2 JANUARY 2002

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Valletta Fund Management launches advantageous schemes for repatriation of funds

Following the recently announced Government scheme enabling Maltese residents with investments abroad to regularise their position, Valletta Fund Management (VFM) today announced that up to the 31 March 2002, investors wishing to invest their monies repatriated in terms of the Government's Investment Repatriation Scheme may invest the proceeds of their investments in the a number of Funds managed by Valletta Fund Management and benefit from a reduction of 3% from the applicable up-front charges which range from 3 to 4%.

This means that applicants wishing to invest their repatriated investments in VFM's funds may be offsetting in part or in full the cost of the government's registration fee through the reduced fee arrangement.

The Government's Investment Repatriation Scheme provides for Maltese residents who had invested assets overseas without the necessary permits and had not paid the relevant taxes on such funds, an opportunity to regularise their position under the Exchange Control Act, the Income Tax Act and other fiscal laws by registering the eligible assets held outside Malta.

Speaking about this initiative, Mr Charles Borg, General Manager of Valletta Fund Management Limited said that "our proposal is actually providing applicants repatriating their overseas investments with the opportunity to participate in any of the above range of international and domestic funds at reduced up-front charges to make up in part or in full for the government's fees applicable on repatriated investments. By investing the repatriated investments, investors will be regularizing their position and at the same time they will benefit from the professional investment expertise of Rothschild Asset Management one of the world's leading investment management organizations.
In order to assist investors in the repatriation process, Mr Borg said that "Valletta Fund Management has set up a Special Information Desk and interested investors wishing to take advantage of this arrangement may contact Mr Kenneth Farrugia or Mr Martin Farrugia on Freephone 0800772344 or on e-mail infovfm@vfm.com.mt. Investors may also call at any branch of Bank of Valletta or their usual financial advisors"

The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07
Tel: (356) 382741-3, 382745-6 | Fax: (356) 385075 | e-mail: editorial@networkpublications.com.mt