Hereby Q Vara OÜ announces that the release of the 12 month report of 2007 will be late. The report will be released by March 14, 2008. Q Vara Group intends to revalue several real-estate investment and inventory items. For example the value of the Silukalni project's value will be reduced but also several other projects will be reviewed. The revaluation transactions are not yet finally approved by the auditors which means that the results might change significantly by the time the annual report will be released. In order to avoid disclosing potentially incorrect information for the financial year of 2007, Q Vara presents the reports with a 2 week delay. During this period the inputs will be final and match the annual report that will be released by the end of March. Meelis Šokman Chairman of the management board Q Vara OÜ Tel: 668 1600