for the Issue of Lm 19,000,000 5.9 % Malta Government Stock 2009

L.N. 459 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 Lm 19,000,000 5.9 % Malta Government Stock 2009

(Third 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 of Lm

19,000,000 5.9% Malta Government Stock be issued as follows> -

This 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.

a) In terms of the Malta Stock Exchange Act, when the

Stock has been allotted, an application shall be made for the Stock to be

placed on the official list and for trading on the Malta Stock Exchange.

345. b) On the 30 th March, 2005, after the payment of the first

dividend, this stock will be integrated with the existing issue 5.9%

Malta Government Stock 2009 (III) and shall thereafter both be

deemed to be one Stock.

The sum of money to be raised by the Stock shall be

Sum of money to be

Lm 19,000,000.

Interest at the rate of Lm 2.95,0 for every Lm100 Stock will

be payable half-yearly in arrear on the 30 th day of March and on the

30 th day of September in every year for the duration of the Stock. The

first pro-rata payment covering the period from the 17 th day of

November, 2004 to the 30 th day of March, 2005 shall be made on the

30 th day of March, 2005.

The Stock shall be redeemed at par on the 27 th March, 2009.

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