Bank of Valletta plc - Legal Proceedings

Thursday, April 2nd, 2015

On 2 April, Bank of Valletta plc announced that legal proceedings have been instituted against it before an Italian Court in terms of which the Bank is being requested to pay an amount equivalent to the value of the shares of a company which had been settled on trust with the Bank as Trustee in 2009 and which value the plaintiffs are alleging amounts to €363 million, or such other amount as the plaintiffs have requested the Court to liquidate.

Following an in-depth analysis of the claim, the Bank has received a legal opinion clearly stating that there is no basis at law for the claim being made before the Italian Court and that the Bank should reject the claim against it as completely unfounded. On the basis of the opinion received, the Board of Directors, has resolved to reject the claims made against it and has also decided that in the circumstances there is no justifiable reason for the Bank to make any provisions against the claim.

The Board of Directors will carefully monitor these proceedings and will keep the market informed in the event of any significant development.

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