DIRECTIVE BY THE MINISTER OF FINANCE, ECONOMY AND INVESTMENT FOR THE ISSUE OF EURO 120,000,000

ISSUE OF EURO 120,000,000

MALTA GOVERNMENT STOCKS

SUBSIDIARY LEGISLATION 161.131

DIRECTIVE BY THE MINISTER OF FINANCE,

ECONOMY AND INVESTMENT FOR

THE ISSUE OF EURO 120,000,000

MALTA GOVERNMENT STOCKS

18th October, 2013

LEGAL NOTICE 338 of 2013.

The title of this directive is Directive by the Minister of

Finance, the Economy and Investment for the issue of Euro

120,000,000 Malta Government Stocks.

An amount of Euro 120,000,000 Malta Government Stocks

shall be issued as follows

(a) 3% Malta Government Stock 2019 (III) Fungibility

Issue, and

(b) 4.65% Malta Government Stock 2032 (I), or

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

in the aggregate be Euro 120,000,000.

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 22nd March, 2014 after the payment of the first

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

under the 3% Malta Government Stock 2019 (III) F.I. shall be

integrated with the existing issue of this Stock and thereafter shall

be deemed to be one Stock.

(3) On the 22nd January, 2014 after the payment of the first

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

under the 4.65% Malta Government Stock 2032 (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

120,000,000. The Accountant General reserves the right to increase

the sum of money to be raised by a maximum of Euro 60,000,000.

(1) Interest at the rate of Euro 1.50 for every Euro 100 in

respect of the 3% Malta Government Stock 2019 (III) shall be

payable half-yearly in arrears on the 22nd day of March and the

22nd day of September in every year for the duration of the Stock

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

ISSUE OF EURO 120,000,000

MALTA GOVERNMENT STOCKS

allotted amount from applications submitted by

members of the public covering the period from the

4th day of November, 2013 to the 21st day of March,

2014 (both dates inclusive), shall be made on the 22nd

day of March, 2014;

(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 7th

day of November 2013 to the 21st day of March, 2014

(both dates inclusive), shall be made on the 22nd day

of March, 2014.

(2) Interest at the rate of Euro 2.325 for every Euro 100 in

respect of the 4.65% Malta Government Stock 2032 (I) shall be

payable half-yearly in arrears on the 22nd day of January and the

22nd day of July 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

4th day of November, 2013 to the 21st day of January,

2014 (both dates inclusive), shall be made on the 22nd

day of January, 2014;

(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 7th

day of November 2013 to the 21st day of January,

2014 (both dates inclusive), shall be made on the 22nd

day of January, 2014.

(1) The 3% Malta Government Stock 2019 (III) shall be

redeemed at par on the 22nd September, 2019.

(2) The 4.65% Malta Government Stock 2032 (I) shall be

redeemed at par on the 22nd July, 2032.