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Madara BulgarianProp (MBF)

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Monday 22 October, 2007

Madara BulgarianProp

Doc re. (audited accounts)

Madara Bulgarian Property Fund
22 October 2007

22 October 2007


              MADARA BULGARIAN PROPERTY FUND LIMITED (the 'Fund')

       Audited accounts for the period from 28 April 2006 to 30 June 2007

A copy of the above document has been submitted to the Jersey Financial Services
Commission and will shortly be  available for inspection at their Document
Viewing Facility, which is situated at:

Jersey Financial Services Commission
14-18 Castle Street
St Helier
Jersey JE4 9QD
Channel Islands

The document will also be available on the Fund's website at: 
www.madaracapital.com (under 'Investor Relations' and 'Financial Results').

Valuation of the Fund's real estate investments

The Fund has appointed Savills (L & P) Limited as valuer to provide a full open
market valuation of its property portfolio on a semiannual basis. Based on this
valuation, the audited net asset value per ordinary share at 30 June 2007 was
€1.37.

Adjustments since release of unaudited interims on 28 September 2007

An additional accrual of approximately €130,000 was added to the cost of
development. Therefore €130,000 was added on to development expenditure,
increasing it from €80,332 to €210,332, and also added onto other liabilities
and payables, increasing it from €3,240,045 to €3,370,045.

Equity shareholders' funds remained unchanged at €35,207,135, therefore there
was no change to the stated NAV per share.

For further information:

Scott Perkins       Madara Capital LLP                 +44 (0) 20 7534 3338
Chief Executive

Tom Griffiths       Arbuthnot Securities Limited       +44 (0) 20 7012 2085
Richard Wood

Jonathan Gollins    M:Communications                   +44 (0) 20 7153 1269
Marylene Guernier


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