Prospectus Dated 20 May 2009 Bank of Valletta p.l.c. (a public limited liability company registered under the laws of Malta with registration number C2833) Issue of €35,000,000 5.35% Subordinated Bonds 2019 (subject to an Over-Allotment Option not exceeding €15,000,000) of a nominal value of €100 per Bond issued at par Issue Period: from 08 June 2009 to 12 June 2009 (both days included) (subject to the right of the Issuer to close the Issue early in the event of over-subscription) ISIN:- MT0000021262 Sponsor Manager & Registrar Bank of Valletta p.l.c. | Prospectus 1 23494 - Prospectus 2009.indd 1 5/18/09 2:39:14 PM TABLE OF CONTENTS Prospectus ............................................................................................................................................................1 Table of Contents ..................................................................................................................................................2 Summary Note ......................................................................................................................................................5 1 Important Information .......................................................................................................................................6 2 Warnings ..........................................................................................................................................................7 3 Definitions ........................................................................................................................................................8 4 Directors, Executive Committee, Advisors and Auditors ...................................................................................8 4.1 Directors ...................................................................................................................................................8 4.2 Company Secretary ..................................................................................................................................8 4.3 Executive Committee ................................................................................................................................8 4.4 Advisors to the Issuer ...............................................................................................................................8 4.5 Statutory Auditors .....................................................................................................................................9 5 Issue Statistics and Expected Timetable ..........................................................................................................9 5.1 Issue Statistics..........................................................................................................................................9 5.2 Expected Time-Table of Bond Issue .......................................................................................................10 6 Reasons for the Issue and Use of Proceeds ...................................................................................................10 7 Risk Factors ...................................................................................................................................................10 7.1 General ...................................................................................................................................................10 7.2 Forward-Looking Statements .................................................................................................................10 7.3 Risks Relating to the Issuer .....................................................................................................................10 7.4 Risks Relating to the Bonds ....................................................................................................................12 8 History and Development of the Issuer ...........................................................................................................12 8.1 Increase in Nominal Value of Share Capital and Bonus Issue ..................................................................13 8.2 Share Buyback .......................................................................................................................................13 8.3 Business Overview .................................................................................................................................13 9 Trend Information and Financial Performance ................................................................................................14 9.1 Trend Information ....................................................................................................................................14 9.2 Financial Information for the Financial Years ended 30 September 2008, 30 September 2007 and 30 September 2006 ........................................................................................15 9.3 Performance Review for the Financial Year ended 30 September 2008 ..................................................16 9.4 Financial Information for the Six Months ended 31 March 2009 ..............................................................17 10 Directors and Committees .............................................................................................................................18 11 Major Shareholders ........................................................................................................................................20 12 Financial Information ......................................................................................................................................21 12.1 Historical Financial Information ...............................................................................................................21 12.2 Significant Change in the Issuer’s Financial or Trading Position ..............................................................21 13 Details of the Offer .........................................................................................................................................21 13.1 Admission to Trading ..............................................................................................................................21 13.2 Distribution .............................................................................................................................................21 14 Placing Arrangements and Public Offer .........................................................................................................21 14.1 Pre-Placement Period ............................................................................................................................21 14.2 Public Offer ........................................................................................................................................... 22 15 Markets ..........................................................................................................................................................23 16 Estimated expenses of the Bond Issue ..........................................................................................................23 17 Documents on Display ...................................................................................................................................23 2 23494 - Prospectus 2009.indd 2 5/18/09 2:39:14 PM Registration Document .......................................................................................................................................24 Table of Contents ..................................................................................................................................................25 1 Definitions ......................................................................................................................................................26 2 Risk Factors ...................................................................................................................................................27 2.1 General ...................................................................................................................................................27 2.2 Forward-Looking Statements .................................................................................................................27 2.3 Risks Relating to the Issuer .....................................................................................................................27 3 Important Information .....................................................................................................................................28 4 Persons Responsible .....................................................................................................................................30 5 Advisors to the Issuer .....................................................................................................................................30 6 Statutory Auditors ..........................................................................................................................................30 7 History and Development of the Issuer ...........................................................................................................30 7.1 Increase in Nominal Value of Share Capital and Bonus Issue ..................................................................31 7.2 Share Buyback .......................................................................................................................................31