DIRECTIVE BY THE PRIME MINISTER AND MINISTER OF FINANCE FOR THE ISSUE OF €23,293,733.99 5.2% MALTA GOVERNMENT

ISSUE OF €23,293,733.99 5.2%

MALTA GOVERNMENT STOCK 2020 (FIRST ISSUE)

SUBSIDIARY LEGISLATION 161.117

DIRECTIVE BY THE PRIME MINISTER AND

MINISTER OF FINANCE FOR THE ISSUE OF

€23,293,733.99 5.2% MALTA GOVERNMENT

STOCK 2020 (FIRST ISSUE)

12th June, 2007

LEGAL NOTICE 155 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 €23,293,733.99

2% Malta Government Stock 2020 (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 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.

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

€23,293,733.99. 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 €2.60,0 for every €100 Stock will be

payable half-yearly in arrear on the 10th day of June and on the

10th day of December 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 10th day of December, 2007 shall be made on the

10th day of December, 2007.

The Stock shall be redeemed at par on the 10th June, 2020.