DIRECTIVE BY THE MINISTER OF FINANCE, ECONOMY AND INVESTMENT FOR THE ISSUE OF EURO 80,000,000

ISSUE OF EURO 80,000 MALTA GOVERNMENT STOCKS

SUBSIDIARY LEGISLATION 161.83

DIRECTIVE BY THE MINISTER OF FINANCE,

ECONOMY AND INVESTMENT

FOR THE ISSUE OF EURO 80,000,000

MALTA GOVERNMENT STOCKS

30th October, 2009

LEGAL NOTICE 316 of 2009.

The title of this Directive is the Directive by the Minister

o f F inan ce, E co no m y an d I n vestm en t f o r th e iss ue o f Eu r o

80,000,000 Malta Government Stocks.

An amount of Euro 80,000,000 Malta Government Stocks

shall be issued as follows

(a) 3.6% Malta Government Stock 2013(IV) Fungibility

issue, and

(b) 4.6% Malta Government Stock 2020 (II), and

(c) Floating Rate Euribor Malta Government Stock 2015

(V) linked to the six (6) month Euribor, or

(d) any combination of the above three Stocks which shall

in the aggregate be Euro 80,000,000.

These Stocks shall be issued as set out in the relative

prospectus regulating the issuance of

(a) 3.6% Malta Government Stock 2013(IV) Fungibility

issue and 4.6% Malta Government Stock 2020 (II);

and

(b) Floating Rate Euribor Malta Government Stock 2015

(V) linked to six (6) month Euribor.

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

Stocks. Allotm en t will be app lied as s et o ut in the r elative

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 18th April, 2010, after the payment of the first

dividend, any amount allotted under 3.6% Malta Government Stock

2013 (IV) 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 three Stocks shall in the aggregate be Euro

80,000,000. The Accountant General reserves the right to increase

the sum of money to be raised by a maximum of Euro 20,000,000.

ISSUE OF EURO 80,000 MALTA GOVERNMENT STOCKS

(1) Interest at the rate of Euro 1.80 for every Euro 100 in

respect of the 3.6% Malta Government Stock 2013 (IV) shall be

payable half-yearly in arrears on the 18th day of April and the 18th

day of October in every year for the duration of the Stock. The first

p ro -r ata paym en t co ver ing th e p erio d f r om the 1 8th day of

November, 20 09 to the 1 7th d ay of April, 201 0 ( both dates

inclusive), shall be made on the 18th day of April, 2010.

(2) Interest at the rate of Euro 2.3 for every Euro 100 in respect

of the 4.6% Malta Government Stock 2020 (II) shall be payable

half-yearly in arrears on the 25th day of April and the 25th day of

October in every year for the duration of the Stock. The first pro-

rata payment covering the period from the 18th day of November,

2009 to the 24th day of April, 2010 (both dates inclusive) shall be

made on the 25th day of April, 2010.

(3) Interest shall be paid at the floating rate linked to the six (6)

month Euribor plus a spread of 80 basis points (bps) calculated on

Day Count Fraction (Actual/360) for every Euro 100. The spread of

80bps is fixed and applicable until the maturity of the Stock. The

interest rate (six month Euribor plus spread of 80bps) is subject to a

maximum interest rate capped at 2.61% every six months and in no

event shall the minimum interest rate be less than 0.85% every six

months. Interest shall be payable half yearly in arrears on the 25th

of April and 25th of October in every year for the duration of the

Stock. The first pro-rata payment covering the period from the 18th

November, 2009 to the 24th April, 2010 (both days inclusive) shall

be made on the 25th day of April, 2010.

(1) The 3.6% Malta Government Stock 2013 (IV) shall be

redeemed at par on the 18th October, 2013.

(2) The 4.6% Malta Government Stock 2020 (II) shall be

redeemed at par on the 25th April, 2020.

(3) The Floating Rate Euribor Malta Government Stock 2015

(V) linked to the six (6) month Euribor shall be redeemed at par on

the 25th October, 2015.