Directorate Change

RNS Number:9662S
Madara Bulgarian Property Fund
23 April 2008

Madara Bulgarian Property Fund

23 April 2008

Appointment of Michael Robert Chase as a Non-Executive Director of Madara
Bulgarian Property Fund Limited

Madara Bulgarian Property Fund Limited ("Madara"), which specialises in high-end
developments in Bulgaria, is pleased to announce the appointment of Michael
Robert Chase as a Non-Executive Director of Madara with immediate effect.

Mr Chase has worked in the real estate profession for 38 years and has global
experience in real estate investment and development in a variety of building
types and markets. Mr Chase is currently the President and CEO of WCB Properties
and previously served for two decades as president of Hillman Properties. Prior
to 1974, Mr. Chase held senior positions with Advance Mortgage Corporation and
Citigroup.

Mr. Chase earned a bachelor's degree from the University of Colorado and a
graduate degree from the American Graduate School of International Business.

Madara Chairman Timothy Chadwick said, 'We are very pleased to welcome Michael
to our Board. He has considerable experience and tremendous depth of knowledge
in the real estate industry. We look forward to working closely with him as we
continue building Madara.'

Michael Robert Chase, aged 65, holds or has held over the past five years the
following directorships, all of which are current:

WCB Management Gen-Par, Inc.
WCB Properties L.P.
WCB Holdings L.P.
WCB-H Holdings L.P.
MRC Management Company
Chase/Benedict Company

Mr Chase has confirmed that there is no further information to be disclosed
under paragraph (g) of Schedule 2 of the AIM Rules for Companies

For further information:

Scott Perkins       Madara Capital LLP          [phone]
Chief Executive

Tom Griffiths       Arbuthnot Securities Ltd    [phone]
Paul Vanstone

Notes to editors

Madara Bulgarian Property Fund Limited
Madara Bulgarian Property Fund Limited is a Jersey incorporated, limited
liability, closed ended investment fund established in April 2006 to invest in
Bulgarian land and its development and listed on AIM in June 2007. The Fund has
special purpose subsidiary companies in Bulgaria held via a Maltese holding
company to ensure an optimally tax-efficient structure. As well as holiday
accommodation in coastal and ski resorts and city locations, the Fund's projects
are expected to include commercial property and infrastructure.

Madara Capital LLP
Madara Capital LLP, the Investment Adviser to the Madara Bulgarian Property
Fund, is a privately owned LLP registered in the UK. Madara Capital is owned by
its founding directors, by RAB Special Situations (Master) Fund Limited and by
Eddie Jordan. Madara Capital's four executive principals comprise both UK and
Bulgarian resident nationals who collectively have over 35 years real estate
related experience in Bulgaria. There are three non-executive principals, all of
whom are Bulgarian nationals and residents and who act in an advisory capacity
to Madara Capital.

www.madaracapital.com






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