Valletta Fund Management Limited announced that the Vilhena Funds SICAV has qualified to carry out the activities of a Maltese UCITS. Moreover, the MFSA also issued a revised Investment Services licence for VFM to operate as a “Maltese Management Company” pursuant to the UCITS Regulations.

All funds in the Vilhena SICAV are now freely passportable throughout EU member States. UCITS, which stands for Undertakings for Collective Investment in Transferable Securities, is based on EU rules and regulations and is common to all EU member countries.

The UCITS certification will not change the fund currency, investment objective, investment policies and underlying investments of the Vilhena Funds and, more importantly, this will not result in any additional cost for Vilhena shareholders.

All Valletta Fund Management Ltd’s funds are managed by Insight Investment Management (Global) Limited, the asset management arm of the Halifax Bank of Scotland one of the top UK banking groups and a FTSE 100 company. Insight Investment, one of the UK’s largest asset managers, had £96.1 billion in assets under management as at 31 March 2007.

Investors requiring additional information on UCITS and Valletta Fund Management’s range of investment Funds may call at Valletta Fund Management Limited, any branch of Bank of Valletta or any licensed financial intermediary.