Bank of Valletta plc - Allotment Policy

On 12 March, Bank of Valletta plc announced the allocation policy with respect to its recent bond issue. BOV stated that it received a total of €96,473,400 from 6,793 applicants and therefore it exercised its over-allotment option increasing the bond issue to €70,000,000.

The Bank received 1,712 applications amounting to €27,704,500 from bondholders of the maturing 6.1% Subordinated Bonds 2010. In accordance with the terms set out in the prospectus, the applications from these Preferred Applicants’ were met in full.

Furthermore, the Bank received 5,081 applications amounting to €68,768,900 for the remaining balance on offer of €42,295,500 and as a result BOV announced the following allocation policy:

• Applications up to €10,000 will be met in full;
• Applications exceeding a value of €10,000 will be allotted the first €10,000 in full and 23.77% of any balance.

Interest on the 4.8% Bonds will start accruing as from next Monday 15 March 2010. Meanwhile refunds of unallocated monies will be made by not later than Monday 22 March.