shall in the aggregate be Euro 100,000,000

L.N. 173 of 2008

2008 BUDGET MEASURES IMPLEMENTATION ACT, 2007

(ACT NO. XXXII OF 2007)

LOCAL LOANS

(REGISTERED STOCK AND SECURITIES) ORDINANCE

(CAP. 161)

Directive by the Minister of Finance, the Economy and

Investment for the Issue of Euro 100,000,000

(i) 5.1% Malta Government Stock 2014

(THIRD ISSUE) (Fungibility Issue)

or

(ii) 5% Malta Government Stock 2021

(FIRST ISSUE) (Fungibility Issue)

or of<

(iii) Any combination of the above two Stocks

shall in the aggregate be Euro 100,000,000

IN exercise of the powers conferred by the 2008 Budget Measures

Implementation Act, 2007 and by article 4(1)(a) of the Local Loans

(Registered Stock and Securities) Ordinance, the Minister of Finance,

the Economy and Investment has authorised that the sum of Euro

100,000,000 be issued as follows>-

(i) 5.1% Malta Government Stock 2014(III) Fungibility

Issue< or

(ii) 5% Malta Government Stock 2021(I) Fungibility Issue<

or of

(iii) Any combination of the above two Stocks shall in the

aggregate be Euro 100,000,000

These Stocks shall be issued as set out in the prospectus.

Mode of issuing

Stocks.

All persons and, or entities are eligible to apply for these Allotment Policy.

Stocks. Allotment will be applied as set out in the prospectus.

(a) In terms of the Financial Markets Act, when these Stocks Trading on the

Malta Stock

have been allotted, an application shall be made for the respective Stock Exchange.

to be placed on the official list and for trading on the Malta Stock Cap. 345.

Exchange.

(b) On the 7 th January 2009, after the payment of the first

dividend, any amount allotted under 5.1% Malta Government Stock

2014 (III) will be integrated with the existing issue of this Stock and

shall thereafter both be deemed to be one Stock.

(c) On the 9 th February 2009, after the payment of the first

dividend, any amount allotted under 5% Malta Government Stock 2021

(I) will be integrated with the existing issue of this Stock and shall

thereafter both be deemed to be one Stock.

Sum of money to be

The sum of money to be raised by either Stock, or of any

combination of the two Stocks shall in the aggregate be Euro

100,000,000. The Accountant General reserves the right to increase the

sum of money to be raised by a maximum of Euro 50,000,000.

(a) Interest at the rate of Euro 2.55 for every Euro 100 5.1%

Malta Government Stock 2014 (III) will be payable half-yearly in arrear

on the 6 th day of Janaury and the 6 th day of July in every year for the

duration of the Stock. The first pro-rata payment covering the period

from the 13 th day of August, 2008 to the 5 th day of January, 2009 (both

dates inclusive) shall be made on the 6 th day of January, 2009.

(b) Interest at the rate of Euro 2.50 for every Euro 100 5%

Malta Government Stock 2021 (I) will be payable half-yearly in arrear

on the 8 th day of February and the 8 th day of August in every year for the

duration of the Stock. The first pro-rata payment covering the period

from the 13 th day of August, 2008 to the 7 th day of February, 2009 (both

dates inclusive) shall be made on the 8 th day of February, 2009.

(a) The 5.1% Malta Government Stock 2014(III) shall be

redeemed at par on the 6 th July, 2014.

(b) The 5% Malta Government Stock 2021(I) shall be

redeemed at par on the 8 th August, 2021.

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press

€0.19