aggregate nominal value shall not exceed Lm 50,000,000

L.N. 276 of 2007

BUDGET MEASURES IMPLEMENTATION ACT, 2007

(ACT NO. IV OF 2007)

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 Lm50,000,000

(i) 5.7% Malta Government Stock 2012

(THIRD ISSUE) (Fungibility Issue)

or;

(ii) 5% Malta Government Stock 2021

(FIRST ISSUE) (Fungibility Issue)

or of;

(iii) Any combination of the above two Stocks provided the

aggregate nominal value shall not exceed Lm 50,000,000

IN exercise of the powers conferred by the Budget Measures

Implementation Act, 2007 and by article 4(1)(a) of the Local Loans

(Registered Stock and Securities) Ordinance, the Prime Minister

and Minister of Finance has authorised that the sum not exceeding

Lm50,000,000 be issued as follows:-

(i) 5.7% Malta Government Stock 2012(III) Fungibility

Issue; or

(ii) 5% Malta Government Stock 2021(I) Fungibility

Issue; or of

(iii) Any combination of the above two Stocks provided

the aggregate nominal value shall not exceed Lm 50,000,000

These Stocks shall be issued as set out in the prospectus.

Mode of issuing

Stocks

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

Stocks. Allotment will be applied as set out in the prospectus.

a) In terms of the Financial Markets Act, when these Trading on the

Malta Stock

Stocks have been allotted, an application shall be made for the Exchange. Cap.

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

on the Malta Stock Exchange.

b) On the 31 st March 2008, after the payment of the first

dividend, any amount allotted under 5.7% Malta Government

Stock 2012 (III) will be integrated with the existing issue of

this Stock and shall thereafter both be deemed to be one Stock.

c) On the 9 th February 2008, after the payment of the first

dividend, any amount allotted under 5% Malta Government

Stock 2021 (I) will be integrated with the existing issue of this

Stock and shall thereafter both be deemed to be one Stock.

The sum of money to be raised by either Stock, or of any

combination of the two Stocks shall not in the aggregate exceed

Lm50,000,000.

(a) Interest at the rate of Lm 2.85,0 for every Lm100 5.7%

Malta Government Stock 2012 (III) will be payable half-yearly

in arrear on the 30th day of March and 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 25 th day of October, 2007

to the 30 th day of March, 2008 shall be made on the 30 th day of

March, 2008.

(b) Interest at the rate of Lm 2.50,0 for every Lm100 5%

Malta Government Stock 2021 (I) will be payable half-yearly

in arrear on the 8 th day of February and the 8 th day of August in

every year for the duration of the Stock. The first pro-rata

payment covering the period from the 25 th day of October, 2007

to the 8 th day of February, 2008 shall be made on the 8 th day of

February, 2008

(a) The 5.7% Malta Government Stock 2012(III) shall be

redeemed at par on the 30 th September, 2012.

(b) The 5% Malta Government Stock 2021(I) shall be

redeemed at par on the 8 th August, 2021.

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

Lm0.08 (€0.19)