DIRECTIVE (No. 3) BY THE MINISTER OF FINANCE, THE ECONOMY AND INVESTMENT FOR THE ISSUE OF EURO 100,000,000 MALTA

ISSUE (No. 3) OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

SUBSIDIARY LEGISLATION 161.124

DIRECTIVE (No. 3) BY THE MINISTER OF

FINANCE, THE ECONOMY AND INVESTMENT

FOR THE ISSUE OF EURO 100,000,000 MALTA

GOVERNMENT STOCKS

26th October, 2010

LEGAL NOTICE 465 of 2010.

The title of this Directive is Directive (No. 3) 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) 3.75% Malta Government Stock 2015 (VI) Fungibility

issue, and

(b) 5.25% Malta Government Stock 2030 (I) Fungibility

issue, or

(c) any combination of the above two Stocks which shall

in the aggregate be Euro 100,000,000.

The Stocks shall be issued as set out in the prospectus.

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 Malta Stock Exchange.

(2) On the 3rd June, 2011 after the payment of the first interest,

any amount allotted under 3.75% Malta Government Stock 2015

(VI) FI shall be integrated with the existing issue of this Stock and

shall thereafter both be deemed to be one Stock.

(3) On the 23rd December, 2010 after the payment of the first

interest, any amount allotted under 5.25% Malta Government Stock

2030 (I) FI shall be integrated with the existing issue of this Stock

and shall thereafter both be deemed to be one Stock.

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.

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

respect of the 3.75% Malta Government Stock 2015 (VI) shall be

payable half-yearly in arrears on the 3rd day of June and the 3rd

day of December in every year for the duration of the Stock. The

first pro rata interest payment covering the period from the 17th

day of November, 2010 to the 2nd day of June, 2011 (both dates

ISSUE (No. 3) OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

inclusive), shall be made on the 3rd day of June, 2011.

(2) Interest at the rate of Euro 2.625 for every Euro 100 in

respect of the 5.25% Malta Government Stock 2030 (I) shall be

payable half-yearly in arrears on the 23rd day of June and the 23rd

day of December in every year for the duration of the Stock. The

first pro rata interest payment covering the period from the 17th

day of November, 2010 to the 22nd day of December, 2010 (both

dates inclusive) shall be made on the 23rd day of December, 2010.

(1) The 3.75% Malta Government Stock 2015 (VI) shall be

redeemed at par on the 3rd December, 2015.

(2) The 5.25% Malta Government Stock 2030 (I) shall be

redeemed at par on the 23rd June, 2030.