Euro 100,000,000 Malta Government Stocks

L.N. 62 of 2010

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 Malta Government Stocks

IN exercise of the powers conferred by articles 4(1)(a)

and 6(1) of the Local Loans (Registered Stock and Securities)

Ordinance, the Minister of Finance, the Economy and Investment

has issued the following Directive

The title of this directive is Directive by the Minister

of Finance, the Economy and Investment for the issue of Euro

100,000,000 Malta Government Stocks.

An amount of Euro 100,000,000 Malta Government

Stocks shall be issued as follows

(a) 3.75% Malta Government Stock 2015(VI), and

(b) 4.6% Malta Government Stock 2020 (II)

Fungibility issue, and

(c) Floating Rate Malta Government Stock 2013 (V)

linked to the six (6) month Euribor, or

(d) any combination of the above three Stocks which

shall in the aggregate be Euro 100,000,000.

These Stocks shall be issued as set out in the relative

prospectus regulating the issuance of

(a) 3.75% Malta Government Stock 2015(VI) and

6% Malta Government Stock 2020 (II) Fungibility issue;

(b) Floating Rate Malta Government Stock 2013 (V)

linked to six (6) month Euribor.

4. All persons and, or entities are eligible to apply for

these Stocks. Allotment will be applied as set out in the relative

prospectus.

(1) In terms of the Financial Markets Act (Cap. 345),

when these Stocks have been allotted, an application shall be made

for the respective Stock to be placed on the official list and for

trading on the Malta Stock Exchange.

(2) On the 25th April, 2010 after the payment of the

first dividend, any amount allotted under 4.6% Malta Government

Stock 2020 (II) FI shall be integrated with the existing issue of this

Stock and shall thereafter both be deemed to be one Stock.

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

of any combination of the three Stocks shall in the aggregate be raised.

Euro100,000,000. The Accountant General reserves the right to

increase the sum of money to be raised by a maximum of Euro

50,000,000.

(1) Interest at the rate of Euro 1.875 for every Euro 100 Rate of interest and

in respect of the 3.75% Malta Government Stock 2015 (VI) shall

be payable half-yearly in arrears on the 3rd day of June and the

3rd day of December in every year for the duration of the Stock.

The first pro rata payment covering the period from the 24th day of

February, 2010 to the 2nd day of June, 2010 (both dates inclusive),

shall be made on the 3rd day of June, 2010.

(2) Interest at the rate of Euro 2.3 for every Euro 100

in respect of the 4.6% Malta Government Stock 2020 (II) shall be

payable half-yearly in arrears on the 25th day of April and the 25th

day of October in every year for the duration of the Stock. The

first pro rata payment covering the period from the 24th day of

February, 2010 to the 24th day of April, 2010 (both dates inclusive)

shall be made on the 25th day of April, 2010.

(3) Interest shall be paid at the floating rate linked to

the six (6) month Euribor plus a spread of 45 basis points (bps)

calculated on Day Count Fraction (Actual/360) for every Euro 100.

The spread of 45bps is fixed and applicable until the maturity of the

Stock. The interest rate (six-month Euribor plus spread of 45bps)

is subject to a maximum interest rate capped at 1.925% every six

months and in no event shall the minimum interest rate be less than

0.675% every six months. Interest shall be payable half yearly in

arrears on the 24th of February and 24th of August in every year

for the duration of the Stock. The first payment covering the period

from the 24th February, 2010 to the 23rd August, 2010 (both days

inclusive) shall be made on the 24th day of August, 2010.

(1) The 3.75% Malta Government Stock 2015 (VI)

shall be redeemed at par on the 3rd December, 2015.

(2) The 4.6% Malta Government Stock 2020 (II) shall

be redeemed at par on the 25th April, 2020.

(3) The Floating Rate Malta Government Stock 2013

(V) linked to the six (6) month Euribor shall be redeemed at par on

the 24th February, 2013.

€0.28