for the Issue of Euro 50,000,000 Malta Government Stocks

L.N. 273 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 50,000,000 Malta Government Stocks

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

Measures Implementation Act (2012) 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 Title.

Finance, the Economy and Investment for the issue of Euro

50,000,000 Malta Government Stocks.

An amount of Euro 50,000,000 Malta Government Stocks Issuing of

Stock.

shall be issued as follows

(a)

Floating Rate Malta Government Stock 2017 (V)

linked to the six-month Euribor, and

(b) Floating Rate Malta Government Stock 2018 (IV)

linked to the six-month Euribor, or

(c)

any combination of the above two Stocks which

shall in the aggregate be Euro 50,000,000.

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.

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

have been allotted, an application shall be made for the respective Malta

Exchange.

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

Stock Exchange.

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

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

50,000,000. The Accountant General reserves the right to increase the

sum of money to be raised by a maximum of Euro 25,000,000.

(1) Interest on the Floating Rate Malta Government

Stock 2017 (V) linked to the six-month Euribor shall be paid at the

rate linked to the six-month Euribor in effect on the applicable

interest determination date, plus a spread of 90 basis points (bps)

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

The spread of 90bps is fixed and applicable until the maturity of the

Stock.

(2) Interest on the Floating Rate Malta Government Stock

2018 (IV) linked to the six-month Euribor shall be paid at the rate

linked to the six-month Euribor in effect on the applicable interest

determination date, plus a spread of 110 basis points (bps) calculated

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

of 110bps is fixed and applicable until the maturity of the Stock.

(3) Interest on the Floating Rate Malta Government Stock

2017 (V) linked to the six-month Euribor shall be payable half yearly

in arrears on the 5th of March and 5th of September in every year for

the duration of the Stock.

(4) Interest on the Floating Rate Malta Government Stock

2018 (IV) linked to the six-month Euribor shall be payable half yearly

in arrears on the 5th of March and 5th of September in every year for

the duration of the Stock.

(5) The first interest payment in respect both Stocks

mentioned in sub-articles (1) and (2) covering the period from the 5th

September, 2012 to the 4th March, 2013 (both days inclusive) shall be

made on the 5th day of March, 2013.

(1) The Floating Rate Malta Government Stock 2017

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

5th September, 2017.

(2) The Floating Rate Malta Government Stock 2018 (IV)

linked to the six-month Euribor shall be redeemed at par on the 5th

September, 2018.

€0.18