DIRECTIVE BY THE MINISTER FOR FINANCE FOR THE ISSUE OF EURO 100,000,000 MALTA GOVERNMENT STOCKS

ISSUE OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

SUBSIDIARY LEGISLATION 161.97

DIRECTIVE BY THE MINISTER FOR FINANCE

FOR THE ISSUE OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

14th February, 2014

LEGAL NOTICE 61 of 2014.

The title of this directive is Directive by the Minister for

Finance for the issue of Euro 100,000,000 Malta Government

Stocks.

An amount of Euro 100,000,000 Malta Government Stocks

shall be issued as follows

(a) 3.2% Malta Government Stock 2019 (V) Fungibility

Issue, and

(b) 3.3% Malta Government Stock 2024 (I), and

(c) 4.45% Malta Government Stock 2032 (II), 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 prospectus.

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

Stocks. Allotment will be applied as set out in the 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 31st July, 2014 after the payment of the first interest

as indicated in article 7(1)(a) and (b), any amount allotted under

the 3.2% Malta Government Stock 2019 (V) F.I. shall be integrated

with the existing issue of this Stock and thereafter shall be deemed

to be one Stock.

(3) On the 12th May, 2014 after the payment of the first interest

as indicated in article 7(2)(a) and (b), any amount allotted under

the 3.3% Malta Government Stock 2024 (I) shall be integrated and

thereafter both shall be deemed to be one Stock.

(4) On the 3rd September, 2014 after the payment of the first

interest as indicated in article 7(3) (a) and (b), any amount allotted

under the 4.45% Malta Government Stock 2032 (II) shall be

integrated and thereafter both shall 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

100,000,000. The Accountant General reserves the right to increase

the sum of money to be raised by a maximum of Euro 60,000,000.

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

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

ISSUE OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

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

31st day of July in every year for the duration of the Stock

(a) the first pro rata interest payment in respect of the

allotted amount from applications submitted by

members of the public covering the period from the

3rd day of March, 2014 to the 30th day of July, 2014

(both dates inclusive), shall be made on the 31st day of

July, 2014;

(b) the first pro rata interest payment in respect of the

allotted amount from bids/applications submitted by

institutional investors covering the period from the 6th

day of March 2014 to the 30th day of July, 2014 (both

dates inclusive), shall be made on the 31st day of July,

2014. (2) Interest at the rate of Euro 1.65 for every Euro 100 in

respect of the 3.3% Malta Government Stock 2024 (I) shall be

payable half-yearly in arrears on the 12th day of May and the 12th

day of November in every year for the duration of the Stock

(a) the first pro rata interest payment in respect of the

allotted amount from applications submitted by

members of the public covering the period from the

3rd day of March, 2014 to the 11th day of May, 2014

(both dates inclusive), shall be made on the 12th day

of May, 2014;

(b) the first pro rata interest payment in respect of the

allotted amount from bids/applications submitted by

institutional investors covering the period from the 6th

day of March 2014 to the 11th day of May, 2014 (both

dates inclusive), shall be made on the 12th day of May,

2014. (3) Interest at the rate of Euro 2.225 for every Euro 100 in

respect of the 4.45% Malta Government Stock 2032 (II) shall be

payable half-yearly in arrears on the 3rd day of March and the 3rd

day of September in every year for the duration of the Stock

(a) the first interest payment in respect of the allotted

amount from applications submitted by members of

the public covering the period from the 3rd day of

March, 2014 to the 2nd day of September, 2014 (both

dates inclusive), shall be made on the 3rd day of

September, 2014;

(b) the first pro rata interest payment in respect of the

allotted amount from bids/applications submitted by

institutional investors covering the period from the 6th

day of March 2014 to the 2nd day of September, 2014

(both dates inclusive), shall be made on the 3rd day of

September, 2014.

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

redeemed at par on the 31st July, 2019.

(2) The 3.3% Malta Government Stock 2024 (I) shall be

redeemed at par on the 12th November, 2024.

ISSUE OF EURO 100,000,000

MALTA GOVERNMENT STOCKS

(3) The 4.45% Malta Government Stock 2032 (II) shall be

redeemed at par on the 3rd September, 2032.