for the Issue of Euro 100,000,000 Malta Government Stocks

L.N. 352 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 100,000,000 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

100,000,000 Malta Government Stocks.

An amount of Euro 100,000,000 Malta Government Stocks

shall be issued as follows

(a)

75% Malta Government Stock 2017 (IV)

Fungibility Issue, and

(b)

3% Malta

Government

Stock

(II)

Fungibility Issue, and

(c)

4.8% Malta Government Stock 2028 (I), or

(d)

any combination of the above three Stocks which

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

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.

(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

345. Malta Stock Exchange.

(2) On the 20 th February, 2013 after the payment of the first

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

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

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

deemed to be one Stock.

(3) On the 15 th May, 2013 after the payment of the first

interest as indicated in articles 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 11 th March, 2013 after the payment of the first

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

under the 4.8% Malta Government Stock 2028 (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.

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

the sum of money to be raised by a maximum of Euro 40,000,000.

(1)

Interest at the rate of Euro 1.875 for every Euro Rate of interest

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

payment.

th

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

20 th 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 2 nd day of November, 2012

to the 19 th day of February, 2013 (both dates inclusive), shall be

made on the 20 th day of February, 2013;

the first pro rata interest payment in respect of the

(b)

allotted amount from bids/applications submitted by

institutional investors covering the period from the 7 th day of

November 2012 to the 19 th day of February, 2013 (both dates

inclusive), shall be made on the 20 th day of February, 2013.

(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 15 th day of May and the 15 th 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 2 nd day of November, 2012

to the 14 th day of May, 2013 (both dates inclusive), shall be

made on the 15 th day of May, 2013;

the first pro rata interest payment in respect of the

(b)

allotted amount from bids/applications submitted by

institutional investors covering the period from the 7 th day of

November 2012 to the 14 th day of May, 2013 (both dates

inclusive), shall be made on the 15 th day of May, 2013.

(3) Interest at the rate of Euro 2.400 for every Euro 100 in

respect of the 4.8% Malta Government Stock 2028 (I) shall be

payable half-yearly in arrears on the 11 th day of March and the 11 th

day of September 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 2 nd day of November, 2012

to the 10 th day of March, 2013 (both dates inclusive), shall be

made on the 11 th day of March, 2013;

the first pro rata interest payment in respect of the

(b)

allotted amount from bids/applications submitted by

institutional investors covering the period from the 7 th day of

November, 2012 to the 10 th day of March, 2013 (both dates

inclusive), shall be made on the 11 th day of March, 2013.

(1)

The 3.75% Malta Government Stock 2017 (IV)

shall be redeemed at par on the20 th August, 2017.

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

redeemed at par on the15 th May, 2022.

(3) The 4.8% Malta Government Stock 2028 (I) shall be

redeemed at par on the 11 th September, 2028.

€0.27