Court decision on Maskavas street 264 propery's detail plan Latvian Constitutional Court made a positive decision for Q Vara regarding the property at Maskavas street 264 in Riga (see also Q Vara's stock exchange release from April 4, 2008). The decision says that the detail plan of the property is in accordance with Latvian legislation and Riga City's approval of the detail plan is valid. The decision of the highest court level in Latvia is final and is not subject for appeal. As a result of the positive decision Q Vara can proceed the sale transaction of Jonathan project that was delayed in spring. Terminal No. 11 Due to the weakending real estate market in the Baltics the cooperation plans to jointly develop Terminal No 11 logistics project by Q Vara and HIH Global Invest GmbH were terminated. Q Vara continues the development and sale of the project and will realize part of the project land as land plots. Of the twenty land plots on sale currently eight are sold. The funds that Q Vara receives from the sale of the land plots will be used for financing the construction of warehouses. The first warehouse was completed in the beginning of September and Q Vara has started to hand it over to final clients. Share transaction On September 26, 2008 Q Vara's shareholder OÜ SLProductions changed the manager of its securities account and transferred its share in Q Vara (15 984 400 shares) onto its securities account in GILD Fund Management. The transaction did not change the shareholder structure. Change in Q Vara's management On September 30, 2008 Q Vara's supervisory board decided to confirm the resignation of Meelis Šokman. According to the agreement Meelis Šokman's mandate as a management board member of UAB Q Vara, UAB Q Statyba, SIA Q Estate, OÜ Q Ehitus and OÜ Q Haldus ends on September 30, 2008 and as a management board member of Q Vara on October 25, 2008. Additional information: Alo Lillepea Member of the management board AS Q Vara Phone: +372 668 1600