ICCF Champions League
First Season (2004-2006)

Dear Champions League participants, officials

We wish you a happy, peaceful and successful Year 2007, success in your games and tournaments!

Champions League is close to the end and is expected to be finished in about half a year. Sponsor of the 1st Champions League, IPV ("Investiciju portfeliu valdymas") and its managed fund "ZPR US Small Cap Value Fund" is delighted to announce a successful year (again!).

For 2006, the price of ZPR US Small Cap Value Fund share on December 31, 2006 reached 1569.81 USD. The price is up by 43.33 % from the start of championship. All monetary prizes of Champions League are much higher than it was announced at the start date. They are indexed to the performance of the fund. ZPR US Small Cap Value Fund is up by 27.30 % this year. The fund also sponsors Baltic championships. For more details please visit Fund's website http://www.zprussmallcap.com/en/

Another managed fund (NSEL30 index fund) sponsoring Lithuanian correspondence chess events is up by 4.98% this year. Success slowed down substantially. It was simply meteoric: + 268% in the previous 3 years.

NEWS RELEASE

ANOTHER SUCCESSFUL YEAR OF TOP INVESTMENT MANAGER

We continue to break all investment records long term and short term and also risk adjusted. ZPR for the last 19 years has outperformed all investment managers and mutual funds everywhere net of fees. You can get the numbers from our website www.zprim.com. We also have the best Global Equity track record for the last 6 years. This year our Global Equity portfolios were up 27.27 %. The same research skills and playing techniques in correspondence chess that make you a good master can make you the world champion at investing. You can read about the similarities in our previous monthly investment reports also on our website.

Unfortunately, most chess players are poor or simply haven't studied money and investing like they have studied chess. But there is an easy solution. You can invest with us. I started poorer than anyone and was very unlucky as well.

Chess players have a unique opportunity to be financially successful because they know about us. If you spend just the time of one chess game studying what it is we do, your financial problems will be over for your family, retirement, and future.

Attached is an advertisement based upon our last fully audited results and according to Global Investment Performance Standards and SEC regulations.

Up 335% in five years when the major stock market index (S&P500) was up only 11% and winning in losing years is why we think we are world champions at this game.

	WE KNOW MORE WE HAVE MORE EXPERIENCE           WE HAVE THE BEST RESEARCH DATABASE                     WE HAVE A BETTER THEORY OF STOCK PRICES                               AND NOW……               MAYBE THE BEST PERFORMANCE!
ZPR Investment Management, Inc. Performance Analysis as of September 30, 2006

Year	ZPR Small Cap Value *	Russell 2000 Index	S&P 500
2001	28.02%	2.49%	-11.88%
2002	33.67%	-20.48%	-22.10%
2003	55.36%	47.25%	28.68%
2004	17.32%	18.32%	10.88%
2005	16.47%	4.55%	4.92%
2006 YTD	19.79%	8.68%	8.53%
Compounded:	335.20%	61.35%	11.53%
We are experts on Modern Portfolio Theory, efficient markets, earnings quality and minimizing risk. We believe we have the best performance for the last 18 ¾ years of any manager or mutual fund: +1,682.79% size adjusted net of fees or 1,940.28% equal weighted return net of fees since January 1, 1988. Morningstar 5 star Rating for ZPRIM, Inc. Fundamental Small Cap Value Separate Account Management. #1 performance of ALL managers for the last 5 years in global equity. Source: Morningstar, Pension and Investment Age: www.pionline.com as of 12/31/05. * Results are based on fully discretionary accounts categorized as domestic small cap equity, including those accounts no longer with the firm. The U.S. Dollar is the currency used to express performance. The composite return is calculated on a size adjusted basis. The returns in this composite are net of fees, fees are described in the firms ADV part II, management fees are deducted on the first month of each quarter when they are paid. New accounts will pay initial management fee in advance, which could be on another month. Past performance does not guarantee future results. Trade date, not settlement date, is used for all valuations. Exchange and NASDAQ stocks are valued at the closing (last trade) price for the month. Non-national market issues are valued at the closing bid. Dividends and interest are reported with a one month lag. Incurred commission costs are included in all unrealized gains. Performance has been audited and verified by Ashland Partners for the period January 1, 2001 - September 30, 2006 according to Global Investment Performance Standards (GIPS®). ZPR Investment Management, Inc. is registered investment adviser managing separate accounts that are fully discretionary. ZPR Investment Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®). Complete description of the policies and procedures for this composite and a list and description of all firm composites are available upon request at the number listed below. A one hour presentation/discussion by Distinguished Alumni Professor Max Zavanelli can radically reduce your risk of equity investing forever. Business schools and Institutional investors especially welcome. We invite you to join us on our quest for the best performance! Contact: 1-800-486-2469 or visit our website: www.zprim.com

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.

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