DIRECTIVE BY THE PRIME MINISTER AND MINISTER OF FINANCE FOR THE ISSUE OF AN AMOUNT NOT EXCEEDING €58,234,334.96 4.8%

ISSUE OF €58,234,334 4.8%

MALTA GOVERNMENT STOCK 2016 (SECOND ISSUE)

SUBSIDIARY LEGISLATION 469.01

DIRECTIVE BY THE PRIME MINISTER AND

MINISTER OF FINANCE FOR THE ISSUE OF AN

AMOUNT NOT EXCEEDING €58,234,334.96 4.8%

MALTA GOVERNMENT STOCK 2016

(SECOND ISSUE)

7th May, 2004

LEGAL NOTICE 262 of 2004, as amended by Legal Notice 427 of 2007.

The title of this Directive is Directive by the Prime

Minister and Minister of Finance for the Issue of an amount not

exceeding €58,234,334.96 4.8% Malta Government Stock 2016

(Second Issue) Fungibility Issue.

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

All 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 26th November, 2004 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 not

exceed €58,234,334.96.

Interest at the rate of €2.40,0 for every €100 Stock will be

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

26th day of November in every year for the duration of the Stock.

The first pro-rata payment covering the period from the 26th day of

May, 2004 to the 26th day of November, 2004 shall be made on the

26th day of November, 2004.

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

2016.