Investment funds

Alfa Index Imoti is the first sector mutual fund that appeared on the
Bulgarian market. It invests in stock exchange listed REITs (Real
Estate Investment Trusts). The fund follows a predominantly passive
investment strategy - the main part of the fund’s portfolio structure is
preliminarily set in the Rules of the fund and follows the general
market movement. The portfolio of Alfa Index Imoti includes the
most liquid Bulgarian REITs. Alfa Index Imoti provides investors with
the possibility to follow the real estate market trends via investing in
a diversified portfolio of REITs and minimise risk, benefitting from the
high liquidity of the mutual fund. REITs investments deliver stable
current dividend profit, while the investments in mutual fund are tax
free (dividends are subject to tax).

Alfa Index Top 20 is the only Bulgarian index fund. It follows the
Dnevnik 20 index, as its assets are equally allocated among the
20 companies. Dnevnik 20, calculated by the Dnevnik business daily,
includes the 20 leading companies on the Bulgarian Stock Exchange
in terms of liquidity and market capitalisation. Alfa Index Top 20
provides investors with the possibility to invest in the leading Bulgarian
companies and follow the trend in a strongly developing economy,
benefitting from the high liquidity of the mutual fund.

Alfa Selected Shares is an equity fund with aggressive investment
strategy. Unlike the two other Alfa funds, which focus on passive
investment strategy, Alfa Selected Shares is an actively managed fund.
The fund invests mainly in Bulgarian public companies, but it may
invest also in companies traded on foreign stock markets. Alfa
Selected Shares selects for its portfolio stable public companies with
a good potential for growth and return. The long-term experience in
the financial sector of Alfa Asset Management's team has a key
importance in the selection of the proper investments.

Alfa Money Market is a low-risk money market mutual fund. The
fund will invest in short-term financial instruments - deposits, debt
securities and money market instruments, traded in Bulgaria and
abroad. Implementing this strategy, Management Company will
apply the active portfolio management model.

For more information, please visit: www.alfafunds.com