for the Issue of Euro 150,000,000 Malta Government Stocks

L.N. 37 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 150,000,000 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

150,000,000 Malta Government Stocks.

An amount of Euro 150,000,000 Malta Government Stocks

shall be issued as follows

(a)

25% Malta

Government

Stock

(III)

Fungibility Issue, and

(b)

4.3% Malta Government Stock 2022 (II), and

(c)

2% Malta Government Stock 2031 (I) Fungibility

issue, or

(d) any combination of the above three Stocks which

shall in the aggregate be Euro 150,000,000.

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 6th May, 2012 after the payment of the first interest

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

4.25% Malta Government Stock 2017 (III) FI shall be integrated with

the existing issue of this Stock and thereafter shall be deemed to be

one Stock.

(3) On the 15th May, 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) shall be integrated

and thereafter both shall be deemed to be one Stock.

(4) On the 16th March, 2012 after the payment of the first

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

under the 5.2% Malta Government Stock 2031 (I) FI shall be

integrated with the existing issue of this Stock and thereafter 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 thtrr Stocks shall in the aggregate be Euro to be raised.

150,000,000. The Accountant General reserves the right to increase

the sum of money to be raised by a maximum of Euro 150,000,000.

(1) Interest at the rate of Euro 2.125 for every Euro 100 Rate of interest

in respect of the 4.25% Malta Government Stock 2017 (III) shall be and

payment.

payable half-yearly in arrears on the 6th day of May and the 6th day

of November in every year for the duration of the Stock

(a)

the first pro rata interest payment in respect of the

allotted amount from applications submitted by members of the

public covering the period from the 6th day of February, 2012 to

the 5th day of May, 2012 (both dates inclusive), shall be made

on the 6th day of May, 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 9th day of

February 2012 to the 5th day of May, 2012 (both dates

inclusive), shall be made on the 6th day of May, 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

(a)

the first pro rata interest payment in respect of the

allotted amount from applications submitted by members of the

public covering the period from the 6th day of February, 2012 to

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

on the 15th day of May, 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 9th day of

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

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

(3) Interest at the rate of Euro 2.600 for every Euro 100 in

respect of the 5.2% Malta Government Stock 2031 (I) shall be

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

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

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

allotted amount from applications submitted by members of the

public covering the period from the 6th day of February, 2012 to

the 15th day of March, 2012 (both dates inclusive), shall be

made on the 16th day of March, 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 9th day of

February, 2012 to the 15th day of March, 2012 (both dates

inclusive), shall be made on the 16th day of March, 2012.

(1) The 4.25% Malta Government Stock 2017 (III) shall

be redeemed at par on the 6th November, 2017.

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

redeemed at par on the 15th May, 2022.

(3) The 5.2% Malta Government Stock 2031 (I) shall be

redeemed at par on the 16th September 2031.

B

B

€0.36