Fungibility Issue

L.N. 262 of 2004

BUDGET MEASURES IMPLEMENTATION ACT, 2004

(ACT NO. II OF 2004)

LOCAL LOANS

(REGISTERED STOCK AND SECURITIES) ORDINANCE

(CAP. 161)

Directive by the Prime Minister and Minister of Finance

for the Issue of an amount not exceeding Lm 25,000,000

8% Malta Government Stock 2016

(Second Issue)

Fungibility Issue

IN exercise of the powers conferred by the Budget Measures

Implementation Act, 2004 and by article 4(1)(a) of the Local Loans

(Registered Stock and Securities) Ordinance, Cap. 161, the Prime

Minister and Minister of Finance has authorised that the sum not

exceeding Lm25,000,000 4.8% Malta Government Stock be issued

as follows>–

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

1. Mode of issuing

Stock.

2. All entities are eligible to apply for this Stock. Allotment Allotment Policy.

will be applied as set out in the prospectus.

3. (a) In terms of the Malta Stock Exchange Act, when the Trading on the

Malta Stock

Stock has been allotted, an application shall be made for the Stock Exchange, Cap.

to be placed on the official list and for trading on the Malta Stock 345.

Exchange.

(b) On the 26th November, 2004 after the payment of

the first dividend, this stock will be integrated with the existing issue

4.8% Malta Government Stock 2016 (II) and shall thereafter both

be deemed to be one Stock.

4. The sum of money to be raised by the Stock shall not exceed Sum of money to

be raised.

Lm25,000,000.

Interest at the rate of Lm 2.40,0 for every Lm100 Stock

will be payable half-yearly in arrear on the 26th day of May and on

the 26th day of November in every year for the duration of the Stock.

The first pro-rata payment covering the period from the 26th day

of May, 2004 to the 26th day of November, 2004 shall be made on

the 26th day of November, 2004.

The Stock shall be redeemed at par on the 26th November,

2016. Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press