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As of 20th October 2008 ELANA investment centre at Kuzman Shapkarev Street will change address moving into a new office again in the very centre of Sofia – 96, Rakovski St.

The Annual General Meeting of Shareholders of ELANA Eurofund on 18th September decided to distribute 2007 profit worth BGN 444 058 as dividends. The gross dividend per share will be announced on 2nd October and the dividends will be made payable as of 20th October.

The last date for deals with shares of Eurofund and ELANA High Yield Fund on the Bulgarian Stock exchange is 14 August 2008.

On 1 September 2008 at the Central Military Club in Sofia ELANA Eurofund and ELANA High Yield Fund will hold their Annual General Meetings of Shareholders.

Purchase orders for shares of the capital-protected Horizon Commodity 1 Fund in its secondary market are accepted by 30 July, 3 pm in all ELANA centres throughout the country. The fund was launched by ELANA Fund Management back in June and offered in the period of 9 June to 4 July fund shares for the basic value of EUR 100 (fees not incl.). After this initial period of subscription, Horizon Commodity 1 continues to function as a regular open-end fund – shares can be issued or redeemed anytime at prices calculated twice a month.

ELANA Agricultural Land Opportunity Fund REIT (ELANA ALOF) was awarded The REIT with the Best Corporate Governance 2007 at the last night 6th annual ceremony of the Association of Investors for awarding the best corporate governance practice in the Bulgarian financial industry.

ELANA Fund Management launches the first capital-protected fund designed for the Bulgarian market offering 100% protection of the investment at the date of maturity in 3 years.

ELANA Trading started an information campaign about the changes in trading with the introduction of XETRA on the Bulgarian Stock Exchange to support the brokers’ customers in the smooth adaptation after 16 June 2008.

The assets under management of the 6th ELANA fund, ELANA Dollar Fund, went over USD 1 mln in the end of April 2008 - as of 30.04.2008 a total of USD 1.2 mln was under maangement, being accumulated only in the last 3 months. The low-risk fund in US dollars was started on 1 February 2008. Yield results are to be published 6 months after the start of public offering – in August 2008.

ELANA Money Market Fund started publishing yield data as of the beginning of May 2008 after reaching a period of 6 months since the beginning of public offering. The accumulated yield of the fund from the start of public offering on 31.10.2007 till 12 May 2008 got to 3.98%.

Out of a total of 64 new subscribers to the Internet platform COBOS for trading on the Bulgarian Stock Exchange in April 2008 – 37 customers – belong to ELANA Trading.

Out of a total of 61 applications submitted in the end of April for Modernisation of farms within the EU programme for the Development of Rural regions,a total of 20 were submitted by customers of ELANA Investment who has developed the business plans and consulted the projects’ development.

22-years old student in engineering and energy sector studies Deyan Bararov is the 1000th customer of ELANA Trading in trading on the Bulgarian Stock Exchange through the Internet platform of the local stock market COBOS. He won the announced by ELANA Trading prize of BGN 1000 investment for trading (approx. EUR 500).

On 11 April, Friday, ELANA Financial Holding will have reduced working hours untill 2 p.m.

The management of ELANA Financial Holding reported the company financial results 2007 at a press conference held on 19 March 2008 when ELANA experts also outlined their expectations for the trends on the markets of the group operations.

The management of ELANA Financial Holding presented on 19 March 2008 the financial results 2007 of the group of companies and announced its strategic targets for development of each of the units.

In the end of 2007 ?LANA separated its financial services into ELANA Financial Holding and organized all its other business activity into the “mirror” structure of ELANA Holding. The vision for future development of ELANA Financial Holding is related to listing the company on the Bulgarian Stock Exchange and making it public.
The initial public offering of the company would be planned not earlier than the second half of the year.

All ELANA Holding companies wrapped up 2007 with revenue of a total of BGN 49,3 mln (~ EUR 25 mln) which represented a 50% growth compared to 2006 (~ BGN 32,8 mln). The total net profit of the holding for 2007 amounted at approx. BGN 7,5 mln (EUR 4 mln) representing a profit growth of 180% compared to the previous year (2006: ~BGN 2,7 mln).

ELANA Fund Management wrapped up February 2008 with the biggest amount of assets among the local asset managers reporting the total of BGN 107 130 076 assets under management within 6 Elana mutual funds (as of 29.02.2008).

On 27 February 2008 at the International Banks, Investments, Money Fair in Plovdiv, ELANA’s 5th mutual fund ELANA Money Market Fund was awarded Financial Product of 2007 in the prize category of Investment Products.

ELANA Trading is introducing a new price list for its services while also widening the portfolio of offers for its customers. Options on futures are offered now on the local market as well as trading on nearly 20 stock exchanges in Europe, US, Asia and Australia.

The shares of the 6th mutual fund of ELANA Fund Management – the low risk ELANA Dollar Fund – started offering as of the beginning of February 2008. ELANA Dollar Fund is the second mutual fund of ELANA denominated in USD.

The 11th ELANA investment centre opened doors for customers in Business Park Sofia in the beginning of February 2008. This is the 3rd ELANA investment centre in Sofia and the other 8 are located in major regional business locations throughout the country – Plovdiv, Varna, Bourgas, Stara Zagora, Blagoevgrad, Rousse, Pleven and Shoumen.

ELANA Trading signed a contract with Thomson Financial to deliver market analyses, corporate profiles and recommendations regarding the companies on the Bulgarian stock exchange.

The Bulgarian Stock exchange announced that on 23 January was set to be the start of trading of ENEMONA shares with a BSE code ENM.

The traditional annual prizes of the Bulgarian Stock Exchange rated ELANA Trading in the top 3 of the Bulgarian investment intermediaries for the year.

The IT expert Georgi Paroushev won the top prize in the virtual stock market game of Dnevnik Daily – CITY. The prize was BGN 10 000 from ELANA Trading which was handed over to the winner by Radoslava Maslarska, the executive director, at a special event organized by Dnevnik Daily.

For a second year in a row ELANA Fund Management was ranked The Asset Manager of the Year by Banker Weekly annual ranking of the Bulgarian asset managers based on a set of performance criteria measured quarterly.

The initial public offering of 2 mln new shares of Enemona was scheduled for 26th November 2007 after the State Gazette publication regarding the IPO terms and a notice in a national daily came out on 16 November.

The prospectus for the initial public offering of 2 mln new shares of Enemona was approved by the Financial Supervision Commission on 31 October 2007.

A total of 6 new investment projects of SMEs developed and consulted by ELANA Investment won the bid within the Phare grant scheme for support of competitiveness capacity of SMEs, Phase II.

ELANA Trading and Overgas Capital signed an agreement for offering a share secured credit especially for the customers of the investment intermediary who own shares in BG40 companies as well as for investors in all 5 ELANA mutual funds.

ELANA Money Market Fund is the new and the 5th mutual fund of ELANA Fund Management that will start public offering in a month after getting its license by the Financial Supervision Commission last week.

The first asset manager in the country, ELANA Fund Management (2002), reported approx. BGN 124 mln assets under management in mid-September 2007 .

The investors in ELANA Agricultural Land Opportunity Fund REIT have yielded a rate of return of 73% for the past 8 months of 2007. This is the only REIT in the country, which is included in all 4 Bulgarian Stock Exchange indices.

The Central Depositary registered the new 3 mln shares of DEVIN following the IPO performed earlier in July 2007. The shares were registered on 29th August and documents for a registration by the Financial Supervision Commission were filed on the next day.

ELANA Trading signed an agreement with REUTERS for delivering profiles and recommendations about companies listed on the Bulgarian Stock Exchange.

ELANA Trading performed private placement of bonds for the real estate company Intercapital Property Development with maturity period of 3 years at the amount of EUR 5 mln.

By a decision as of 16th August 2007 the Smolyan Regional Court registered the increase of capital of Devin from BGN 14 891 306 to BGN 17 891 306 following the issuance of the new 3 mln ordinary dematerialized shares with face value of BGN 1 each.

ELANA High Yield Fund reported a total of BGN 20,79 mln net assets in the end of July and became the third out of 4 ELANA funds with accumulated investments of over BGN 20 mln.

As of 31st July 2007, ELANA Agricultural Opportunity Fund REIT (EAOF) reported a total of 20 430 ha agricultural land purchased, which makes it the first REIT on the stock market with over 20 000 ha land acquired.

The orders for subscription of shares of Devin exceeded 11 times the offered quantity within the IPO on 25th July at the placement price per share of BGN 6.10 (EUR 3.12).

By the end of June, ELANA Agricultural Land Opportunity Fund’s shares have reached record values, bringing 50.91% capital gains to its shareholders since the beginning of the year.

The orders for subscription for shares in the public offering of up to 3 mln new ordinary dematerialized shares of DEVIN AD and up to 450 000 existing already issued shares owned by the majority shareholder Devin Beteiligungs GmBH with face value of BGN 1 each will be accepted in the course of 1 day on 25th July 2007. The management of the company has decided to offer a placement price range of BGN 5 to BGN 8 per share.

The prospectus of the initial public offering of up to 3 450 000 new ordinary dematerialized shares from the capital of Devin JSC was approved by the Financial Supervision Commission on 3rd of July 2007. The current capital of the leading company on the bottled water and soft drinks market DEVIN will increase its current capital of BGN 14,891,306 (˜ EUR 7,613,804) to BGN 17,891,306 (˜ EUR 9,147,680) by the issue of 3,000,000 new ordinary dematerialized shares with face value of BGN 1.00 (˜ EUR 0.51) each.