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 161.129

DIRECTIVE BY THE MINISTER OF FINANCE,

ECONOMY AND INVESTMENT FOR

THE ISSUE OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

19th October, 2012

LEGAL NOTICE 352 of 2012.

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) 3.75% Malta Government Stock 2017 (IV) Fungibility

Issue, and

(b) 4.3% Malta Government Stock 2022 (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.

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 20 th February, 2013 after the payment of the first

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

u nd e r t h e 4 . 8 % M a l t a Go v e r n m e n t St o c k 2 0 2 8 ( I ) s h a l l b e

integrated and thereafter both shall be deemed to be one Stock.

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

ISSUE OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

combination of the three 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 40,000,000.

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

respect of the 3.75% Malta Government Stock 2017 (IV) shall be

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

20 th day of August 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

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;

(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 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

(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

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;

(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 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

(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

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;

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

allotted amount from bids/applications submitted by

ISSUE OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

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.