder

or such Controlling Person in the case of a Preexisting

Entity Account held by one or more NFFEs with an account

balance or value that exceeds $1,000,000.

d)

If any Controlling Person of a Passive NFFE is a U.S. citizen or

resident, the account shall be treated as a U.S. Reportable

Account.

Timing of Review and Additional Procedures Applicable to Preexisting

Entity Accounts.

1. Review of Preexisting Entity Accounts with an account balance or value

that exceeds $250,000 as of June 30, 2014, must be completed by June

30, 2016.

2. Review of Preexisting Entity Accounts with an account balance or value

that does not exceed $250,000 as of June 30, 2014, but exceeds

$1,000,000 as of December 31 of 2015 or any subsequent year, must be

completed within six months after the last day of the calendar year in

which the account balance or value exceeds $1,000,000.

3. If there is a change of circumstances with respect to a Preexisting Entity

Account that causes the Reporting Malta Financial Institution to know,

or have reason to know, that the self-certification or other

documentation associated with an account is incorrect or unreliable, the

Reporting Malta Financial Institution must redetermine the status of the

account in accordance with the procedures set forth in paragraph D of

this section.

New Entity Accounts. The following rules and procedures apply for

purposes of identifying U.S. Reportable Accounts and accounts held by

Nonparticipating Financial Institutions among Financial Accounts held by Entities

and opened on or after July 1, 2014 ("New Entity Accounts").

Entity Accounts Not Required to Be Reviewed, Identified or Reported.

Unless the Reporting Malta Financial Institution elects otherwise, either with respect

to all New Entity Accounts or, separately, with respect to any clearly identified

group of such accounts, where the implementing rules in Malta provide for such

election, a credit card account or a revolving credit facility treated as a New Entity

Account is not required to be reviewed, identified, or reported, provided that the

Reporting Malta Financial Institution maintaining such account implements policies

and procedures to prevent an account balance owed to the Account Holder that

exceeds $50,000.

Other New Entity Accounts. With respect to New Entity Accounts not

described in paragraph A of this section, the Reporting Malta Financial Institution

must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a

Malta Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a

participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those

terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or

Passive NFFE.

1. Subject to subparagraph B(2) of this section, a Reporting Malta

Financial Institution may determine that the Account Holder is an

Active NFFE, a Malta Financial Institution, or other Partner Jurisdiction

Financial Institution if the Reporting Malta Financial Institution

reasonably determines that the Account Holder has such status on the

basis of the Account Holder’s Global Intermediary Identification

Number or other information that is publicly available or in the

possession of the Reporting Malta Financial Institution, as applicable.

2. If the Account Holder is a Malta Financial Institution or other Partner

Jurisdiction Financial Institution treated by the IRS as a

Nonparticipating Financial Institution, then the account is not a U.S.

Reportable Account, but payments to the Account Holder must be

reported as contemplated in subparagraph 1(b) of Article 4 of the

Agreement.

3. In all other cases, a Reporting Malta Financial Institution must obtain a

self-certification from the Account Holder to establish the Account

Holder’s status. Based on the self-certification, the following rules

apply

If the Account Holder is a Specified U.S. Person, the Reporting

Malta Financial Institution must treat the account as a U.S.

Reportable Account.

If the Account Holder is a Passive NFFE, the Reporting Malta

Financial Institution must identify the Controlling Persons as

determined under AML/KYC Procedures, and must determine

whether any such person is a U.S. citizen or resident on the basis

of a self-certification from the Account Holder or such person. If

any such person is a U.S. citizen or resident, the Reporting Malta

Financial Institution must treat the account as a U.S. Reportable

Account.

If the Account Holder is: (i) a U.S. Person that is not a Specified

U.S. Person; (ii) subject to subparagraph B(3)(d) of this section, a

Malta Financial Institution or other Partner Jurisdiction Financial

Institution; (iii) a participating FFI, a deemed-compliant FFI, or

an exempt beneficial owner, as those terms are defined in relevant

U.S. Treasury Regulations; (iv) an Active NFFE; or (v) a Passive

NFFE none of the Controlling Persons of which is a U.S. citizen

or resident, then the account is not a U.S. Reportable Account,

and no reporting is required with respect to the account.

If the Account Holder is a Nonparticipating Financial Institution

(including a Malta Financial Institution or other Partner

Jurisdiction Financial Institution treated by the IRS as a

Nonparticipating Financial Institution), then the account is not a

U.S. Reportable Account, but payments to the Account Holder

must be reported as contemplated in subparagraph 1(b) of Article

4 of the Agreement.

VI. Special Rules and Definitions. The following additional rules and

definitions apply in implementing the due diligence procedures described above

A. Reliance on Self-Certifications and Documentary Evidence. A Reporting

Malta Financial Institution may not rely on a self-certification or documentary

evidence if the Reporting Malta Financial Institution knows or has reason to know

that the self-certification or documentary evidence is incorrect or unreliable.

Definitions. The following definitions apply for purposes of this Annex I.

1. AML/KYC Procedures. "AML/KYC Procedures" means the customer

due diligence procedures of a Reporting Malta Financial Institution

pursuant to the anti-money laundering or similar requirements of Malta

to which such Reporting Malta Financial Institution is subject.

2. NFFE. An "NFFE" means any Non-U.S. Entity that is not an FFI as

defined in relevant U.S. Treasury Regulations or is an Entity described

in subparagraph B(4)(j) of this section, and also includes any Non-U.S.

Entity that is established in Malta or another Partner Jurisdiction and

that is not a Financial Institution.

3. Passive NFFE. A "Passive NFFE" means any NFFE that is not (i) an

Active NFFE or (ii) a withholding foreign partnership or withholding

foreign trust pursuant to relevant U.S. Treasury Regulations.

4. Active NFFE. An "Active NFFE" means any NFFE that meets any of

the following criteria

Less than 50 percent of the NFFE’s gross income for the

preceding calendar year or other appropriate reporting period is

passive income and less than 50 percent of the assets held by the

NFFE during the preceding calendar year or other appropriate

reporting period are assets that produce or are held for the

production of passive income;

The stock of the NFFE is regularly traded on an established

securities market or the NFFE is a Related Entity of an Entity the

stock of which is regularly traded on an established securities

market;

The NFFE is organized in a U.S. Territory and all of the owners of

the payee are bona fide residents of that U.S. Territory;

The NFFE is a government (other than the U.S. government), a

political subdivision of such government (which, for the

avoidance of doubt, includes a state, province, county, or

municipality), or a public body performing a function of such

government or a political subdivision thereof, a government of a

U.S. Territory, an international organization, a non-U.S. central

bank of issue, or an Entity wholly owned by one or more of the

foregoing;

Substantially all of the activities of the NFFE consist of holding

(in whole or in part) the outstanding stock of, and providing

financing and services to, one or more subsidiaries that engage in

trades or businesses other than the business of a Financial

Institution, except that an Entity shall not qualify for NFFE status

if the Entity functions (or holds itself out) as an investment fund,

such as a private equity fund, venture capital fund, leveraged

buyout fund, or any investment vehicle whose purpose is to

acquire or fund companies and then hold interests in those

companies as capital assets for investment purposes;

The NFFE is not yet operating a business and has no prior

operating history, but is investing capital into assets with the

intent to operate a business other than that of a Financial

Institution provided that the NFFE shall not qualify for this

exception after the date that is 24 months after the date of the

initial organization of the NFFE;

The NFFE was not a Financial Institution in the past five years,

and is in the process of liquidating its assets or is reorganizing

with the intent to continue or recommence operations in a

business other than that of a Financial Institution;

The NFFE primarily engages in financing and hedging

transactions with, or for, Related Entities that are not Financial

Institutions, and does not provide financing or hedging services to

any Entity that is not a Related Entity, provided that the group of

any such Related Entities is primarily engaged in a business other

than that of a Financial Institution;

The NFFE is an "excepted NFFE" as described in relevant U.S.

Treasury Regulations; or

The NFFE meets all of the following requirements

It is established and operated in its jurisdiction of residence

exclusively for religious, charitable, scientific, artistic,

cultural, athletic, or educational purposes; or it is

established and operated in its jurisdiction of residence and

it is a professional organization, business league, chamber

of commerce, labor organization, agricultural or

horticultural organization, civic league or an organization

operated exclusively for the promotion of social welfare;

It is exempt from income tax in its jurisdiction of residence;

iii. It has no shareholders or members who have a proprietary

or beneficial interest in its income or assets;

The applicable laws of the NFFE’s jurisdiction of residence

or the NFFE’s formation documents do not permit any

income or assets of the NFFE to be distributed to, or applied

for the benefit of, a private person or non-charitable Entity

other than pursuant to the conduct of the NFFE’s charitable

activities, or as payment of reasonable compensation for

services rendered, or as payment representing the fair

market value of property which the NFFE has purchased;

and

The applicable laws of the NFFE’s jurisdiction of residence

or the NFFE’s formation documents require that, upon the

NFFE’s liquidation or dissolution, all of its assets be

distributed to a governmental entity or other non-profit

organization, or escheat to the government of the NFFE’s

jurisdiction of residence or any political subdivision

thereof.

5. Preexisting Account. A "Preexisting Account" means a Financial

Account maintained by a Reporting Financial Institution as of June 30,

2014. Account Balance Aggregation and Currency Translation Rules.

1. Aggregation of Individual Accounts. For purposes of determining the

aggregate balance or value of Financial Accounts held by an individual,

a Reporting Malta Financial Institution is required to aggregate all

Financial Accounts maintained by the Reporting Malta Financial

Institution, or by a Related Entity, but only to the extent that the

Reporting Malta Financial Institution’s computerized systems link the

Financial Accounts by reference to a data element such as client number

or taxpayer identification number, and allow account balances or values

to be aggregated. Each holder of a jointly held Financial Account shall

be attributed the entire balance or value of the jointly held Financial

Account for purposes of applying the aggregation requirements

described in this paragraph 1.

2. Aggregation of Entity Accounts. For purposes of determining the

aggregate balance or value of Financial Accounts held by an Entity, a

Reporting Malta Financial Institution is required to take into account all

Financial Accounts that are maintained by the Reporting Malta

Financial Institution, or by a Related Entity, but only to the extent that

the Reporting Malta Financial Institution’s computerized systems link

the Financial Accounts by reference to a data element such as client

number or taxpayer identification number, and allow account balances

or values to be aggregated.

3. Special Aggregation Rule Applicable to Relationship Managers. For

purposes of determining the aggregate balance or value of Financial

Accounts held by a person to determine whether a Financial Account is

a High Value Account, a Reporting Malta Financial Institution is also

required, in the case of any Financial Accounts that a relationship

manager knows, or has reason to know, are directly or indirectly owned,

controlled, or established (other than in a fiduciary capacity) by the

same person, to aggregate all such accounts.

4. Currency Translation Rule. For purposes of determining the balance

or value of Financial Accounts denominated in a currency other than the

U.S. dollar, a Reporting Malta Financial Institution must convert the

U.S. dollar threshold amounts described in this Annex I into such

currency using a published spot rate determined as of the last day of the

calendar year preceding the year in which the Reporting Malta Financial

Institution is determining the balance or value.

Documentary Evidence. For purposes of this Annex I, acceptable

documentary evidence includes any of the following

1. A certificate of residence issued by an authorized government body (for

example, a government or agency thereof, or a municipality) of the

jurisdiction in which the payee claims to be a resident.

2. With respect to an individual, any valid identification issued by an

authorized government body (for example, a government or agency

thereof, or a municipality), that includes the individual’s name and is

typically used for identification purposes.

3. With respect to an Entity, any official documentation issued by an

authorized government body (for example, a government or agency

thereof, or a municipality) that includes the name of the Entity and

either the address of its principal office in the jurisdiction (or U.S.

Territory) in which it claims to be a resident or the jurisdiction (or U.S.

Territory) in which the Entity was incorporated or organized.

4. With respect to a Financial Account maintained in a jurisdiction with

anti-money laundering rules that have been approved by the IRS in

connection with a QI agreement (as described in relevant U.S. Treasury

Regulations), any of the documents, other than a Form W-8 or W-9,

referenced in the jurisdiction’s attachment to the QI agreement for

identifying individuals or Entities.

5. Any financial statement, third-party credit report, bankruptcy filing, or

U.S. Securities and Exchange Commission report.

Alternative Procedures for Financial Accounts Held by Individual

Beneficiaries of a Cash Value Insurance Contract. A Reporting Malta Financial

Institution may presume that an individual beneficiary (other than the owner) of a

Cash Value Insurance Contract receiving a death benefit is not a Specified U.S.

Person and may treat such Financial Account as other than a U.S. Reportable

Account unless the Reporting Malta Financial Institution has actual knowledge, or

reason to know, that the beneficiary is a Specified U.S. Person. A Reporting Malta

Financial Institution has reason to know that a beneficiary of a Cash Value Insurance

Contract is a Specified U.S. Person if the information collected by the Reporting

Malta Financial Institution and associated with the beneficiary contains U.S. indicia

as described in subparagraph (B)(1) of section II of this Annex I. If a Reporting

Malta Financial Institution has actual knowledge, or reason to know, that the

beneficiary is a Specified U.S. Person, the Reporting Malta Financial Institution

must follow the procedures in subparagraph (B)(3) of section II of this Annex I.

F.

Reliance on Third Parties. Regardless of whether an election is made

under paragraph C of section I of this Annex I, Malta may permit Reporting Malta

Financial Institutions to rely on due diligence procedures performed by third parties,

to the extent provided in relevant U.S. Treasury Regulations.

G.

Alternative Procedures for New Entity Accounts Opened on or after

July 1, 2014, and before January 1, 2015. For New Entity Accounts opened on or

after July 1, 2014, and before January 1, 2015, either with respect to all New Entity

Accounts or, separately, with respect to any clearly identified group of such

accounts, Malta may permit Reporting Malta Financial Institutions to treat such

accounts as Preexisting Entity Accounts and apply the due diligence procedures

related to Preexisting Entity Accounts specified in section IV of this Annex I in lieu

of the due diligence procedures specified in section V of this Annex I. In this case,

the due diligence procedures of section IV of this Annex I must be applied without

regard to the account balance or value threshold specified in paragraph A of section

IV of this Annex I.

ANNEX II

The following Entities are treated as exempt beneficial owners or deemed-

compliant FFIs, as the case may be, and the following accounts are excluded from

the definition of Financial Accounts.

This Annex II may be modified by a mutual agreement entered into between the

Competent Authorities of Malta and the United States: (1) to include additional

Entities and accounts that present a low risk of being used by U.S. Persons to evade

U.S. tax and that have similar characteristics to the Entities and accounts described

in this Annex II as of the date of signature of the Agreement; or (2) to remove

Entities and accounts that, due to changes in circumstances, no longer present a low

risk of being used by U.S. Persons to evade U.S. tax. Any such addition or removal

shall be effective on the date of signature of the mutual agreement, unless otherwise

provided therein. Procedures for reaching such a mutual agreement may be included

in the mutual agreement described in paragraph 6 of Article 3 of the Agreement.

I.

Exempt Beneficial Owners other than Funds. The following Entities are

treated as Non-Reporting Malta Financial Institutions and as exempt beneficial

owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code,

other than with respect to a payment that is derived from an obligation held in

connection with a commercial financial activity of a type engaged in by a Specified

Insurance Company, Custodial Institution, or Depository Institution.

A.

Governmental Entity. The government of Malta, any political

subdivision of Malta (which, for the avoidance of doubt, includes a

state, province, county, or municipality), or any wholly owned agency

or instrumentality of Malta or any one or more of the foregoing (each, a

"Malta Governmental Entity"). This category is comprised of the

integral parts, controlled entities, and political subdivisions of Malta.

1. An integral part of Malta means any person, organization, agency,

bureau, fund, instrumentality, or other body, however designated,

that constitutes a governing authority of Malta. The net earnings

of the governing authority must be credited to its own account or

to other accounts of Malta, with no portion inuring to the benefit

of any private person. An integral part does not include any

individual who is a sovereign, official, or administrator acting in

a private or personal capacity.

2. A controlled entity means an Entity that is separate in form from

Malta or that otherwise constitutes a separate juridical entity,

provided that

a) The Entity is wholly owned and controlled by one or more

Malta Governmental Entities directly or through one or more

controlled entities;

b) The Entity’s net earnings are credited to its own account or to

the accounts of one or more Malta Governmental Entities,

with no portion of its income inuring to the benefit of any

private person; and

c) The Entity’s assets vest in one or more Malta Governmental

Entities upon dissolution.

3. Income does not inure to the benefit of private persons if such

persons are the intended beneficiaries of a governmental program,

and the program activities are performed for the general public

with respect to the common welfare or relate to the administration

of some phase of government. Notwithstanding the foregoing,

however, income is considered to inure to the benefit of private

persons if the income is derived from the use of a governmental

entity to conduct a commercial business, such as a commercial

banking business, that provides financial services to private

persons.

International Organization. Any international organization or wholly

owned agency or instrumentality thereof. This category includes any

intergovernmental organization (including a supranational organization)

(1) that is comprised primarily of non-U.S. governments; (2) that has in

effect a headquarters agreement with Malta; and (3) the income of

which does not inure to the benefit of private persons.

Central Bank. An institution that is by law or government sanction the

principal authority, other than the government of Malta itself, issuing

instruments intended to circulate as currency. Such an institution may

include an instrumentality that is separate from the government of

Malta, whether or not owned in whole or in part by Malta.

Funds that Qualify as Exempt Beneficial Owners. The following Entities

are treated as Non-Reporting Malta Financial Institutions and as exempt beneficial

owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code.

Treaty-Qualified Retirement Fund. A fund established in Malta,

provided that the fund is entitled to benefits under an income tax treaty

between Malta and the United States on income that it derives from

sources within the United States (or would be entitled to such benefits if

it derived any such income) as a resident of Malta that satisfies any

applicable limitation on benefits requirement, and is operated

principally to administer or provide pension or retirement benefits.

Broad Participation Retirement Fund. A fund established in Malta to

provide retirement, disability, or death benefits, or any combination

thereof, to beneficiaries that are current or former employees (or

persons designated by such employees) of one or more employers in

consideration for services rendered, provided that the fund

1. Does not have a single beneficiary with a right to more than five

percent of the fund’s assets;

2. Is subject to government regulation and provides annual

information reporting about its beneficiaries to the relevant tax

authorities in Malta; and

3. Satisfies at least one of the following requirements

a) The fund is generally exempt from tax in Malta on investment

income under the laws of Malta due to its status as a

retirement or pension plan;

b) The fund receives at least 50 percent of its total contributions

(other than transfers of assets from other plans described in

paragraphs A through D of this section or from retirement and

pension accounts described in subparagraph A(1) of section V

of this Annex II) from the sponsoring employers;

c) Distributions or withdrawals from the fund are allowed only

upon the occurrence of specified events related to retirement,

disability, or death (except rollover distributions to other

retirement funds described in paragraphs A through D of this

section or retirement and pension accounts described in

subparagraph A(1) of section V of this Annex II), or penalties

apply to distributions or withdrawals made before such

specified events; or

d) Contributions (other than certain permitted make-up

contributions) by employees to the fund are limited by

reference to earned income of the employee or may not

exceed $50,000 annually, applying the rules set forth in Annex I

for account aggregation and currency translation.

Narrow Participation Retirement Fund. A fund established in Malta

to provide retirement, disability, or death benefits to beneficiaries that

are current or former employees (or persons designated by such

employees) of one or more employers in consideration for services

rendered, provided that

1. The fund has fewer than 50 participants;

2. The fund is sponsored by one or more employers that are not

Investment Entities or Passive NFFEs;

3. The employee and employer contributions to the fund (other than

transfers of assets from treaty-qualified retirement funds

described in paragraph A of this section or retirement and pension

accounts described in subparagraph A(1) of section V of this

Annex II) are limited by reference to earned income and

compensation of the employee, respectively;

4. Participants that are not residents of Malta are not entitled to more

than 20 percent of the fund’s assets; and

5. The fund is subject to government regulation and provides annual

information reporting about its beneficiaries to the relevant tax

authorities in Malta.

Pension Fund of an Exempt Beneficial Owner. A fund established in

Malta by an exempt beneficial owner to provide retirement, disability,

or death benefits to beneficiaries or participants that are current or

former employees of the exempt beneficial owner (or persons

designated by such employees), or that are not current or former

employees, if the benefits provided to such beneficiaries or participants

are in consideration of personal services performed for the exempt

beneficial owner.

Investment Entity Wholly Owned by Exempt Beneficial Owners. An

Entity that is a Malta Financial Institution solely because it is an

Investment Entity, provided that each direct holder of an Equity Interest

in the Entity is an exempt beneficial owner, and each direct holder of a

debt interest in such Entity is either a Depository Institution (with

respect to a loan made to such Entity) or an exempt beneficial owner.

III. Small or Limited Scope Financial Institutions that Qualify as Deemed-

Compliant FFIs. The following Financial Institutions are Non-Reporting Malta

Financial Institutions that are treated as deemed-compliant FFIs for purposes of

section 1471 of the U.S. Internal Revenue Code

Financial Institutions with a Local Client Base. A Financial

Institution satisfying the following requirements

1. The Financial Institution must be licensed and regulated as a

financial institution under the laws of Malta;

2. The Financial Institution must have no fixed place of business

outside of Malta. For this purpose, a fixed place of business does

not include a location that is not advertised to the public and from

which the Financial Institution performs solely administrative

support functions;

3. The Financial Institution must not solicit customers or Account

Holders outside Malta. For this purpose, a Financial Institution

shall not be considered to have solicited account holders outside

Malta merely because the Financial Institution (a) operates a

website, provided that the website does not specifically indicate

that the Financial Institution provides Financial Accounts or

services to nonresidents, and does not otherwise target or solicit

U.S. customers or Account Holders, or (b) advertises in print

media or on a radio or television station that is distributed or aired

primarily within Malta but is also incidentally distributed or aired

in other countries, provided that the advertisement does not

specifically indicate that the Financial Institution provides

Financial Accounts or services to nonresidents, and does not

otherwise target or solicit U.S. customers or Account Holders;

4. The Financial Institution must be required under the laws of

Malta to identify resident Account Holders for purposes of either

information reporting or withholding of tax with respect to

Financial Accounts held by residents or for purposes of satisfying

Malta’s AML due diligence requirements;

5. At least 98 percent of the Financial Accounts by value

maintained by the Financial Institution must be held by residents

(including residents that are Entities) of Malta or a Member State

of the European Union;

6. Beginning on or before July 1, 2014, the Financial Institution

must have policies and procedures, consistent with those set forth

in Annex I, to prevent the Financial Institution from providing a

Financial Account to any Nonparticipating Financial Institution

and to monitor whether the Financial Institution opens or

maintains a Financial Account for any Specified U.S. Person who

is not a resident of Malta (including a U.S. Person that was a

resident of Malta when the Financial Account was opened but

subsequently ceases to be a resident of Malta) or any Passive

NFFE with Controlling Persons who are U.S. residents or U.S.

citizens who are not residents of Malta;

7. Such policies and procedures must provide that if any Financial

Account held by a Specified U.S. Person who is not a resident of

Malta or by a Passive NFFE with Controlling Persons who are

U.S. residents or U.S. citizens who are not residents of Malta is

identified, the Financial Institution must report such Financial

Account as would be required if the Financial Institution were a

Reporting Malta Financial Institution (including by following the

applicable registration requirements on the IRS FATCA

registration website) or close such Financial Account;

8. With respect to a Preexisting Account held by an individual who

is not a resident of Malta or by an Entity, the Financial Institution

must review those Preexisting Accounts in accordance with the

procedures set forth in Annex I applicable to Preexisting

Accounts to identify any U.S. Reportable Account or Financial

Account held by a Nonparticipating Financial Institution, and

must report such Financial Account as would be required if the

Financial Institution were a Reporting Malta Financial Institution

(including by following the registration requirements applicable

to Reporting Malta Financial Institutions) or close such Financial

Account;

9. Each Related Entity of the Financial Institution that is a Financial

Institution must be incorporated or organized in Malta and, with

the exception of any Related Entity that is a retirement fund

described in paragraphs A through D of section II of this Annex

II, satisfy the requirements set forth in this paragraph A; and

10. The Financial Institution must not have policies or practices that

discriminate against opening or maintaining Financial Accounts

for individuals who are Specified U.S. Persons and residents of

Malta.

Local Bank.

A

Financial

Institution

satisfying

the

following

requirements

1. The Financial Institution operates solely as (and is licensed and

regulated under the laws of Malta as) (a) a bank or (b) a credit

union or similar cooperative credit organization that is operated

without profit;

2. The Financial Institution’s business consists primarily of

receiving deposits from and making loans to, with respect to a

bank, unrelated retail customers and, with respect to a credit

union or similar cooperative credit organization, members,

provided that no member has a greater than five percent interest

in such credit union or cooperative credit organization;

3. The Financial Institution satisfies the requirements set forth in

subparagraphs A(2) and A(3) of this section, provided that, in

addition to the limitations on the website described in

subparagraph A(3) of this section, the website does not permit the

opening of a Financial Account;

4. The Financial Institution does not have more than $175 million in

assets on its balance sheet, and the Financial Institution and any

Related Entities, taken together, do not have more than $500

million in total assets on their consolidated or combined balance

sheets; and

5. Any Related Entity must be incorporated or organized in Malta,

and any Related Entity that is a Financial Institution, with the

exception of any Related Entity that is a retirement fund

described in paragraphs A through D of section II of this Annex II

or a Financial Institution with only low-value accounts described

in paragraph C of this section, must satisfy the requirements set

forth in this paragraph B.

Financial Institution with Only Low-Value Accounts. A Malta

Financial Institution satisfying the following requirements

1. The Financial Institution is not an Investment Entity;

2. No Financial Account maintained by the Financial Institution or

any Related Entity has a balance or value in excess of $50,000,

applying the rules set forth in Annex I for account aggregation

and currency translation; and

3. The Financial Institution does not have more than $50 million in

assets on its balance sheet, and the Financial Institution and any

Related Entities, taken together, do not have more than $50

million in total assets on their consolidated or combined balance

sheets.

Qualified Credit Card Issuer. A Malta Financial Institution satisfying

the following requirements

1. The Financial Institution is a Financial Institution solely because

it is an issuer of credit cards that accepts deposits only when a

customer makes a payment in excess of a balance due with respect

to the card and the overpayment is not immediately returned to

the customer; and

Beginning on or before July 1, 2014, the Financial Institution

implements policies and procedures to either prevent a customer

deposit in excess of $50,000, or to ensure that any customer

deposit in excess of $50,000, in each case applying the rules set

forth in Annex I for account aggregation and currency translation, is

refunded to the customer within 60 days. For this purpose, a

customer deposit does not refer to credit balances to the extent of

disputed charges but does include credit balances resulting from

merchandise returns.

IV. Investment Entities that Qualify as Deemed-Compliant FFIs and Other

Special Rules. The Financial Institutions described in paragraphs A through E of

this section are Non-Reporting Malta Financial Institutions that are treated as

deemed-compliant FFIs for purposes of section 1471 of the U.S. Internal Revenue

Code. In addition, paragraph F of this section provides special rules applicable to an

Investment Entity.

Trustee-Documented Trust. A trust established under the laws of

Malta to the extent that the trustee of the trust is a Reporting U.S.

Financial Institution, Reporting Model 1 FFI, or Participating FFI and

reports all information required to be reported pursuant to the

Agreement with respect to all U.S. Reportable Accounts of the trust.

Sponsored Investment Entity and Controlled Foreign Corporation.

A Financial Institution described in subparagraph B(1) or B(2) of this

section having a sponsoring entity that complies with the requirements

of subparagraph B(3) of this section.

1. A Financial Institution is a sponsored investment entity if (a) it is

an Investment Entity established in Malta that is not a qualified

intermediary, withholding foreign partnership, or withholding

foreign trust pursuant to relevant U.S. Treasury Regulations; and

(b) an Entity has agreed with the Financial Institution to act as a

sponsoring entity for the Financial Institution.

2. A Financial Institution is a sponsored controlled foreign

corporation if (a) the Financial Institution is a controlled foreign

corporation * organized under the laws of Malta that is not a

qualified intermediary, withholding foreign partnership, or

withholding foreign trust pursuant to relevant U.S. Treasury

Regulations; (b) the Financial Institution is wholly owned,

directly or indirectly, by a Reporting U.S. Financial Institution

that agrees to act, or requires an affiliate of the Financial

Institution to act, as a sponsoring entity for the Financial

Institution; and (c) the Financial Institution shares a common

electronic account system with the sponsoring entity that enables

the sponsoring entity to identify all Account Holders and payees

of the Financial Institution and to access all account and customer

information maintained by the Financial Institution including, but

not limited to, customer identification information, customer

documentation, account balance, and all payments made to the

Account Holder or payee.

3. The sponsoring entity complies with the following requirements

a) The sponsoring entity is authorized to act on behalf of the

Financial Institution (such as a fund manager, trustee,

corporate director, or managing partner) to fulfill applicable

registration requirements;

b) The sponsoring entity has registered as a sponsoring entity

with the IRS on the IRS FATCA registration website;

c) If the sponsoring entity identifies any U.S. Reportable

Accounts with respect to the Financial Institution, the

sponsoring entity registers the Financial Institution pursuant

*A "controlled foreign corporation" means any foreign corporation if more than 50 percent of the total

combined voting power of all classes of stock of such corporation entitled to vote, or the total value of the

stock of such corporation, is owned, or is considered as owned, by "United States shareholders" on any day

during the taxable year of such foreign corporation. The term a "United States shareholder" means, with

respect to any foreign corporation, a United States person who owns, or is considered as owning, 10 percent

or more of the total combined voting power of all classes of stock entitled to vote of such foreign

to applicable registration requirements on the IRS FATCA

registration website on or before the later of December 31,

2015 and the date that is 90 days after such a U.S.

Reportable Account is first identified;

d)

The sponsoring entity agrees to perform, on behalf of the

Financial Institution, all due diligence, withholding,

reporting, and other requirements that the Financial

Institution would have been required to perform if it were a

Reporting Malta Financial Institution;

e)

The sponsoring entity identifies the Financial Institution

and includes the identifying number of the Financial

Institution (obtained by following applicable registration

requirements) in all reporting completed on the Financial

Institution’s behalf; and

f)

The sponsoring entity has not had its status as a sponsor

revoked.

Sponsored, Closely Held Investment Vehicle. A Malta Financial

Institution satisfying the following requirements

1. The Financial Institution is a Financial Institution solely because

it is an Investment Entity and is not a qualified intermediary,

withholding foreign partnership, or withholding foreign trust

pursuant to relevant U.S. Treasury Regulations;

2. The sponsoring entity is a Reporting U.S. Financial Institution,

Reporting Model 1 FFI, or Participating FFI, is authorized to act

on behalf of the Financial Institution (such as a professional

manager, trustee, or managing partner), and agrees to perform, on

behalf of the Financial Institution, all due diligence, withholding,

reporting, and other requirements that the Financial Institution

would have been required to perform if it were a Reporting Malta

Financial Institution;

3. The Financial Institution does not hold itself out as an investment

vehicle for unrelated parties;

4. Twenty or fewer individuals own all of the debt interests and

Equity Interests in the Financial Institution (disregarding debt

interests owned by Participating FFIs and deemed-compliant FFIs

and Equity Interests owned by an Entity if that Entity owns 100

percent of the Equity Interests in the Financial Institution and is

itself a sponsored Financial Institution described in this paragraph

C); and

5. The sponsoring entity complies with the following requirements

a)

The sponsoring entity has registered as a sponsoring entity

with the IRS on the IRS FATCA registration website;

b) The sponsoring entity agrees to perform, on behalf of the

Financial Institution, all due diligence, withholding,

reporting, and other requirements that the Financial

Institution would have been required to perform if it were a

Reporting Malta Financial Institution and retains

documentation collected with respect to the Financial

Institution for a period of six years;

c)

The sponsoring entity identifies the Financial Institution in

all reporting completed on the Financial Institution’s

behalf; and

d) The sponsoring entity has not had its status as a sponsor

revoked.

Investment Advisors and Investment Managers. An Investment

Entity established in Malta that is a Financial Institution solely because

it (1) renders investment advice to, and acts on behalf of, or (2) manages

portfolios for, and acts on behalf of, a customer for the purposes of

investing, managing, or administering funds deposited in the name of

the customer with a Financial Institution other than a Nonparticipating

Financial Institution.

Collective Investment Vehicle. An Investment Entity established in

Malta that is regulated as a collective investment vehicle, provided that

all of the interests in the collective investment vehicle (including debt

interests in excess of $50,000) are held by or through one or more

exempt beneficial owners, Active NFFEs described in subparagraph

B(4) of section VI of Annex I, U.S. Persons that are not Specified U.S.

Persons, or Financial Institutions that are not Nonparticipating

Financial Institutions.

Special Rules. The following rules apply to an Investment Entity

1. With respect to interests in an Investment Entity that is a

collective investment vehicle described in paragraph E of this

section, the reporting obligations of any Investment Entity (other

than a Financial Institution through which interests in the

collective investment vehicle are held) shall be deemed fulfilled.

2. With respect to interests in

a) An Investment Entity established in a Partner Jurisdiction

that is regulated as a collective investment vehicle, all of the

interests in which (including debt interests in excess of

$50,000) are held by or through one or more exempt

beneficial owners, Active NFFEs described in subparagraph

B(4) of section VI of Annex I, U.S. Persons that are not

Specified U.S. Persons, or Financial Institutions that are not

Nonparticipating Financial Institutions; or

b) An Investment Entity that is a qualified collective investment

vehicle under relevant U.S. Treasury Regulations;

the reporting obligations of any Investment Entity that is a Malta

Financial Institution (other than a Financial Institution through

which interests in the collective investment vehicle are held) shall

be deemed fulfilled.

3. With respect to interests in an Investment Entity established in

Malta that is not described in paragraph E or subparagraph F(2) of

this section, consistent with paragraph 3 of Article 5 of the

Agreement, the reporting obligations of all other Investment

Entities with respect to such interests shall be deemed fulfilled if

the information required to be reported by the first-mentioned

Investment Entity pursuant to the Agreement with respect to such

interests is reported by such Investment Entity or another person.

4. An Investment Entity established in Malta that is regulated as a

collective investment vehicle shall not fail to qualify under

paragraph E or subparagraph F(2) of this section, or otherwise as

a deemed-compliant FFI, solely because the collective investment

EXCHANGE OF INFORMATION

(UNITED STATES OF AMERICA) (FATCA)

vehicle has issued physical shares in bearer form, provided that

a) The collective investment vehicle has not issued, and does

not issue, any physical shares in bearer form after December

31, 2012;

b) The collective investment vehicle retires all such shares

upon surrender;

c) The collective investment vehicle (or a Reporting Malta Financial

Institution) performs the due diligence procedures set forth in

Annex I and reports any information required to be reported with

respect to any such shares when such shares are presented for

redemption or other payment; and

d) The collective investment vehicle has in place policies and

procedures to ensure that such shares are redeemed or

immobilized as soon as possible, and in any event prior to

January 1, 2017.

Accounts Excluded from Financial Accounts. The following accounts are

excluded from the definition of Financial Accounts and therefore are not treated as

U.S. Reportable Accounts.

Certain Savings Accounts.

1. Retirement and Pension Account. A retirement or pension

account maintained in Malta that satisfies the following

requirements under the laws of Malta.

a) The account is subject to regulation as a personal retirement

account or is part of a registered or regulated retirement or

pension plan for the provision of retirement or pension

benefits (including disability or death benefits);

b) The account is tax-favored (i.e., contributions to the account

that would otherwise be subject to tax under the laws of

Malta are deductible or excluded from the gross income of

the account holder or taxed at a reduced rate, or taxation of

investment income from the account is deferred or taxed at a

reduced rate);

c) Annual information reporting is required to the tax

authorities in Malta with respect to the account;

d) Withdrawals are conditioned on reaching a specified

retirement age, disability, or death, or penalties apply to

withdrawals made before such specified events; and

e) Either (i) annual contributions are limited to $50,000 or

less, or (ii) there is a maximum lifetime contribution limit to

the account of $1,000,000 or less, in each case applying the

rules set forth in Annex I for account aggregation and currency

translation.

2. Non-Retirement Savings Accounts. An account maintained in

Malta (other than an insurance or Annuity Contract) that satisfies

the following requirements under the laws of Malta.

a) The account is subject to regulation as a savings vehicle for

purposes other than for retirement;

b) The account is tax-favored (i.e., contributions to the account

that would otherwise be subject to tax under the laws of

Malta are deductible or excluded from the gross income of

the account holder or taxed at a reduced rate, or taxation of

investment income from the account is deferred or taxed at a

reduced rate);

Withdrawals are conditioned on meeting specific criteria

related to the purpose of the savings account (for example,

the provision of educational or medical benefits), or

penalties apply to withdrawals made before such criteria are

met; and

Annual contributions are limited to $50,000 or less, applying

the rules set forth in Annex I for account aggregation and

currency translation.

Certain Term Life Insurance Contracts. A life insurance contract

maintained in Malta with a coverage period that will end before the

insured individual attains age 90, provided that the contract satisfies the

following requirements

1. Periodic premiums, which do not decrease over time, are payable

at least annually during the period the contract is in existence or

until the insured attains age 90, whichever is shorter;

2. The contract has no contract value that any person can access (by

withdrawal, loan, or otherwise) without terminating the contract;

3. The amount (other than a death benefit) payable upon cancellation

or termination of the contract cannot exceed the aggregate

premiums paid for the contract, less the sum of mortality,

morbidity, and expense charges (whether or not actually imposed)

for the period or periods of the contract’s existence and any

amounts paid prior to the cancellation or termination of the

contract; and

4. The contract is not held by a transferee for value.

Account Held By an Estate. An account maintained in Malta that is

held solely by an estate if the documentation for such account includes a

copy of the deceased’s will or death certificate.

Escrow Accounts. An account maintained in Malta established in

connection with any of the following

1. A court order or judgment.

2. A sale, exchange, or lease of real or personal property, provided

that the account satisfies the following requirements

a) The account is funded solely with a down payment, earnest

money, deposit in an amount appropriate to secure an

obligation directly related to the transaction, or a similar

payment, or is funded with a financial asset that is deposited

in the account in connection with the sale, exchange, or

lease of the property;

b) The account is established and used solely to secure the

obligation of the purchaser to pay the purchase price for the

property, the seller to pay any contingent liability, or the

lessor or lessee to pay for any damages relating to the leased

property as agreed under the lease;

c) The assets of the account, including the income earned

thereon, will be paid or otherwise distributed for the benefit

of the purchaser, seller, lessor, or lessee (including to satisfy

such person’s obligation) when the property is sold,

exchanged, or surrendered, or the lease terminates;

d) The account is not a margin or similar account established

in connection with a sale or exchange of a financial asset;

and

e) The account is not associated with a credit card account.

3. An obligation of a Financial Institution servicing a loan secured

by real property to set aside a portion of a payment solely to

facilitate the payment of taxes or insurance related to the real

property at a later time.

4. An obligation of a Financial Institution solely to facilitate the

payment of taxes at a later time.

Partner Jurisdiction Accounts. An account maintained in Malta and

excluded from the definition of Financial Account under an agreement

between the United States and another Partner Jurisdiction to facilitate

the implementation of FATCA, provided that such account is subject to

the same requirements and oversight under the laws of such other

Partner Jurisdiction as if such account were established in that Partner

Jurisdiction and maintained by a Partner Jurisdiction Financial

Institution in that Partner Jurisdiction.

VI. Definitions. The following additional definitions apply to the descriptions

Reporting Model 1 FFI. The term Reporting Model 1 FFI means a

Financial Institution with respect to which a non-U.S. government or

agency thereof agrees to obtain and exchange information pursuant to a

Model 1 IGA, other than a Financial Institution treated as a

Nonparticipating Financial Institution under the Model 1 IGA. For

purposes of this definition, the term Model 1 IGA means an

arrangement between the United States or the Treasury Department and

a non-U.S. government or one or more agencies thereof to implement

FATCA through reporting by Financial Institutions to such non-U.S.

government or agency thereof, followed by automatic exchange of such

reported information with the IRS.

Participating FFI. The term Participating FFI means a Financial

Institution that has agreed to comply with the requirements of an FFI

Agreement, including a Financial Institution described in a Model 2

IGA that has agreed to comply with the requirements of an FFI

Agreement. The term Participating FFI also includes a qualified

intermediary branch of a Reporting U.S. Financial Institution, unless

such branch is a Reporting Model 1 FFI. For purposes of this definition,

the term FFI Agreement means an agreement that sets forth the

requirements for a Financial Institution to be treated as complying with

the requirements of section 1471(b) of the U.S. Internal Revenue Code.

In addition, for purposes of this definition, the term Model 2 IGA means

an arrangement between the United States or the Treasury Department

and a non-U.S. government or one or more agencies thereof to facilitate

the implementation of FATCA through reporting by Financial

Institutions directly to the IRS in accordance with the requirements of

an FFI Agreement, supplemented by the exchange of information

between such non-U.S. government or agency thereof and the IRS.