DIRECTIVE BY THE PRIME MINISTER AND MINISTER OF FINANCE FOR THE ISSUE OF EURO 100,000,000 (i) 5.1% MALTA GOVERNMENT

ISSUE OF €100,000,000 (I) 5.1% MALTA GOVERNMENT STOCK

2014 OR (II) 5% MALTA GOVERNMENT STOCK 2021

OR (III) ANY COMBINATION OF THE ABOVE TWO STOCKS

SUBSIDIARY LEGISLATION 161.120

DIRECTIVE BY THE PRIME MINISTER AND

MINISTER OF FINANCE FOR THE ISSUE OF EURO

100,000,000 (i) 5.1% MALTA GOVERNMENT

STOCK 2014 (THIRD ISSUE) (FUNGIBILITY ISSUE)

OR (ii) 5% MALTA GOVERNMENT STOCK 2021

(FIRST ISSUE) (FUNGIBILITY ISSUE) OR (iii) ANY

COMBINATION OF THE TWO STOCKS PROVIDED

THE AGGREGATE NOMINAL VALUE SHALL NOT

EXCEED EURO 100,000,000

22nd July, 2008

LEGAL NOTICE 173 of 2008.

The title of this Directive is Directive by the Prime

Minister and Minister of Finance for the Issue of €100,000,000

(i)

Għandu jinħareġ ammont ta’ Euro 50,000,000 Stock tal-

Gvern ta’ Malta kif ġej

(a) Stock tal-Gvern ta’ Malta 2018 (VI) b’Rata ta’ Mgħax

li Tvarja marbuta mal-Euribor tas-sitt xhur, u

(b) Stock tal-Gvern ta’ Malta 2019 (IV) b’Rata ta’ Mgħax

li Tvarja marbuta mal-Euribor tas-sitt xhur, jew

(ċ) f’ammonti miż-żewġ Stocks imsemmija hawn qabel

b’valur nominali flimkien ta’ Euro 50,000,000.

Il-ħruġ ta’ Stocks ser isir kif stipulat fil-prospett.

Kull persuna u, jew enti jistgħu japplikaw għal dawn l-

iStocks. It-tqassim tal-iStocks isir kif hemm spjegat fil-prospett.

1% Malta Government Stock 2014 (Third Issue)

Fungibility Issue; or

(ii) 5% Malta Government Stock 2021 (First Issue)

Fungibility Issue; or of

(iii) any combination of the above two Stocks provided the

aggregate nominal value shall not exceed Euro

100,000,000.

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

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

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

4. (a) 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.

(b) On the 7th January 2009, after the payment of the first

dividend, any amount allotted under 5.1% Malta

Government Stock 2014 (III) will be integrated with

the existing issue of this Stock and shall thereafter

both be deemed to be one Stock.

(c) On the 9th February 2009, after the payment of the

first dividend, any amount allotted under 5% Malta

Government Stock 2021 (I) will be integrated with the

existing issue of this Stock and shall thereafter both be

deemed to be one Stock.

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

combination of the two Stocks shall in the aggregate be Euro

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

the sum of money to be raised by a maximum of Euro 50,000,000.

ISSUE OF €100,000,000 (I) 5.1% MALTA GOVERNMENT STOCK

2014 OR (II) 5% MALTA GOVERNMENT STOCK 2021

OR (III) ANY COMBINATION OF THE ABOVE TWO STOCKS

(a) Interest at the rate of Euro 2.55 for every Euro 100

5.1% Malta Government Stock 2014 (III) will be

payable half-yearly in arrear on the 6th day of Janaury

and the 6th day of July in every year for the duration of

the Stock. The first pro-rata payment covering the

period from the 13th day of August, 2008 to the 5th

day of January, 2009 (both dates inclusive) shall be

made on the 6th day of January, 2009.

(b) Interest at the rate of Euro 2.50 for every Euro 100 5%

Malta Government Stock 2021 (I) will be payable half-

yearly in arrear on the 8th day of February and the 8th

day of August in every year for the duration of the

Stock. The first pro-rata payment covering the period

from the 13th day of August, 2008 to the 7th day of

February, 2009 (both dates inclusive) shall be made on

the 8th day of February, 2009.

(a) The 5.1% Malta Government Stock 2014(III) shall be

redeemed at par on the 6th July, 2014.

(b) The 5% Malta Government Stock 2021(I) shall be

redeemed at par on the 8th August, 2021.

(1) L-iStock tal-Gvern ta’ Malta 2018 (VI) b’Rata ta’

Mgħax li Tvarja marbuta mal-Euribor tas-sitt xhur jiġi mifdi

b’parità fil-25 ta’ Settembru, 2018.

(2) L-iStock tal-Gvern ta’ Malta 2019 (VI) b’Rata ta’ Mgħax li

Tvarja marbuta mal-Euribor tas- sitt xhur jiġi mifdi b’parità fil-25

ta’ Marzu, 2019.