November 2008
Additional information

The Fund is carrying out a detailed analysis and restructuring of its agricultural land portfolio aiming at the selection of priority territories in which the Fund will concentrate its present and future holdings.

As of the end of November, due to the finalization of sales of lands, acquired for rezoning and subsequent sale, over 7.6 million Euro have been received in the Fund’s bank accounts during 2008.  Part of these funds has been invested in bank deposits until the Fund recommences active acquisition of agricultural lands within the selected priority territories.

November 2008
Acquired land
By the end of November 2008, the Fund has acquired a total of 29 310 hectares of agricultural land at an average acquisition price of 1120 Euros per hecatre with all transaction costs included. 76% of this land is located in Northern Bulgaria and 82% is classified between categories three and five.

October 2008
Acquired land
By the end of October 2008, the Fund has acquired a total of 29 300 hectares of agricultural land at an average acquisition price of 1120 Euros per hecatre with all transaction costs included. 76% of this land is located in Northern Bulgaria and 82% is classified between categories three and five.

September 2008
Acquired land
By the end of September 2008, the Fund has acquired a total of 29 150 hectares of agricultural land at an average acquisition price of 1115 Euros per hecatre with all transaction costs included. 76% of this land is located in Northern Bulgaria and 82% is classified between categories three and five.

August 2008
Acquired land
By the end of August 2008, the Fund has acquired a total of 28 690 hectares of agricultural land at an average acquisition price of 1104 Euros per hecatre with all transaction costs included. 76% of this land is located in Northern Bulgaria and 82% is classified between categories three and five.

July 2008
General Meeting of Shareholders

The Annual General Meeting of Shareholders of the Fund was held on June 30, 2008.  Documents and minutes from the meeting are posted on the Fund’s website http://www.elana.net/elarg/en/03_dokumenti/index.shtml.

July 2008
Sold land

Contracts for the sale of two of the Fund’s projects around Sofia have been signed.

The first is located in Novi Han, Elin Pelin municipality, and the second - “Detelinata” - is located at the crossroad of Sofia’s Ring Road and Botevgradsko Shousse.  The total area of both projects is about 14.1 ha and the gross profit from the sale for the Fund amounts to about 3.3 million Euro.

July 2008
Acquired land
By the end of June 2008, the Fund has acquired a total of 27 900 hectares of agricultural land at an average acquisition price of 1089 Euros per hecatre with all transaction costs included. 76% of this land is located in Northern Bulgaria and 82% is classified between categories three and five. 

June 2008
Acquired land
By the end of May 2008, the Fund has acquired a total of 27 570 hectares of agricultural land at an average acquisition price of 1084 Euros per hecatre with all transaction costs included. 76% of this land is located in Northern Bulgaria and 82% is classified between categories three and five. 

May 2008
Investments

During the upcoming Annual Assembly of Shareholders, the Board of Directors has decided to propose a vote for an amendment in the Statute of the Fund which will state that investments in agricultural lands for nonagricultural purposes will be limited to 10% of the assets value of the Fund at the end of each fiscal year and also will not be in excess of 5 mln Euro.  The aim of this amendment is to focus the Fund’s investments only in arable agricultural land.

May 2008
Land rental
Nearly 100% of the expected rental revenues of about 322 thousand Euro for the 2006/2007 season have been received by April 30th.  About 18 000 hectares have been negotiated for renting out to tenant farmers for the 2007/2008 season, of which we have signed contracts for about 17 800 hectares.  The remaining are in the process of being signed.  The average negotiated rent for the 2007/2008 season is about 66 Euro per hectare .

May 2008
Acquired land
By the end of April 2008, the Fund has acquired a total of 27 110 hectares of agricultural land at an average acquisition price of 1079 Euros per hecatre with all transaction costs included. 76% of this land is located in Northern Bulgaria and 83% is classified between categories three and five.  There has been a significant increase of land prices during the first four months of 2008 and in May 2008 the average market price is within the range of 1 500 to 2 300 Euro per hectare.  This increase is due mainly to growing demand for land as an investment asset and also growing demand from farmers looking for land for cultivation.

April 2008
Land rental
Nearly 100% of the expected rental revenues of about 322 thousand Euro for the 2006/2007 season have been received by March 31st.  The active process of renting out land for the 2007/2008 season continues and the expected revenues for October 2008 amount to about 1 075 000 Euro.

April 2008
Acquired land
By the end of March 2008, the Fund has acquired a total of 26 430 hectares of agricultural land at an average acquisition price of 1069 Euros per hecatre with all transaction costs included. 77% of this land is located in Northern Bulgaria and 83% is classified between categories three and five. Out of the 22.4 hectares of land purchased around Sofia, 18.3 are within rezoning procedures, while the remaining 4.1 are being prepared for sale to potential buyers.

March 2008
Subsidies
The first payment of subsidies from the EU funds to farmers for the season 2006/2007 has ended.  A higher demand for agricultural land for cultivation is observed, which reflects positively on the price level of land rentals and the market price of agricultural land.

March 2008
Land rental
The process of renting out land to tenant farmers continues. As of the end of February there are signed rental contracts for over 16 000 hectares out of the total 25 000 purchased by the end of December 2007.  The average negotiated rent for the 2007/2008 season is 65 Euro per hectare and the expected revenues from land rental during 2008 are over 1 mln Euro.  All land rental revenues are insured at the state owned Bulgarian Agency for Export Insurance.

March 2008
Acquired land
By the end of February 2008, the Fund has acquired a total of 25 820 hectares of agricultural land at an average acquisition price of 1043 Euros per hecatre with all transaction costs included. 77% of this land is located in Northern Bulgaria and 82% is classified between categories three and five. Out of the 22.4 hectares of land purchased around Sofia, 18.3 are within rezoning procedures, while the remaining 4.1 are being prepared for sale to potential buyers.

February 2008
Acquired land
By the end of January 2008, the Fund has acquired a total of 25 330 hectares of agricultural land at an average acquisition price of 1038 Euros per hecatre with all transaction costs included. 77% of this land is located in Northern Bulgaria and 82% is classified between categories three and five. The Fund is undertaking a rezoning procedures for its 22.4 hectares of agricultural land located around Sofia.

January 2008
Acquired land
By the end of December 2007, the Fund has acquired a total of 25 000 hectares of agricultural land at an average acquisition price of 1033 Euros per hecatre with all transaction costs included. 77% of this land is located in Northern Bulgaria and 82% is classified between categories three and five. The Fund is undertaking a rezoning procedures for its 22.4 hectares of agricultural land located around Sofia.

December 2007
Acquired land
By the end of November 2007, the Fund has acquired a total of 24 140 hectares of agricultural land at an average acquisition price of 1017 Euros per hecatre with all transaction costs included. 77% of this land is located in Northern Bulgaria and 83% is classified between categories three and five. The Fund is undertaking a rezoning procedures for its 22.1 hectares of agricultural land located around Sofia.

December 2007
Wind farms

In November the Fund acquired a consolidated plot of 120 hectares in Northeastern Bulgaria.  The plot has excellent characteristics for the construction of a large wind farm installation.  After acquiring all necessary permits and licenses, the whole investment project will be offered to international investors with experience in constructing large wind farm installations

November 2007
Acquired land
By the end of October 2007, the Fund has acquired a total of 23 440 hectares of agricultural land at an average acquisition price of 1012 Euros per hecatre with all transaction costs included. 78% of this land is located in Northern Bulgaria and 83% is classified between categories three and five. The Fund is undertaking a rezoning procedures for its 21.6 hectares of agricultural land located around Sofia.

November 2007
Wind farms

An active campaign for identifying suitable plots for the construction of wind-farms has begun.  These plots will be rezoned and sold to foreign investors, which have already showed interest to purchase such plots from the Fund.  The profitability of selling agricultural land for wind-farm developments is considerably higher than may be achieved by selling arable land for cultivation purposes.

October 2007
Acquired land
By the end of September 2007, the Fund has acquired a total of 22 400 hectares of agricultural land at an average acquisition price of 1007 Euros per hecatre with all transaction costs included. 79% of this land is located in Northern Bulgaria and 83% is classified between categories three and five. The Fund is undertaking a rezoning procedures for its 21.6 hectares of agricultural land located around Sofia.

October 2007
Land rental
More than 90% of Funds’ land is cultivated from local farmers at the moment. An active campaign for identifying farmers cultivating land owned by the Fund is underway. Expectations are that by the end of 2007 the Fund will have more than 25 000 hectares of arable land and over 70% it will be with signed certified rental contracts. The expected average rent for the 2007/2008 season will be about 70 Euro per hectare with a 20 % annual increase.

September 2007
Acquired land
By the end of August 2007, the Fund has acquired a total of 21 390 hectares of agricultural land at an average acquisition price of 997 Euros per hecatre with all transaction costs included. 80% of this land is located in Northern Bulgaria and 83% is classified between categories three and five. The Fund is undertaking a rezoning procedures for its 21.6 hectares of agricultural land located around Sofia.

September 2007
Land rental
An active campaign for identifying farmers cultivating land owned by the Fund is underway.  Expectations are that by the end of 2007 over 900 notary certified rental contracts will be signed and will cover about 15 000 hectares.  The expected average rent for the 2007/2008 season will be about 67 Euro per hectare.

August 2007
Acquired land
By the end of July 2007, the Fund has acquired a total of 20 430 hectares of agricultural land at an average acquisition price of 992 Euros per hecatre with all transaction costs included. 82% of this land is located in Northern Bulgaria and 84% is classified between categories three and five. The Fund is undertaking a rezoning procedures for its 21.4 hectares of agricultural land located around Sofia.

August 2007
Bonds issue
In order to continue its policy of dynamic purchasing of agricultural land and to facilitate its ambitious investment program the Fund will issue 10 000 unsecured bonds with a face value of 1 000 Euro each at a favorable interest rate.  All bonds are already subscribed for.

July 2007
Acquired land
By the end of June 2007, the Fund has acquired a total of 19 280 hectares of agricultural land at an average acquisition price of 987 Euros per hecatre with all transaction costs included. 82% of this land is located in Northern Bulgaria and 84% is classified between categories three and five. The Fund has started rezoning procedures for its 21.4 hectares of agricultural land located around Sofia.

June 2007
General Assembly of Shareholders
The annual General Assembly of Shareholders of Elana Agricultural Land Opportunity Fund REIT was successfully held on June 14th, 2007.  Detailed reports on the company’s activities in 2006 were presented.  At the assembly it was decided to appoint two new members of the Board of Directors – Andrey Kruglykhin from QVT Fund LP and Strahil Vidinov from Allianz – both proven professionals in the field of finance.  This step was taken in order to optimize corporate management in regard to the Fund’s upcoming ambitious investment program.  The Fund will also continue its policy on active disclosure of information on its activities.

May 2007
Trial project
In April we started a trial project aimed at agricultural land consolidation through exchanging plots with another Fund investing in agricultural land.  The project is being executed in the district of Pleven and will be concluded by the end of May.

May 2007
Acquired land
By the end of April 2007, the Fund has acquired a total of 17 330 hectares of agricultural land at an average acquisition price of 970 Euros per hecatre with all transaction costs included. 84% of this land is located in Northern Bulgaria and 85% is classified between categories three and five.  The Fund has also acquired 21.4 hectares of agricultural land in the vicinity of Sofia, which following a change of its purpose will be sold.

April 2007
Acquired land
By the end of March, the Fund has acquired a total of 16 180 hectares of agricultural land at an average acquisition price of 970 Euros per hecatre with all transaction costs included. 85% of this land is located in Northern Bulgaria and 84% is classified between categories three and five.  The Fund has also acquired 21.4 hectares of agricultural land in the vicinity of Sofia, which following a change of its purpose will be sold.

March 2007
Credit Rating

In March 2007, the Fund was granted by “Global Ratings”, the most prestigious local Bulgarian credit agency, the following credit ratings:

• Local currency:
• A+ long-term
• a-1 short-term
• Foreign currency:
• A long-term
• a-1 short-term 

March 2007
Bulgarian Association of Agricultural Land Owners
At the end of February 2007, seven companies, including Elana Agricultural Land Opportunity Fund REIT, have established a non-profit organization named Bulgarian Association of Agricultural Land Owners.  The seven companies own a total of about 60 000 hectares of agricultural land.  Goals of the organization are to accelerate the process of consolidation of agricultural lands, ensuring the effective use of agricultural resources and ensuring necessary conditions for the development of modern farming in Bulgaria as well as protection of agricultural landowner interests.

February 2007
Acquired land
By the end of the month, the Fund has acquired a total of 15 380 hectares of agricultural land at an average acquisition price of 945 Euros per hecatre with all transaction costs included. 85% of this land is located in Northern Bulgaria and 83% is classified between categories three and five.  The Fund has also acquired 21.4 hectares of agricultural land in the vicinity of Sofia, which following a change of its purpose will be sold.

January 2007
Consolidation
As of January 1st we are beginning to concentrate our ownerships through intensive purchases of land located in no more than 700 selected zemlishta (territories) in Bulgaria. Priority is given to zemlishta based on rental levels, availability of tenant farmers and the possibilities to further consolidate the plots. Consolidation of land plots drastically increases their value and this will be the main strategy of the Fund in the coming years.

December 2006
Land acquired by the end of 2006
At the end of the year, the Fund owns about 14 380 hectares of land categorized primarily between III and V at an average all transaction costs inclusive acquisition price of 940 Euros per hectare. 90% of the land is concentrated in Northern Bulgaria and mostly in the Danube Plain. The Fund has invested in land approximately 23.5 million Euros out of its total capital of 37 million Euros. This investment includes the purchase of 18 hectares of agricultural land in the southern part of Sofia. The land consists of 60 individual neighboring plots and there are negotiations underway for selling the land as one consolidated plot which will be suitable for construction following a change in its purpose from agricultural land to land for construction. The profit from this deal will be distributed as dividends to the shareholders of the Fund.

December 2006
Global depository receipts - GDR
Elana Agricultural Land Opportunity Fund REIT is in the process of entering into agreement with Bank of New York to start a GDR program. Bank of New York will be the depository bank and shareholders who are willing may deposit their shares for which the bank will issue GDRs which may be freely traded between large institutional investors in USA and Europe. Bank of New York is a world leader in issuing GDRs with over 17 billion USD in GDRs issued in 2005. The bank ranks first among its competitors – Citibank, J.P. Morgan Chase and Deutsche Bank. Bank of New York has been selected based on the excellent terms it has offered to the Fund, including GDR issuance costs being covered solely by the bank.

December 2006
Land rental
90% of the Fund’s land is being cultivated. There is an active campaign underway for signing notary certified rental contracts for terms of one year and at rentals averaging 60 Euros per hectare for 2006/2007. Rentals will be indexed annually according to changes in the general economic situation in agriculture.

November 2006
In November, Elana organized a presentation of investment opportunities in the Bulgarian capital market to foreign institutional investors in London. Six large funds investing in public companies of Eastern Europe showed genuine interest in Elana Agricultural Land Opportunity Fund REIT. Each of these funds manages assets amounting from a few to tens of billions of Euros.

September 2006
ELANA Agricultural Land Opportunity Fund owns 130,000 decars of arable land.

July 2006
ELANA Agricultural Land Opportunity Fund completes a 25.5 million euro share capital increase, bringing the total funds raised by the fund up to 37.4 million euro. The capital hike makes EALOF the biggest REIT in Bulgaria.

June 2006
ELANA Agricultural Land Opportunity Fund was presented to foreign institutional investors in London at the Bulgarian Business international conference, organized by Financial Services For Eastern Europe.

March 2006
ELANA Agricultural Land Opportunity Fund owns 45,000 decars of arable land.

February 2006
ELANA Agricultural Land Opportunity Fund is named financial product of the year at the Banks, Investments, Money annual financial forum.

January 2006
ELANA Agricultural Land Opportunity Fund owns 25,000 decars of arable land.

November 2005
ELANA Agricultural Land Opportunity Fund completes a 8.9 million euro share capital increase, bringing the total funds raised by the fund up to 10.2 euro million.

August 2005
ELANA Agricultural Land Opportunity Fund completes a 945,000 euro share capital increase, bringing the total funds raised by the fund up to 1.3 euro million.

June 2005
ELANA Agricultural Land Opportunity Fund is floated on the Bulgarian Stock Exchange-Sofia.

June 2005
The Financial Supervision Commission approves the IPO prospectus of ELANA Agricultural Land Opportunity Fund.

April 2005
ELANA Agricultural Land Opportunity Fund is established with a share capital of 256,000 euro.