DIRECTIVE BY THE PRIME MINISTER AND MINISTER OF FINANCE FOR THE ISSUE OF €34,940,600.98 5.9% MALTA GOVERNMENT

ISSUE OF €34,940,600.98 5.9%

MALTA GOVERNMENT STOCK 2015 (SECOND ISSUE)

SUBSIDIARY LEGISLATION 161.116

DIRECTIVE BY THE PRIME MINISTER AND

MINISTER OF FINANCE FOR THE ISSUE OF

€34,940,600.98 5.9% MALTA GOVERNMENT

STOCK 2015 (SECOND ISSUE)

12th June, 2007

LEGAL NOTICE 154 of 2007, 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 €34,600,940.98

9% Malta Government Stock 2015 (Second Issue) Fungibility

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. (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 10th October, 2007 after the payment of the

first dividend, this Stock will be integrated with the

existing issue 5.9% Malta Government Stock 2015

(III) and shall thereafter both be deemed to be one

Stock.

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

€34,600,940.98. The Accountant General reserves the right to

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

€34,600,940.98.

Interest at the rate of €2.95,0 for every €100 Stock will be

payable half-yearly in arrear on the 9th day of April and on the 9th

day of October in every year for the duration of the Stock. The first

pro rata payment covering the period from the 28th day of June,

2007 to the 9th day of October, 2007 shall be made on the 9th day

of October, 2007.

The Stock shall be redeemed at par on the 9th October,

2015.