for the Issue of Euro 120,000,000 Malta Government Stocks

L.N. 201 of 2012

BUDGET MEASURES IMPLEMENTATION ACT

(ACT NO. V OF 2012)

LOCAL LOANS

(REGISTERED STOCK AND SECURITIES) ORDINANCE

(CAP. 161)

Directive by the Minister of Finance, the Economy and Investment

for the Issue of Euro 120,000,000 Malta Government Stocks

IN exercise of the powers conferred by article 4 of the Budget

Measures Implementation Act and 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

120,000,000 Malta Government Stocks.

An amount of Euro 120,000,000 Malta Government Stocks

shall be issued as follows

(a)

75% Malta Government Stock 2017 (IV), and

(b) 4.3% Malta Government Stock 2022 (II) Fungibility

issue, and

(c)

3% Stock tal-Gvern ta’ Malta 2022 (II) Fungibility

(b)

Issue, u

1% Malta Government Stock 2029 (I), or

(d) any combination of the above three Stocks which

shall in the aggregate be Euro 120,000,000.

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

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

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

5. (1) In terms of the Financial Markets Act, 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 20th August, 2012 after the payment of the first

interest as indicated in article 7(1)(a) and (b), any amount allotted

under the 3.75% Malta Government Stock 2017 (IV) shall be

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

(3) On the 15th November, 2012 after the payment of the first

interest as indicated in article 7(2)(a) and (b), any amount allotted

under the 4.3% Malta Government Stock 2022 (II) F.I. shall be

integrated with the existing issue of this Stock and thereafter shall be

deemed to be one Stock.

(4) On the 1st October 2012 after the payment of the first

interest as indicated in article 7(3)(a) and (b), any amount allotted

under the 5.1% Malta Government Stock 2029 (I) shall be integrated

and thereafter both shall be deemed to be one Stock.

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

combination of the three Stocks shall in the aggregate be Euro to be raised.

120,000,000. The Accountant General reserves the right to increase

the sum of money to be raised by a maximum of Euro 60,000,000.

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

in respect of the 3.75% Malta Government Stock 2017 (IV) shall be and

payment.

payable half-yearly in arrears on the 20th day of February and the

20th day of August in every year for the duration of the Stock

the first pro rata interest payment in respect of the

(a)

allotted amount from applications submitted by members of the

public covering the period from the 22nd day of June, 2012 to

the 19th day of August, 2012 (both dates inclusive), shall be

made on the 20th day of August, 2012;

(b) the first pro rata interest payment in respect of the

allotted amount from bids/applications submitted by

institutional investors covering the period from the 27th day of

June 2012 to the 19th day of August, 2012 (both dates

inclusive), shall be made on the 20th day of August, 2012.

(2) Interest at the rate of Euro 2.150 for every Euro 100 in

respect of the 4.3% Malta Government Stock 2022 (II) shall be

payable half-yearly in arrears on the 15th day of May and the 15th

day of November in every year for the duration of the Stock

the first pro rata interest payment in respect of the

(a)

allotted amount from applications submitted by members of the

public covering the period from the 22nd day of June, 2012 to

the 14th day of November, 2012 (both dates inclusive), shall be

made on the 15th day of November, 2012;

(b) the first pro rata interest payment in respect of the

allotted amount from bids/applications submitted by

institutional investors covering the period from the 27th day of

June 2012 to the 14th day of November, 2012 (both dates

inclusive), shall be made on the 15th day of November, 2012.

(3) Interest at the rate of Euro 2.550 for every Euro 100 in

respect of the 5.1% Malta Government Stock 2029 (I) shall be

payable half-yearly in arrears on the 1st day of April and the 1st day

of October in every year for the duration of the Stock

the first pro rata interest payment in respect of the

(a)

allotted amount from applications submitted by members of the

public covering the period from the 22nd day of June, 2012 to

the 30th day of September, 2012 (both dates inclusive), shall be

made on the 1st day of October, 2012;

(b) the first pro rata interest payment in respect of the

allotted amount from bids/applications submitted by

institutional investors covering the period from the 27th day of

June, 2012 to the 30th day of September, 2012 (both dates

inclusive), shall be made on the 1st day of October, 2012.

(1) The 3.75% Malta Government Stock 2017 (IV) shall

be redeemed at par on the 20th August, 2017.

(2) The 4.3% Malta Government Stock 2022 (II) shall be

redeemed at par on the 15th May 2022.

(3) The 5.1% Malta Government Stock 2029 (I) shall be

redeemed at par on the 1st October 2029.

€0.36