DIRECTIVE BY THE MINISTER OF FINANCE, ECONOMY AND INVESTMENT FOR THE ISSUE OF EURO 52,000,000

ISSUE OF EURO 52,000,000

MALTA GOVERNMENT STOCKS

SUBSIDIARY LEGISLATION 506.01

DIRECTIVE BY THE MINISTER OF FINANCE,

ECONOMY AND INVESTMENT FOR

THE ISSUE OF EURO 52,000,000

MALTA GOVERNMENT STOCKS

29th April, 2011

LEGAL NOTICE 161 of 2011.

The title of this directive is Directive by the Minister of

Finance, the Economy and Investment for the issue of Euro

52,000,000 Malta Government Stocks.

An amount of Euro 52,000,000 Malta Government Stock

shall be issued Floating Rate Malta Government Stock 2013 (VII)

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 52,000,000.

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. Interest shall

be payable half yearly in arrears on the 18th day of May and the

18th of November in every year for the duration of the Stock. The

first payment covering the period from the 18th May, 2011 to the

17th November, 2011 (both days inclusive) shall be made on the

18th day of November, 2011.

The Floating Rate Malta Government Stock 2013 (VII)

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

18th May, 2013.