Mapfre Middlesea plc - Change in Shareholding

Corporacion Mapfre, the Spanish insurance company, increased their stake in Middlesea Insurance from 5.49% to 20.66% today when four special trades totalling 1,896,643 shares were executed in the market at a price of 300c per share, a 20% premium over the previous traded price of 250c. Mapfre acquired the shares from the Government of Malta and Air Malta plc following the announcement on 8 November 2004 stating that both these parties were interested in disposing of their entire shareholding (23.11%) in Middlesea. Following today’s transfer the Government still holds a 7.93% equity stake in the local insurance company.

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