According to the information from collateral and payment agent of Q Vara
bonds
- Danske Bank A/S Estonia - Q Vara has infringed clauses 13.1.7. and
13.2.1. of
the Terms and Conditions of the Bond Issue (redemption date
12.01.2009, volume
5 MEUR) and the majority of the bond holders have decided
to qualify the
infringement as the Event of Default. 

Proceeding from the
above, the Redemption payments and future Interest payments
are deemed to be
immediately due and payable and Q Vara has been filed a
notification for
fulfilment of the payment obligation. 

Based on the clauses 14.6. and 14.7
of the Terms and Conditions the collateral
and payment agent Danske Bank A/S
Estonia has filed Waiver Notices to the bond
holders and will start
realization of the collateral. 

Agent's representative: Kristjan
Veges

Danske Bank A/S Estonia
Narva Rd. 11, Tallinn 10502
Phone: +372 6
752 102
Fax: +372 6 752 802
e-mail: kristjan.veges@sampopank.ee


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