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

ISSUE OF EURO 100,000 MALTA GOVERNMENT STOCKS

SUBSIDIARY LEGISLATION 161.84

DIRECTIVE BY THE MINISTER OF FINANCE,

ECONOMY AND INVESTMENT

FOR THE ISSUE OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

2nd February, 2010

LEGAL NOTICE 62 of 2010.

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

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), and

(b) 4.6% Malta Government Stock 2020 (II) Fungibility

issue, and

(c) Floating Rate Malta Government Stock 2013 (V)

linked to the six (6) month Euribor, 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 relative

prospectus regulating the issuance of

(a) 3.75% Malta Government Stock 2015(VI) and 4.6%

Malta Government Stock 2020 (II) Fungibility issue;

and

(b) Floating Rate Malta Government Stock 2013 (V)

linked to six (6) month Euribor.

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

Stocks. Allo tm ent will be applied as set o ut in the relativ e

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 25th April, 2010 after the payment of the first

dividend, any amount allotted under 4.6% Malta Government Stock

2020 (II) 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

c o m b i n a t i o n o f t h e t h r e e St o c k s s h a l l i n t h e a g g r e g at e b e

Euro100,000,000. The Accountant General reserves the right to

increase the sum of money to be raised by a maximum of Euro

50,000,000.

ISSUE OF EURO 100,000 MALTA GOVERNMENT STOCKS

(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 payment covering the period from the 24th day of

February, 2010 to the 2nd day of June, 2010 (both dates inclusive),

shall be made on the 3rd day of June, 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

p ro rata p aym en t cov erin g th e p er io d f r om the 2 4 th d ay o f

February, 2010 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 45 basis points (bps) calculated

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

spread of 45bps is fixed and applicable until the maturity of the

Stock. The interest rate (six-month Euribor plus spread of 45bps) is

subject to a maximum interest rate capped at 1.925% every six

months and in no event shall the minimum interest rate be less than

0.675% every six months. Interest shall be payable half yearly in

arrears on the 24th of February and 24th of August in every year for

the duration of the Stock. The first payment covering the period

from the 24th February, 2010 to the 23rd August, 2010 (both days

inclusive) shall be made on the 24th day of August, 2010.

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

redeemed at par on the 3rd December, 2015.

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

redeemed at par on the 25th April, 2020.

(3) The Floating Rate Malta Government Stock 2013 (V)

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

24th February, 2013.