DIRECTIVE BY THE PRIME MINISTER AND MINISTER OF FINANCE FOR THE ISSUE OF €116,468,669.93 (i) 5.7% MALTA GOVERNMENT

ISSUE OF €116,468,669.93 (I) 5.7% MALTA GOVERNMENT

STOCK 2012 OR (II) 5% MALTA GOVERNMENT STOCK 2021

OR (III) ANY COMBINATION OF THE ABOVE TWO STOCKS

SUBSIDIARY LEGISLATION 161.118

DIRECTIVE BY THE PRIME MINISTER AND

MINISTER OF FINANCE FOR THE ISSUE OF

€116,468,669.93 (i) 5.7% MALTA GOVERNMENT

STOCK 2012 (THIRD ISSUE) (FUNGIBILITY ISSUE)

OR (ii) 5% MALTA GOVERNMENT STOCK 2021 OR

(iii) ANY COMBINATION OF THE TWO STOCKS

PROVIDED THE AGGREGATE NOMINAL VALUE

SHALL NOT EXCEED €116,468,669.93

2nd October, 2007

LEGAL NOTICE 276 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 €116,468,669.93

(i)

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

€116,468,669.93.

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

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

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

4. (a) In terms of the Financial Markets Act, when these

Stocks have been allotted, an application shall be made

for the respective Stock to be placed on the official list

and for trading on the Malta Stock Exchange.

(b) On the 31st 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 9th 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.

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

combination of the two Stocks shall not in the aggregate exceed

€116,468,669.93.

ISSUE OF €116,468,669.93 (I) 5.7% MALTA GOVERNMENT

STOCK 2012 OR (II) 5% MALTA GOVERNMENT STOCK 2021

OR (III) ANY COMBINATION OF THE ABOVE TWO STOCKS

(a) Interest at the rate of €2.85,0 for every €100 5.7%

Malta Government Stock 2012 (III) will be payable

half-yearly in arrear on the 30th day of March and the

30th day of September in every year for the duration of

the Stock. The first pro-rata payment covering the

period from the 25th day of October, 2007 to the 30th

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

March, 2008.

(b) Interest at the rate of €2.50,0 for every €100 5% Malta

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

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

August in every year for the duration of the Stock. The

first pro-rata payment covering the period from the

25th day of October, 2007 to the 8th day of February,

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

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

redeemed at par on the 30th September, 2012.

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

redeemed at par on the 8th August, 2021.

(a) 5.7 % Stock tal-Gvern ta’ Malta 2012 (III) jiġi mifdi

b’parità fit-30 ta’ Settembru, 2012.

(b) 5% Stock tal-Gvern ta’ Malta 2021 (I) jiġi mifdi

b’parità fit-8 ta’ Awissu, 2021.