DIRECTIVE BY THE MINISTER OF FINANCE, THE ECONOMY AND INVESTMENT FOR THE CONVERSION OF EURO 200,000,000 OUT OF THE

CONVERSION OF EURO 200,000,000 OUT OF THE EURO

428,885,703 5.70% MALTA GOVERNMENT STOCK 2102 (III) INTO

EURO 200,000,000 4.30 MALTA GOVERNMENT STOCK 2016 (IV)

SUBSIDIARY LEGISLATION 161.89

DIRECTIVE BY THE MINISTER OF FINANCE, THE

ECONOMY AND INVESTMENT FOR THE

CONVERSION OF EURO 200,000,000 OUT OF THE

EURO 428,885,703 5.70% MALTA GOVERNMENT

STOCK 2012 (III) INTO EURO 200,000,000 4.30%

MALTA GOVERNMENT STOCK 2016 (IV)

29th November, 2011

LEGAL NOTICE 466 of 2011.

The title of this Directive is the Directive by the Minister

of Finance, the Economy and Investment for the Conversion of

Euro 200,000,000 out of the Euro 428,885,703 5.70% Malta

Government Stock 2012 (III) into Euro 200,000,000 4.30% Malta

Government Stock 2016 (IV).

(1) The Minister of Finance, the Economy and Investment

has declared Euro 200,000,000 out of the Euro 428,885,703 5.70%

Malta Government Stock 2012 (III) which is due for repayment

30th September, 2012 to be convertible into registered stock to be

issued under the provisions of the Local Loans (Registered Stock

and Securities) Ordinance.

(2) The Minister has also authorised in terms of articles 31(b)

and 32 of the said Ordinance that, for the conversion of Euro

200,000,000 out of the Euro 428,885,703 5.70% Malta Government

Stock 2012 (III), a new 4.30% Malta Government Stock 2016 (IV)

be created and issued as provided in this Directive.

The Stock shall be issued as set out in the prospectus.

All stockholders of 5.70% Malta Government Stock, 2012

(III) are eligible to apply for the 4.30% Malta Government Stock

2016 (IV). Allotment of this stock will be made as set out in the

prospectus.

In terms of the Financial Markets Act, when this Stock has

been allotted, an application shall be made for this Stock to be

placed on the official list and for trading on the Malta Stock

Exchange.

The amount to be created and issued under this Stock shall

be Euro 200,000,000.

(1) Interest at the rate of 2.15% for every Euro 100 in

respect of the 4.30% Malta Government Stock 2016 (IV) shall be

payable half-yearly in arrears on the 16th of February and the 16th

of August in every year during the duration of the Stock.

(2) The first interest payment of Euro 2.15 for every Euro 100

stock covering the period from the 16th August, 2011 to 15th

CONVERSION OF EURO 200,000,000 OUT OF THE EURO

428,885,703 5.70% MALTA GOVERNMENT STOCK 2102 (III) INTO

EURO 200,000,000 4.30 MALTA GOVERNMENT STOCK 2016 (IV)

February, 2012 (both dates inclusive), shall be made on the 16th

February, 2012.

The 4.30% Malta Government Stock 2016 (IV) shall be

redeemed at par on 16th August, 2016.