Davis, CA - May 1, 2008

The Central Valley Fund ("CVF") is pleased to announce the sale of certain assets of Mulberry Thai Silks, Inc. ("Mulberry") to Phillips-Van Heusen Corporation (NYSE: PVH), one of the world's largest apparel companies.  Mulberry, a manufacturer and distributor of neckwear in the U.S., has been a part of CVF's portfolio since September 2006.

PVH has acquired the rights to produce neckwear under the Kenneth Cole New York, Kenneth Cole Reaction, J. Garcia, Liz Claiborne, Sean John, BCBG Maxazria, BCBG Attitude, U.S. Polo Association, and Henry Jacobson brands in connection with the transaction.  PVH also acquired the rights to the Henry Jacobson lifestyle brand for all menswear classifications world-wide.

Ed McNulty, a Partner with CVF, stated, "We were privileged to have had the opportunity to work with Mulberry over the last few years.  We believe that the acquisition is a great fit for both Mulberry and Phillips-Van Heusen."