DIRECTIVE BY THE MINISTER OF FINANCE, ECONOMY AND INVESTMENT FOR THE ISSUE OF EURO 100,000,000

ISSUE OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

SUBSIDIARY LEGISLATION 161.126

DIRECTIVE BY THE MINISTER OF FINANCE,

ECONOMY AND INVESTMENT FOR

THE ISSUE OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

4th November, 2011

LEGAL NOTICE 430 of 2011.

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) 4.25% Malta Government Stock 2017 (III) Fungibility

issue, and

(b) 5.2% Malta Government Stock 2031 (I), or

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

in the aggregate be Euro 100,000,000.

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

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

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

integrated with the existing issue of this Stock and thereafter both

shall be deemed to be one Stock.

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

interest as indicated in articles 7(2)(a) and 7(2)(b), any amount

allotted under 5.2% Malta Government Stock 2031 (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

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 44,000,000.

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

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

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

ISSUE OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

allotted amount from applications submitted by

members of the public covering the period from the

21st day of November, 2011 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

23rd day of November, 2011 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 2.600 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

21st day of November, 2011 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

23rd day of November, 2011 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 5.2% Malta Government Stock 2030 (I) shall be

redeemed at par on the 16th September, 2031.