DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF AN AMOUNT NOT EXCEEDING €78,810,156.07 5.5% MALTA GOVERNMENT STOCK

5% MALTA GOVERNMENT STOCK 2023

(FIRST ISSUE)

SUBSIDIARY LEGISLATION 161.104

DIRECTIVE BY THE MINISTER OF FINANCE FOR

THE ISSUE OF AN AMOUNT NOT EXCEEDING

€78,810,156.07 5.5% MALTA GOVERNMENT STOCK

2023 (FIRST ISSUE)

27th June, 2003

LEGAL NOTICE 142 of 2003, as amended by Legal Notice 427 of 2007.

1. The title of this Directive is the Directive by the Minister

of Finance for the Issue of an amount not exceeding

€78,810,156.07 5.5% Malta Government Stock 2023 (First Issue).

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

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

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

4. 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.

5. The sum of money to be raised by the Stock shall not

exceed €78,810,156.0 7.

Interest at the rate of €2.75,0 for every €100 Stock will be

payable half-yearly in arrear on the 6th day of January and on the

6th day of July in every year for the duration of the Stock. The first

pro-rata payment covering the period from the 15th day of July,

2003 to the 6th day of January, 2004 shall be made on the 6th day

of January, 2004.

The Stock shall be redeemed at par on the 6th July, 2014.