HSBC Malta Funds Sicav plc is pleased to announce that its board of directors declared a net dividend of Lm1.75 per share for the Malta Bond Fund and Lm1.26 per share for the International Bond Fund.

Investors with a holding in these funds as at 31 March 2005 were entitled to receive the first dividend. The dividend was paid on 15 April 2005 and investors had the option to receive it directly in their bank account or re-invest the dividend in further shares of the same fund.

These shares have proved very popular. Although past performance is not necessarily a guide to future performance, it is intended that these funds will continue to effect regular payouts to investors at quarterly periods.

Charles Azzopardi, managing director of HSBC Fund Management (Malta) Limited stated, “Given today’s low interest rate scenario, this first dividend was very attractive and provides investors with an annualised net dividend yield of 3.5 per cent for the Malta Bond Fund and 3.8 per cent for the International Bond Fund. These returns should augur well for investors in these funds.”

Customers interested in finding out more about the funds’ income classes of shares can contact customer service on 2380 2380 or visit our website www.hsbc. com.mt.