Clients of Bulbank invested more than BGN 25 million in Pioneer Funds as of the beginning of the year. The total assets of Pioneer Investments in Bulgaria grow to BGN 75 million by the end of April 2006. More than BGN 56 million are direct sales and the remaining amount of above BGN 16 million are invested in structured term deposits Avangard. The volumes place Pioneer at the market leader position with 36% market share of mutual investment schemes

Up to now Bulbank successfully closed fourteen emissions of Avangard structured term deposit, the profitability of which is directly linked with the performance of various baskets of Pioneer funds. Currently previous emissions of Avangard show remarkable relative profitability between 4.29% and 11.98%.

Bulbank launched at the end of 2003 with great success for the first time this innovative product on the Bulgarian market, and up to now fifteen different issues were successfully issued by the Bank. The products are developed together with UBM, the investment bank of UniCredit Group and Pioneer. Similar capital guaranteed investment products were extremely successfully placed in Italy and other countries

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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 to discuss 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.