DIRECTIVE BY THE MINISTER FOR FINANCE FOR THE CONVERSION OF EURO 150,000,000 OUT OF THE EURO 388,915,541 5.1% MALTA

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

388,915,541 5.1% MALTA GOVERNMENT STOCK 2014

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

SUBSIDIARY LEGISLATION 161.96

DIRECTIVE BY THE MINISTER FOR FINANCE

FOR THE CONVERSION OF EURO 150,000,000 OUT

OF THE EURO 388,915,541 5.1% MALTA

GOVERNMENT STOCK 2014 (III) INTO AN

AGGREGATE OF EURO 150,000,000

26th November, 2013

LEGAL NOTICE 420 of 2013.

The title of this Directive is Directive by the Minister for

Finance for the Conversion of Euro 150,000,000 out of the Euro

388,915,541 5.1% Malta Government Stock 2014 (III) into an

aggregate of Euro 150,000,000.

(a) The Minister for Finance has declared Euro

150,000,000 out of the Euro 388,915,541 5.1% Malta

Government Stock 2014 (III) which is due for

repayment on the 6th July, 2014 to be convertible into

registered stock to be issued under the provisions of

the Local Loans (Registered Stock and Securities)

Ordinance.

(b) 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

388,915,541 5.1% Malta Government Stock 2014 (III),

the issuance of

2% Malta Government Stock 2019 (V) and

3.35% Malta Government Stock 2020 (IV)

hereinafter the ‘Destination Stocks’ (Conversion

Stocks) be created and issued in accordance with the

provisions of this Directive.

3. The Destination Stocks (Conversion Stocks) shall be issued

as set out in the prospectus.

All stockholders of 5.1% Malta Government Stock, 2014

(III) 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

Exchange.

The amount to be created and issued by either of the

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

two Destination Stocks (Conversion Stocks) shall in the aggregate

be Euro 150,000,000.

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

388,915,541 5.1% MALTA GOVERNMENT STOCK 2014

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

(1) Interest at the rate of 1.60% for every Euro 100 in

respect of the 3.2% Malta Government Stock 2019 (V) shall be

payable half-yearly in arrears on the 31st of January and the 31st of

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

interest payment of Euro 1.60 for every Euro 100 stock covering

the period from the 31st July, 2013 to 30th January, 2014 (both

dates inclusive), shall be made on the 31st January, 2014.

(2) Interest at the rate of 1.675% for every Euro 100 in respect

of the 3.35% Malta Government Stock 2020 (IV) shall be payable

half-yearly in arrears on the 31st of January and the 31st of July in

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

payment of Euro 1.675 for every Euro 100 Stock covering the

period from the 31st July, 2013 to 30th January 2014 (both dates

inclusive), shall be made on the 31st January, 2014.

(1) The 3.2% Malta Government Stock 2019 (V) shall be

redeemed at par on 31st July, 2019.

(2) The 3.35% Malta Government Stock 2020 (IV) shall be

redeemed at par on 31st July, 2020.