DIRECTIVE BY THE MINISTER OF FINANCE, THE ECONOMY AND INVESTMENT FOR THE CONVERSION OF EURO 150,000,000 OUT OF THE

CONVERSION OF EURO 150,000,000 OUT OF THE EURO

287,014,800 3.60% MALTA GOVERNMENT STOCK 2013

(IV) INTO AN AGGREGATE OF EURO 150,000,000

SUBSIDIARY LEGISLATION 161.92

DIRECTIVE BY THE MINISTER OF FINANCE, THE

ECONOMY AND INVESTMENT FOR THE

CONVERSION OF EURO 150,000,000 OUT OF THE

EURO 287,014,800 3.60% MALTA GOVERNMENT

STOCK 2013 (IV) INTO AN AGGREGATE OF EURO

150,000,000 IN ANY ONE OR ANY COMBINATION

OF THE 3.75% MALTA GOVERNMENT STOCK 2017

(IV) FUNGIBILITY ISSUE AND 3.85% MALTA

GOVERNMENT STOCK 2018 (V)

4th December, 2012

LEGAL NOTICE 428 of 2012.

The Minister of Finance, the Economy and Investment has

declared Euro 150,000,000 out of the Euro 287,014,800 3.60%

Malta Government Stock 2013 (IV) which is due for repayment on

the 18 th October, 2013 to be convertible into registered stock to be

issued under the provisions of the Ordinance.

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

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

150,000,000 out of the Euro 287,014,800 3.60% Malta Government

Stock 2013 (IV), the issuance of

(a) 3.75% Malta Government Stock 2017 (IV) Fungibilty

Issue; and a new

(b) 3.85% Malta Government Stock 2018 (V)

hereinafter the ‘Destination Stocks’ (Conversion Stocks) be created

and issued as follows

The Destination Stocks (Conversion Stocks) shall be issued

as set out in the prospectus.

All stockholders of 3.60% Malta Government Stock, 2013

(IV) are eligible to apply for any or each of the two Stocks.

Allotment of these stocks will be made as set out in the prospectus.

In terms of the Financial Markets Act, when these Stocks

have been allotted, an application shall be made for these Stocks to

be admitted to the official list and trading on the Malta Stock

345. Exchange.

On the 20 th February, 2013 after payment of the first

interest instalment as indicated in article 6(1), any amount allotted

under the 3.75% Malta Government Stock 2017 (IV) Fungibility

Issue (Destination Stock) shall be merged with the existing issue of

the 3.75% Malta Government Stock 2017 (IV) and thereafter shall

be deemed to be one Stock.

The amount to be created and issued by either of the

Destination Stocks (Conversion Stocks), or any combination of the

CONVERSION OF EURO 150,000,000 OUT OF THE EURO

287,014,800 3.60% MALTA GOVERNMENT STOCK 2013

(IV) INTO AN AGGREGATE OF EURO 150,000,000

two Destination Stocks (Conversion Stocks) shall in the aggregate

be Euro 150,000,000.

(1) Interest at the rate of 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 of February and the 20 th

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

interest payment of Euro 1.875 for every Euro 100 stock covering

the period from the 20 th August, 2012 to 19 th February, 2013 (both

dates inclusive), shall be made on the 20 th February, 2013.

(2) Interest at the rate of 1.925% for every Euro 100 in respect

of the 3.85% Malta Government Stock 2018 (V) shall be payable

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

every year during the duration of the Stock. The first interest

payment of Euro 1.925 for every Euro 100 Stock covering the

period from the 18 th October, 2012 to 17 th April, 2013 (both dates

inclusive), shall be made on the 18 th April, 2013.

(1) The 3.75% Malta Government Stock 2017 (IV) shall be

redeemed at par on 20 th August, 2017.

(2) The 3.85% Malta Government Stock 2018 (V) shall be

redeemed at par on 18 th April, 2018.