On Friday, August 17, 2007 Estonian newspaper Äripäev and its website published an article by Anne Oja and Silvia Kruusmaa titled as „Eestlaste pension on kinnisvaraturu meelevallas“ which included incorrect statement that Q Vara's bonds have lost about half of their value. The article was based on two stock exchange transactions from August 6, 2007 and August 8, 2007 of which the first one was by accident entered with a wrong price (17 993,59 EEK or about ten times below par value), was later withdrawn and reentered on August 8, 2007 with the correct price of 165 400,21 EEK. The article drew a conclusion from the average price of these two transactions that Q Vara's bonds' had lost half of their value. Also it is important to notice that the market price of the securities is based on the last transaction not on the average price as stated in the article . As a result the statement drawn from these transactions that Q Vara's bonds have lost half of their value is incorrect and misleading. Meelis Šokman Chairman of the management board Q Vara OÜ Phone: 668 1600