24 JULY 2002

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VFM launches La Valette Euro Income Fund

Valletta Fund Management yesterday announced the launch of the La Valette Euro Income Fund, advised by Rothschild Asset Management, which is a new investment opportunity aimed at investors seeking to achieve a reasonable level of income, with the possibility of capital growth, through investment in debt securities which are principally Euro denominated.

Addressing a press conference to launch the La Valette Euro Income Fund, Frank Xerri de Caro Director Valletta Fund Management, said, "Seeking to maximise returns in an environment of low interest rates requires a sophisticated understanding of the mechanics of the bond market, which coupled with a careful selection of bonds can yield very good results when properly managed."

Charles Borg, General Manager Valletta Fund Management commented, "In fact the La Valette Euro Income Fund is designed to provide a diversified portfolio consisting mainly of investment grade rated bonds. This means that the Fund aims to provide an annual yield through a blend of AAA, AA, A and BBB ratings. This effectively means that the Fund will have an average rating of A-. It will aim to invest in a mix of corporate bonds providing a prudent balance between risk and return, whilst potentially aiming at delivering a relatively higher level of income than that provided by a bank deposit."

Investors wishing to participate in the Fund may do so from a minimum lump sum investment of EUR1,000 or a monthly Investment Plan of EUR25 per month.

An important feature of the La Valette Euro Income Fund is that it will distribute part or all of the income available for distribution every three months and investors may opt to either receive this income or alternatively reinvest it in the Fund at no additional fees. Moreover, Valletta Fund Management is discounting the up-front charge from 2.00% to 1.25% until the 19th August 2002. Furthermore, during the launch offer period investors may buy shares in the La Valette Euro Income Fund at a fixed price of Eur 1 per share.

Investors who will or have registered their investments as part of the Government's Investment Registration Scheme may invest in this new Fund free of charge. This offer will remain applicable up to 31st December 2002.

Further details and a copy of the prospectus and brochure may be obtained from Valletta Fund Management on freephone 80072344, any branch of Bank of Valletta or any authorised financial intermediary.


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Editor: Saviour Balzan
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