Funds

Fund prices are as of 27 July, 2010

---

Local Funds  (EUR)

---

Fund	Price *	Previous Price	Change
APS Income Fund - Accumulator	110.0587	110.1130	-0.0543
APS Income Fund - Distributor	101.0623	101.1122	-0.0499
Global Bond Fund Plus - Accumulator	2.9149/3.0023	2.9076/2.9948	0.0074
HSBC Equity Growth Fund	183.7200	183.3000	0.4200
HSBC European Equity Fund	83.4500	83.2200	0.2300
HSBC International Bond Fund - Accumulator	325.0300	325.6100	-0.5800
HSBC International Bond Fund - Distributor	265.7000	266.1600	-0.4600
HSBC Malta Bond Fund - Accumulator	487.8900	488.5900	-0.7000
HSBC Malta Bond Fund - Distributor	398.6900	399.2600	-0.5700
HSBC Malta Government Bond Fund - Accumulator	376.6100	377.4400	-0.8300
HSBC Malta Government Bond Fund - Distributor	314.3900	315.0800	-0.6900
HSBC Maltese Assets Fund - Accumulator	387.4400	387.2700	0.1700
HSBC Maltese Assets Fund - Distributor	341.1300	340.9800	0.1500
HSBC Maltese Money Market Fund	250.5000	250.4900	0.0100
HSBC Property Investment Fund - Accumulator	155.3700	155.0900	0.2800
HSBC Property Investment Fund - Income	150.7100	150.4400	0.2700
HSBC Protected Capital and Growth Fund	251.2000	251.2000	unch
La Valette Euro Income Fund	1.0510	1.0506	0.0004
La Valette Euro Malta Money Fund - Institutional Class	2.8532	2.8531	0.0001
La Valette Euro Malta Money Fund - Retail Class	2.8389	2.8388	0.0001
La Valette Euro Money Fund - Institutional Class	1.2336	1.2336	unch
La Valette Euro Money Fund - Retail Class	1.2274	1.2274	unch
La Valette High Yield Fund	0.7593	0.7574	0.0019
La Valette Malta Bond Fund - Accumulator	479.0100	479.7210	-0.7110
La Valette Malta Bond Fund - Distributor	349.2890	349.8070	-0.5180
La Valette Malta Fund - Accumulator	7.5750	7.5920	-0.0170
La Valette Malta Fund - Distributor	6.4720	6.4860	-0.0140
La Valette Monthly Income Fund - Accumulator	2.5437	2.5430	0.0007
La Valette Monthly Income Fund - Distributor	2.2669	2.2663	0.0006
La Valette Multi Manager Property Fund	0.8219	0.8219	unch
Lombard Enterprise Fund	3.4867	3.4867	unch
Malta Privatisation & Equity Fund	1.8020/1.8561	1.8044/1.8585	-0.0024
Vilhena Dynamic Multi-Manager Fund	0.7797	0.7788	0.0009
Vilhena European Multi-Manager Fund	1.1486	1.1523	-0.0037
Vilhena Global Themed Fund - EUR Class	1.6527	1.6520	0.0007
Vilhena Malta Fund - Accumulator	553.0850	554.0610	-0.9760
Vilhena Malta Fund - Distributor	460.9290	461.7420	-0.8130
Vilhena Malta Government Bond Fund - Accumulator	437.5430	438.4750	-0.9320
Vilhena Malta Government Bond Fund - Distributor	320.9440	321.6280	-0.6840
Wignacourt Malta Fund - Accumulator	2.7220	2.7290	-0.0070
Wignacourt Malta Fund - Distributor	2.3910	2.3970	-0.0060

* Some funds quote a bid/ask price.

Local Funds  (GBP)

---

Fund	Price *	Previous Price	Change
HSBC  Capital Protected Accelerator Fund No.1	99.4600	99.4600	unch
HSBC  International Bond Fund - Accumulator	272.6700	272.4100	0.2600
HSBC  International Bond Fund - Distributor	222.9000	222.6700	0.2300
La Valette  FTSE 100 Index Capital Guaranteed Fund	1.0215	1.0215	unch
La Valette  Sterling Income Fund	0.8960	0.8961	-0.0001
La Valette  Sterling Money Fund	1.3965	1.3965	unch
Vilhena  UK Multi-Manager Fund	1.3537	1.3459	0.0078

* Some funds quote a bid/ask price.

Local Funds  (USD)

---

Fund	Price *	Previous Price	Change
HSBC  Universal Fund	91.6000	91.0700	0.5300
La Valette  Far East Opportunities Fund	1.4849	1.4863	-0.0014
La Valette  United States Dollar Money Fund	1.2030	1.2030	unch
Melita International Equity Fund	0.8648/0.8648	0.8644/0.8644	0.0004
Vilhena  Global Themed Fund - USD Class	0.8324	0.8245	0.0079
Vilhena  Mediterranean Rim Fund	1.5377	1.5389	-0.0012
Vilhena  US Multi-Manager Fund	0.9454	0.9363	0.0091

* Some funds quote a bid/ask price.

---

Foreign Funds 

---

Fund	Price *
Pioneer Investments Austria Gm EUR	155.3200/163.0900

* Some funds quote a bid/ask price.