Doc re. (audited accounts)

RNS Number:1356G
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
Euro1.37.

Adjustments since release of unaudited interims on 28 September 2007

An additional accrual of approximately Euro130,000 was added to the cost of
development. Therefore Euro130,000 was added on to development expenditure,
increasing it from Euro80,332 to Euro210,332, and also added onto other liabilities
and payables, increasing it from Euro3,240,045 to Euro3,370,045.

Equity shareholders' funds remained unchanged at Euro35,207,135, therefore there
was no change to the stated NAV per share.

For further information:

Scott Perkins       Madara Capital LLP                 [phone]
Chief Executive

Tom Griffiths       Arbuthnot Securities Limited       [phone]
Richard Wood

Jonathan Gollins    M:Communications                   [phone]
Marylene Guernier


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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DOCBUBDGLBDGGRD