The Bulgarian Credit Rating Agency affirmed A- ratings to PAC Doverie AD and the pension funds managed by the company, with their outlook being raised to positive

After another current evaluation the Bulgarian Credit Rating Agency (BCRA) confirmed rating A - to PAC Doverie AD and the pension funds under its management, their outlookbeingraised from stable to positive.Credit rating was first awarded to PAC Doverie AD and tothe pension funds managed by the company by BCRA and ICRA at the end of 2004.Since then the Bulgarian Credit Rating Agency continuously monitors the activity of Doverie and makes quarterly estimations on the basis of which it confirms,lowersor raisesits rating.

According to the latest appraisal of BCRA:

- “During the observed period PAC Doverie AD has continued to follow a socially responsible policy with respect to investments based on the principles and criteria (the 10 criteria) of the United Nations."

- “BCRA confirms its estimation on the level of systemic risk to PAC and the managed funds as moderate."

- BCRA believes that the funds managed by PAC Doverie AD have retained high investment quality that determinesa relatively low risk level. "

- “BCRA estimates the overall business management of PAC Doverie AD as excellent, determining a low risk level. "

- “As a whole, PAC Doverie AD is still characterized by a very good overall financial status, showing a clear trend to improvement of the key financial indicators. "