DIRECTIVE BY THE PRIME MINISTER AND MINISTER OF FINANCE FOR THE ISSUE OF EURO 50,000,000 (i) 5.1% MALTA GOVERNMENT STOCK

ISSUE OF €50,000,000 (I) 5.1% MALTA GOVERNMENT STOCK

2014 OR (II) 5% MALTA GOVERNMENT STOCK 2021

OR (III) ANY COMBINATION OF THE ABOVE TWO STOCKS

SUBSIDIARY LEGISLATION 161.121

DIRECTIVE BY THE PRIME MINISTER AND

MINISTER OF FINANCE FOR THE ISSUE OF EURO

50,000,000 (i) 5.1% MALTA GOVERNMENT STOCK

2014 (THIRD ISSUE) (FUNGIBILITY ISSUE) OR (ii)

5% MALTA GOVERNMENT STOCK 2021 (FIRST

ISSUE) (FUNGIBILITY ISSUE) OR (iii) ANY

COMBINATION OF THE TWO STOCKS PROVIDED

THE AGGREGATE NOMINAL VALUE SHALL NOT

EXCEED EURO 50,000,000

16th October, 2008

LEGAL NOTICE 259 of 2008.

The title of this Directive is Directive by the Prime

Minister and Minister of Finance for the Issue of €50,000,000

(i)

1% Malta Government Stock 2014 (Third Issue)

(Fungibility Issue); or

(ii) 5% Malta Government Stock 2021 (First Issue)

(Fungibility Issue); or of

(iii) any combination of the above two Stocks provided the

aggregate nominal value shall not exceed Euro

50,000,000.

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 7th January 2009, after the payment of the first

dividend, any amount allotted under 5.1% Malta

Government Stock 2014 (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 2009, 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 in the aggregate be Euro

50,000,000. The Accountant General reserves the right to increase

the sum of money to be raised by a maximum of Euro 15,000,000.

ISSUE OF €50,000,000 (I) 5.1% MALTA GOVERNMENT STOCK

2014 OR (II) 5% MALTA GOVERNMENT STOCK 2021

OR (III) ANY COMBINATION OF THE ABOVE TWO STOCKS

(a) Interest at the rate of Euro 2.55 for every Euro 100

5.1% Malta Government Stock 2014 (III) will be

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

and the 6th day of July in every year for the duration of

the Stock. The first pro-rata payment covering the

period from the 29th October, 2008 to the 5th day of

January, 2009 (both dates inclusive) shall be made on

the 6th day of January, 2009.

(b) Interest at the rate of Euro 2.50 for every Euro 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 29th October, 2008 to the 7th day of

February, 2009 (both dates inclusive) shall be made on

the 8th day of February, 2009.

(a) The 5.1% Malta Government Stock 2014(III) shall be

redeemed at par on the 6th July, 2014.

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

redeemed at par on the 8th August, 2021.