Middle Sea Insurance Shares

In consequence of Mid-Med Bank p.l.c. (‘Mid-Med') transferring to the Government of Malta (‘Government') 2,625,000 (two million, six hundred and twenty-five thousand) shares in Middle Sea Insurance p.l.c., Government declares that it is its intention to offer for sale to all Mid-Med shareholders registered at the Stock Exchange at close of business on the 5^th April 1999; 863,625 (eight hundred and sixty-three thousand, six hundred and twenty-five) shares in Middle Sea Insurance p.l.c. at the price of Lm2.281 (two Maltese Liri, twenty-eight cents and one mil) per share with an allotment policy to be announced shortly, provided that such allotment shall not bring the acquirer thereof in possession of a higher percentage of shareholding in Middle Sea Insurance p.l.c. than is currently possible.