DIRECTIVE BY THE MINISTER OF FINANCE AND COMMERCE FOR THE ISSUE OF €23,293,733.99 7.2% MALTA GOVERNMENT STOCK 2008

ISSUE OF €23,293,733.99 7.2% MALTA

GOVERNMENT STOCK 2008 (SECOND ISSUE)

SUBSIDIARY LEGISLATION 401.02

DIRECTIVE BY THE MINISTER OF FINANCE AND

COMMERCE FOR THE ISSUE OF €23,293,733.99

7.2% MALTA GOVERNMENT STOCK 2008

(SECOND ISSUE)

19th June, 1998

LEGAL NOTICE 160 of 1998, as amended by Legal Notice 426 of 2007.

The title of this Directive is Directive by the Minister of

Finance and Commerce for the Issue of €23,293,733.99 7.2% Malta

Government Stock 2008 (Second Issue).

The stock shall be issued at the price of €100 percent and

shall be allotted by application in multiples of €100. Applications

for the allotment of stock shall open on Wednesday, 1st July, 1998

at 8.30 a.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

€23,293,733.99.

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 7.2% Malta Government Stock 2008 (II) established

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

appropriation of not less than €23,293,733.99 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 €3.60 for every €100 stock shall be

payable in arrear half-yearly on the 28th February and the 28th of

August of every year during the currency of the stock. The first pro

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

28th February, 1999 shall be made on the 28th day of February,

1999.

The stock shall be redeemed at par on the 28th August,

2008.