Bank of Valletta plc

Capital/Financing Update • Sep 16, 2015

Bank of Valletta p.l.c. Office of the Company Secretary House of the Four Winds, Triq l-Imtieħen, Il-Belt Valletta VLT 1350 – Malta Telephone: (356) 2275 3032, 2275 3231 Fax: (356) 2275 3711

BOV/271

COMPANY ANNOUNCEMENT

The following is a Company Announcement issued by Bank of Valletta p.l.c. pursuant to the Malta Financial Services Authority Listing Rules:

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Application for Authorisation for Admissibility to listing of a 12-month Subordinated Debt Issuance Programme

The Board of Directors of the Issuer announces that it has authorised the submission of an Application for Authorisation for Admissibility to Listing to the Listing Authority requesting the approval of a Prospectus in respect of a 12-month Subordinated Debt Issuance Programme ("the Programme"). The maximum aggregate principal amount of Notes that can be issued under the Programme will not exceed €150,000,000 (or its equivalent in any other currency).

Application will be made in respect of the Notes to be issued under the Programme to the Malta Stock Exchange for admittance to its Official List and for trading to commence thereafter.

The Notes to be issued under the Programme will form an integral part of the Issuer's capital plan and will be aimed at further strengthening its Tier 2 Capital as required by European banking regulations. The net proceeds from the issue of the Notes will also be used by the Issuer to meet part of its general financing requirements.

Further detailed information on the Subordinated Debt Issuance Programme and the Notes to be issued thereunder, shall be available in the Prospectus and the relevant Final Terms, which documents will be published in due course following attainment of the necessary regulatory approval.

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Dr. Catherine Formosa B.A., LL.D. Company Secretary

16 September 2015