Due to the introduction of a new information system at Unicredit Bulbank, the bank accounts of ELANA Balanced € Fund and ELANA Balanced $ Fund will be changed as of 2nd July 2007.

ELANA and ALLIANZ Bulgaria Commercial Bank signed an agreement for joint products and services for the benefit of the customers of both institutions.  The first step is the launch of a novelty on the market – the first credit product for mutual funds.

The Annual General Meeting of the shareholders of ELANA Eurofund adopted a decision to reduce the entry fee from 0,2% to 0,1% as well as to change the redemption fee from 0,2% to 0,3%.

The Extraordinary General Assembly (GA) of shareholders of Devin JSC adopted a decision to increase the current share capital of the company from the existing 14 891 306 to 17 891 306 through the issuance of 3 000 000 new shares. On the grounds of the GA decision, the pre-emptive rights of the existing shareholders will not be exercised. All new shares could be subscribed through initial public offering (IPO). ELANA Trading Inc was appointed as manager of the IPO and will structure, place and subsequently register the issue with the Bulgarian Stock Exchange - Sofia. The IPO will be carried out upon the prospectus’ approval by the Financial Supervision Commission (FSC), as it is to be promptly submitted to FSC.

ELANA Holding has issued EUR 3.460 million three-year fixed-rate bonds. The annual coupon is fixed at 6.5% and interest payments are due semi-annually. The raised funds will be used for the acquisition of real estate.

Lead manager of the issue was Raiffeisenbank and co-manager was Bulgarian Post Bank.

ELANA Financial Group is a leading non-banking financial institution with a 15-year experience in asset management, corporate finance, investments and trading on the Bulgarian stock market as well as on the foreign markets.

ELANA Agricultural Land Opportunity Fund’s nominal share capital will be raised by BGN 39 863 686 to BGN 59.7 mln as all the rights that remained unexercised were sold at a bourse auction, held on June 13, 2006. This is the fund’s third capital increase since its start in June 2005. The fourth and final capital increase is planned for the beginning of 2007.

ELANA Trading successfully placed the EUR 2 mln bond issue of Aibuild Ltd. The 4-year bonds are collateralised and carry a coupon equal to the six-month EURIBOR + 470 bp, paid semiannually. Principal will be paid at maturity. Trustee bank is Invest Bank.

ELANA strengthened its leading position on the Bulgarian mutual fund market, having a 26% share of the total value of mutual fund asstes under management in mid-March, 2006. ELANA manages four mutual funds with different risk profiles and one real estate investment trust (REIT) for investments in arable land.

Offering of units in Bulgaria’s first investment fund for savings in US dollars, ELANA Balanced $ Fund, started on March 6, 2006. The minimum investment is about USD 100. The mutual fund is licensed by the state Financial Supervision Commission and investors can every day buy or sell units of the fund at ELANA’s offices throughout the country. According to the law the fund will start redeeming units when its assets reach BGN 500,000.

On February 16, 2006 ELANA Investment Company received the big award for financial product of 2005. The award was presented personally by Finance Minister Plamen Oresharski to Mrs Vanya Vassileva, Executive Director of ELANA Holding.

Due to the popularity of the ELANA Agricultural Land Opportunity Fund with investors, there will be a subsequent offering to raise the Fund's capital by 17 mln BGN. The initial public offering (IPO) raised 2 mln BGN by selling all of the Fund's shares in one day. The Fund anticipates the subsequent offering to begin on 26 September, after which there will be a one month window for all Bulgarian citizens or firms to take part in the Fund's share subscription process.

It is anticipated that foreign investors will have serious interest in purchasing shares of the Fund due to the restrictive nature of Bulgarian legislation with regards to foreigners purchasing land in the country.

The capital raised will be used to purchase only workable agricultural land, which may be consolidated and leased.

Today, 21 June 2005, was the signing of the contract for management of the Bulgarian Energy Efficiency Fund (BEEF), which was made possible by the Energy Efficiency Act. In accordance with the Energy Efficiency Act the Fund will simultaneously act as a financial institution which provides loans for the implementation of projects which improve the energy efficiency of production facilities and residential buildings as well as support the consultation company which assists with the establishment of such projects.

The initial capitalization of the Fund, worth around 23 mln BGN, was granted to the Government of Bulgaria primarily by the World Bank, however other foreign donors including the Government of Austria also made contributions. It is anticipated that the Fund will grow to 40 mln US over the next 4-5 years. The Fund will act in cooperation with banks and will take a junior position in providing low interest loans, worth up to 3 mln BGN, to approved candidates seeking funding for energy efficiency projects.