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sl_407.1 MT

DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF LM15,000,000 5.6% MALTA GOVERNMENT STOCK 2005

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Laws of Malta — Subsidiary Legislation 407.1 — DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF LM15,000,000 5.6% MALTA GOVERNMENT STOCK 2005

ISSUE OF LM15,000,000 5.6% MALTA GOVERNMENT

STOCK 2005 (SECOND ISSUE - 2ND TRANCHE)

SUBSIDIARY LEGISLATION 407.01

DIRECTIVE BY THE MINISTER OF FINANCE FOR

THE ISSUE OF LM15,000,000 5.6% MALTA

GOVERNMENT STOCK 2005

(SECOND ISSUE - 2ND TRANCHE)

3rd August, 1999

LEGAL NOTICE 133 of 1999.

Laws of Malta — Subsidiary Legislation 407.1 — DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF LM15,000,000 5.6% MALTA GOVERNMENT STOCK 2005

The title of this Directive is Directive by the Minister of

Finance for the Issue of Lm15,000,000 5.6% Malta Government

Stock 2005 (Second Issue - 2nd Tranche).

Laws of Malta — Subsidiary Legislation 407.1 — DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF LM15,000,000 5.6% MALTA GOVERNMENT STOCK 2005

This stock shall be issued as set out in the prospectus.

Laws of Malta — Subsidiary Legislation 407.1 — DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF LM15,000,000 5.6% MALTA GOVERNMENT STOCK 2005

All persons and/or entities are eligible to apply for this

Stock. Allotment will be applied and set out in the prospectus.

Laws of Malta — Subsidiary Legislation 407.1 — DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF LM15,000,000 5.6% MALTA GOVERNMENT STOCK 2005

(a) An application for the stock to be placed on the official

list and for trading on the Malta Stock Exchange will

be made in terms of the Malta Stock Exchange Act,

when the stock has been allotted.

(b) On 1st February, 2000 after the payment of the first

dividend, this stock shall be integrated with the

existing 5.6% Malta Government Stock 2005 (II) and

shall thereafter both be deemed to be one stock.

Laws of Malta — Subsidiary Legislation 407.1 — DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF LM15,000,000 5.6% MALTA GOVERNMENT STOCK 2005

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

Lm15,000,000.

Laws of Malta — Subsidiary Legislation 407.1 — DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF LM15,000,000 5.6% MALTA GOVERNMENT STOCK 2005

Interest at the rate of Lm2.80 for every Lm100 stock will

be payable half-yearly in arrear on the 1st day of February and on

the 1st day of August in every year for the duration of the stock.

The first payment pro rata, covering the period from the 2nd day of

September, 1999 to the 1st day of February, 2000 shall be made on

the 1st day of February, 2000.

Laws of Malta — Subsidiary Legislation 407.1 — DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF LM15,000,000 5.6% MALTA GOVERNMENT STOCK 2005

The stock shall be redeemed at par on the 1st August, 2005.

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