DIRECTIVE BY THE MINISTER OF FINANCE, THE ECONOMY AND INVESTMENT FOR THE ISSUE OF EURO 24,000,000 MALTA GOVERNMENT STOCKS

ISSUE OF EURO 24,000,000

MALTA GOVERNMENT STOCKS

SUBSIDIARY LEGISLATION 502.02

DIRECTIVE BY THE MINISTER OF FINANCE, THE

ECONOMY AND INVESTMENT FOR THE ISSUE OF

EURO 24,000,000 MALTA GOVERNMENT STOCKS

4th November, 2011

LEGAL NOTICE 431 of 2011.

The title of this Directive is Directive by the Minister of

Finance, the Economy and Investment for the Issue of Euro

30,000,000 Malta Government Stocks.

An amount of Euro 24,000,000 Malta Government Stock

shall be issued Floating Rate Malta Government Stock 2014 (v)

linked to the six-month Euribor.

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

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

Stock. Allotment will be applied 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 sum of money to be raised shall be Euro 24,000,000.

(1) Interest shall be paid at the floating rate linked to the

six-month Euribor in effect on the applicable interest determination

date, 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.

(2) Interest shall be payable half yearly in arrears on the 23rd

of May and 23rd of November in every year for the duration of the

Stock.

(3) The first payment covering the period from the 23rd

November, 2011 to the 22nd May, 2012 (both dates inclusive), shall

be made on the 23rd day of May, 2012.

The Floating Rate Malta Government Stock 2014 (V)

linked to the six-month Euribor shall be redeemed at par on the

23rd November, 2014.