DIRECTIVE BY THE PRIME MINISTER AND MINISTER OF FINANCE FOR THE ISSUE OF €34,940,600.98 5% MALTA GOVERNMENT

ISSUE OF €34,940,600.98 5%

MALTA GOVERNMENT STOCK 2021 (FIRST ISSUE)

SUBSIDIARY LEGISLATION 161.110

DIRECTIVE BY THE PRIME MINISTER AND

MINISTER OF FINANCE FOR THE ISSUE

OF €34,940,600.98 5% MALTA GOVERNMENT

STOCK 2021 (FIRST ISSUE)

15th July, 2005

LEGAL NOTICE 257 of 2005, as amended by Legal Notice 427 of 2007.

The title of this Directive is Directive by the Prime

Minister and Minister of Finance for the Issue of €34,940,600.98

5% Malta Government Stock 2021 (First Issue) Fungibility Issue.

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 Financial Markets 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.

(b) On the 9th February, 2006 after the payment of the

first dividend, this Stock will be integrated with the

existing issue 5% Malta Government Stock 2021 and

shall thereafter both be deemed to be one Stock.

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

€34,940,600.98. The Accountant General reserves the right to

increase the sum of money to be raised by a maximum of

€23,293,733.99.

Interest at the rate of €2.50,0 for every €100 Stock will be

payable half-yearly in arrear on the 8th day of February and on the

8th day of August in every year for the duration of the Stock. The

first pro rata payment covering the period from the 2nd day of

August, 2005 to the 8th day of February, 2006 shall be made on the

8th day of February, 2006.

The Stock shall be redeemed at par on the 8th August,

2021.