Bulbank and Pioneer Investments start the offering in Bulgaria of four new sub-funds from the family of Pioneer Funds. The new sub-funds enrich the proposals of Pioneer Investments with new options to invest in mutual funds after the start in the beginning of this year.

Pioneer Investments is a major global investment group managing almost EUR 112 billion by the end of September 2003. The Group has its roots in Pioneer Fund - the 4th US oldest fund. The track record of Pioneer Investments services provided to clients can be illustrated by the average annual performance of 12.38%, which has been achieved by Pioneer Fund. Pioneer Investments has been first with distribution of its funds in several countries, including Bulgaria.

The four new sub-funds are especially selected for Bulgarian investors after analysis of the expectations and desires of potential investors. They extend our offer to meet needs of Bulgarian investors, which they require and wish to have. Each one of the sub-funds has different recommended investment horizon and income possibilities depending on the securities in which the sub-fund invests.

The minimum initial investment amount for each of the proposals has not changed and stays EUR / USD 500.00 and possible additional investments of EUR / USD 150.00.

The selected sub-funds that are offered in Bulgaria from the beginning of this year benefited from the improved global economic climate and the started recovery of the biggest economies worldwide. Bulgarian investors had the opportunity to reach the same level of profits as the investors in European Union and USA. Some of the funds show the remarkable increase in performance of 18.23% measured in USD in the year to date period as of 12.11.2003.

Investors' information

Past performance does not guarantee future results. There can be no assurances that countries, markets or sectors will perform as expected. The information herein is an illustration and does not constitute an offering of investment fund shares. We strongly recommend to request free Pioneer Funds Prospectus and to read it carefully about conditions and risks before investing. The Prospectus is available at all Bulbank branches. We recommend discussing the risk tolerance with your investment professional. Pioneer Funds (the "Fund") is a fonds commun de placement with several separate sub-funds established under the laws of the Grand Duchy of Luxembourg. The Luxembourg domiciled sub-funds may not be publicly offered for sale in the United States of America, or in any of its territories or possessions subject to its jurisdiction or to/for benefit of a United States Person.