From 2 April 2007 onwards, the office of Bulland Investments and its servicing company Bulland Services will be at a new address, as follows:

56 Vitosha Blvd., ap. 3
1000 Sofia
tel./fax: +359 (02) 9801426

Bulland Investments would like to notify its shareholders and investors that it has submitted its annual financial report (as of 31 December 2006) to the Financial Supervision Commision on 29 March 2007. The financial report is available at 56 Vitosha Blvd., Sofia from 10:00 to 16:00 every working day, as well as at www.bulland.org.

A pre-contract for the sale of a property has started on 21 March 2007. The property is a regulated land parcel UPI I - 437, 473, 474, 1145 in the 226 neighbourhood in Sofia, in the region of Ovcha Kupel. The total area is 3 230 sq. m. and the property borders UPI V - 436 on one side and faces three streets on the others. The final contract will be signed on 19 April 2007 and the price will be 435 000 EUR excluding VAT, at the exchange rate determined by the Bulgarian Central Bank. A deposit of 10% of the sale price has already been paid. The realized margin (the difference between the sale and acquisition prices) will be 318 870 BGN or 59,95 %.

On 09 February 2007 Bulland Investments and its servicing company Bulland Services signed Annex #2 to the contract for the servicing activities. The annual fee paid to the servicing company will be lowered from 4% to 3% of the annual average net assets of the fund. VAT will be added to the resulting fee. The total sum of the fee with VAT included should not be more than the limits set out in Article 10 and Article 49 of the by-laws of Bulland Investments.

Bulland Investments would like to notify its shareholders and investors that it has submitted its quarterly financial report (as of 31 December 2006) to the Financial Supervision Commision on 30 January 2007. The financial report is available at 56 Vitosha Blvd., Sofia from 10:00 to 16:00 every working day, as well as at www.bulland.org.