ICCF Champions League
First Season (2004-2006)

Sponsor News Release December 2005
See original Sponsorship Announcement


Dear Champions League participants, officials

We wish you a happy, creative and successful Year 2006, success in your games and good chess!


Sponsor of the 1st regular season of ICCF Champions League, IPV ("Investiciju portfeliu valdymas") and its managed fund "ZPR US Small Cap Value Fund" is delighted to announce successful year 2005 results!


The price of ZPR US Small Cap Value Fund share at the start date of Champions League (December 1st, 2004) was 1079.44 USD. On Friday (December 30, 2005) the price reached 1233.18 USD. The price is up by 14.24 % from the start of Champions League. All monetary Champions League prizes are higher than it was announced at the start date (it is indexed to the performance of the fund). Now the prize fund (on December 31, 2005) is 5.712 USD (instead of 5.000 USD).

This is our first full calendar year for ZPR US Small Cap Value Fund, up 11.29% this year and 22.89% from inception in April 2004. The fund also sponsors some other correspondence chess events for Baltic countries.

For more details please visit Fund's website http://www.zprussmallcap.com/en/

Another our managed fund (NSEL30 index fund), sponsoring Lithuanian correspondence chess events, had even more successful results, up 34.23% this year. Success is meteoric since Lithuanian index fund is up 268% in the last 3 years.




Max Zavanelli
ICCF Deputy President & Development Director
President of IPV, founder of "ZPR US Small Cap Value Fund"
The owner of ZPR Group

December 31, 2005

We have completed five great years in a row. The below chart tells a story. The S&P 500 is only up 3% in 5 years and is still off 18% from its peak of March 2000. Our result of 267% is outstanding and is the birth of a new legend.


Annual Returns (%)
  S&P 500 Russell 2000 ZPR Small Cap
ZPR Global
2001 -11.88 2.49 27.55 18.43
2002 -22.10 -20.48 33.67 29.65
2003 28.68 47.25 57.48 54.95
2004 10.88 18.32 18.01 11.61
2005e 4.77 4.40 15.97 9.70
5 year period 2.62 48.24 267.46 191.30

e - estimate as December is without dividends for indices and some accounts as of December 31, 2005.
ZPR numbers are average of all accounts in that product net of fees. AIMR standards.


ZPR's results for Global Equity, which is defined as investing in US stocks + non US stocks, happens to be the best result among all managers according to Morningstar and Pensions&Investments (5 years through 9/30/2005) @.

What about the next 5 years for our US small cap value? Well, the last 5 years haven't exactly been a cup of tea. You had the economic impact of the World Trade Center destruction, the Afghan war, the Iraq war, and lots of natural calamites like Charley and Katrina. Charley even put a tree through the garage roof of my house and damaged the main beam. None of that mattered. We just keep rolling along with phenomenal performance. We've worked hard, taken the toughest shots of random walk, and our vast accumulated knowledge and experience now pays off. We see no reason at all to not continue; breaking every performance record ever set.

The magazine "On Line Wall Street" in an October 1st article listed ZPR as the very best of all 5 star managers for small caps. They used a combination scoring system to adjust performance for risk with the Treynor ratio and Morningstar Flex system. Not only did we have the highest return for 5 years, but our score of 6.7 was almost half again higher than the closest firm. Low risk is what we are about.



For more information on the investment selection process and investment style of the Fund, please visit the investment advisor's website at www.zprim.com.


@ Website is www.pionline.com. Select Performance Data; Top-performing managers

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