DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF AN AMOUNT NOT EXCEEDING €69,881,201.96 5.9% MALTA GOVERNMENT

9% MALTA GOVERNMENT STOCK 2009

SUBSIDIARY LEGISLATION 428.05

DIRECTIVE BY THE MINISTER OF FINANCE FOR

THE ISSUE OF AN AMOUNT NOT EXCEEDING

€69,881,201.96 5.9% MALTA GOVERNMENT

STOCK 2009

THIRD ISSUE

26th October, 2001

LEGAL NOTICE 248 of 2001, as amended by Legal Notice 426 of 2007.

1. The title of this Directive is Directive by the Minister of

Finance for the issue of an amount not exceeding €69,881,201.96

5.9% Malta Government Stock 2009.

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

3. All persons and, or entities are eligible to apply for this

stock. Allotment will be applied as set out in the prospectus.

4. (a) In terms of the Financial Markets Act, when the stock

has been allotted, an application will be made for the

stock to be placed on the official list and for trading on

the Malta Stock Exchange.

(b) On the 30th March, 2002 after the payment of the first

dividend, this stock shall be integrated with the 5.9%

Malta Government Stock (III) and shall thereafter be

deemed to be one stock.

5. The sum of money to be raised by the stock should not

exceed €69,881,201.96.

Interest at the rate of €2.95 for every €100 stock will be

payable half-yearly in arrear on the 30th day of March and on the

30th day of September in every year for the duration of the stock.

The first pro rata payment covering the period from the 20th day of

November, 2001 to the 30th day of March, 2002 shall be made on

the 30th day of March, 2002.

The last pro rata payment covering the period from the 1st

day of October, 2008 to the 27th day of March, 2009 shall be made

on the redemption date 27th March, 2009.