DIRECTIVE BY THE MINISTER OF FINANCE AND COMMERCE FOR THE ISSUE OF LM10,000,000 6.8% MALTA GOVERNMENT STOCK 2004

ISSUE OF LM10,000,000 6.8% MALTA

GOVERNMENT STOCK 2004 (SECOND ISSUE)

SUBSIDIARY LEGISLATION 401.01

DIRECTIVE BY THE MINISTER OF FINANCE AND

COMMERCE FOR THE ISSUE OF LM10,000,000

6.8% MALTA GOVERNMENT STOCK 2004

(SECOND ISSUE)

19th June, 1998

LEGAL NOTICE 159 of 1998.

The title of this Directive is Directive by the Minister of

Finance and Commerce for the Issue of Lm10,000,000 6.8% Malta

Government Stock 2004 (Second Issue).

The stock shall be issued at the price of Lm100 per cent

and shall be allotted by application in multiples of Lm100.

Applications for the allotment of stock shall open on Wednesday,

1st July, 1998 at 8.30a.m. and shall close at 12.00 noon on

Wednesday, 15th July, 1998 or earlier at the discretion of the

Accountant General.

All persons and/or entities are eligible to apply. Allotment

will be on a first-applied first-accepted basis with preference being

given to non-banking applicants.

An application for the stock to be put on the official list

and trading on the Malta Stock Exchange will be made in terms of

the Malta Stock Exchange Act, when the stock has been allotted.

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

Lm10,000,000.

On closing date, one part out of every three of the total

balance standing to the credit of the sinking funds of the three

stocks being redeemed as per treasury notices published in the

Government Gazette of 12th June, 1998 will be transferred to the

Sinking Fund 6.8% Malta Government Stock 2004 (II) established

for the purpose of redeeming the stock. A further half-yearly

appropriation of not less than Lm100,000 out of the general

revenue and assets of the Government of Malta shall be made as a

contribution to this same sinking fund. The first contribution shall

be made during the first six months of the year 1999.

Interest at the rate of Lm3.40 for every Lm100 stock shall

be payable in arrear half-yearly on the 15th January and the 15th of

July of every year during the currency of the stock. The first

payment covering the period from the 16th July, 1998, to the 15th

January, 1999 shall be made on the 15th day of January, 1999.

The stock shall be redeemed at par on the 15th July, 2004.