DIRECTIVE BY THE PRIME MINISTER AND MINISTER OF FINANCE FOR THE ISSUE OF €34,940,601 4.8% MALTA GOVERNMENT

ISSUE OF €34,940,601 4.8% MALTA

GOVERNMENT STOCK 2016 (SECOND ISSUE)

SUBSIDIARY LEGISLATION 161.72

DIRECTIVE BY THE PRIME MINISTER AND

MINISTER OF FINANCE FOR THE ISSUE OF

€34,940,601 4.8% MALTA GOVERNMENT

STOCK 2016 (SECOND ISSUE)

17th March, 2006

LEGAL NOTICE 63 of 2006, as amended by Legal Notice 410 of 2007.

The title of this Directive is Directive by the Prime

Minister and Minister of Finance for the Issue of €34,940,601 4.8%

Malta Government Stock 2016 (Second Issue).

The 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 27th May 2006, after the payment of the first

dividend, this stock will be integrated with the existing

issue 4.8% Malta Government Stock 2016 (II) and

shall thereafter both be deemed to be one Stock.

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

€34,940,601. The Accountant General reserves the right to increase

the sum of money to be raised by a maximum of €23,293,734.

Interest at the rate of €2.40 for every €100 Stock will be

payable half-yearly in arrear on the 26th day of May and the 26th

day of November in every year for the duration of the Stock. The

first pro-rata payment covering the period from the 28th day of

March, 2006 to the 26th day of May, 2006 shall be made on the

26th day of May, 2006.

The Stock shall be redeemed at par on the 26th November,

2016.