La Vallette Funds SICAV
DECEMBER 04, 2003

This notice is to make the general public aware that La Valette Funds SICAV ("the Scheme") recently requested the Malta Financial Services Authority ("MFSA") to acceptsurrender of the Collective Investment Scheme Licence granted in re lation to its subfund the La Valette Global Fund ("the Sub-fund"). The MFSA has accepted the Scheme’s request. The surrender is entirely voluntary and does not arise as a result ofany regulatory action taken by the MFSA. Accordingly, with effect from 3rd December 2003, the sub-fund shall cease to be licensed by the MFSA