into Euro 200,000,000 4.30% Malta Government Stock 2016 (IV)

L.N. 466 of 2011

LOCAL LOANS

(REGISTERED STOCK AND SECURITIES) ORDINANCE

(CAP. 161)

CONVERSION OF STOCK

Directive by the Minister of Finance, the Economy and Investment

for the Conversion of Euro 200,000,000 out of the

Euro 428,885,703 5.70% Malta Government Stock 2012 (III)

into Euro 200,000,000 4.30% Malta Government Stock 2016 (IV)

IN exercise of the powers conferred by article 31(a) of the Local

Loans (Registered Stock and Securities) Ordinance, Cap. 161, the

Minster of Finance, the Economy and Investment has declared Euro

200,000,000 out of the Euro 428,885,703 5.70% Malta Government

Stock 2012 (III) which is due for repayment 30th September, 2012 to

be convertible into registered stock to be issued under the provisions

of the Ordinance.

The Minster has also authorised in terms of articles 31(b) and 32

of the same Ordinance that, for the conversion of Euro 200,000,000

out of the Euro 428,885,703 5.70% Malta Government Stock 2012

(III), a new 4.30% Malta Government Stock 2016 (IV) be created and

issued as follows

The Stock shall be issued as set out in the prospectus.

Mode of issuing

Stock.

All stockholders of 5.70% Malta Government Stock, 2012 Allottment

(III) are eligible to apply for the 4.30% Malta Government Stock policy.

2016 (IV). Allotment of this stock will be made as set out in the

prospectus.

In terms of the Financial Markets Act, when this Stock has Trading on the

been allotted, an application shall be made for this Stock to be placed Malta

Exchange,

on the official list and for trading on the Malta Stock Exchange.

The amount to be created and issued under this Stock shall Creation and

Issue of Stock

be Euro 200,000,000.

for conversion.

(1) Interest at the rate of 2.15% for every Euro 100 in Rate of interest

respect of the 4.30% Malta Government Stock 2016 (IV) shall be and

payment.

payable half-yearly in arrears on the 16th of February and the 16th of

August in every year during the duration of the Stock.

B

(2) The first interest payment of Euro 2.15 for every Euro 100

stock covering the period from the 16th August, 2011 to 15th

February, 2012 (both dates inclusive), shall be made on the 16th

February, 2012.

The 4.30% Malta Government Stock 2016 (IV) shall be

Redemption of

Stock.

redeemed at par on 16th August, 2016.

€0.18