Manutent Registered a Bond Programme

| Source: Manutent OÜ Manutent OÜ 

The bond programme of Manutent, which is the first of its kind in the Baltic
States, was registered with the Financial Inspectorate on 26 September. 

It will be possible to issue bonds for a total of 1 billion kroons within the
framework of the bond programme in the next seven years. The term of the bonds
to be issued within the framework of the programme may be up to 60 months. 

Manutent decided to issue bonds in the amount of 7 million euros and for a term
of 3 years within the framework of the first issue of the programme. The amount
initially intended for the closed issue was 6.4 million euros, but it was
increased by 0.6 million euros as investors significantly oversubscribed the
volume of the issue. 

The funds received from the issue will not increase the debt of Manutent, but
replace the commercial papers issued by Manutent a year ago, which become
subject to redemption on 28 September. This allows the company to invest the
same amount of its free working capital into new development projects in
Estonia, but also into unfinished development projects in St. Petersburg and
Jurmala in the Republic of Latvia. “We are happy to see ourselves as the buyer
of uncompleted development projects at an attractive price level if any market
participants face the need for free capital," said Märt Vooglaid, Chairman of
the Manutent Management Board. 

The rate of return of the issue is 6 percent over the 6 months' Euribor per
year. Manutent's bonds are listed on the Tallinn Stock Exchange. The issue was
organised by AS SEB Eesti Ühispank. 

About the company:
Manutent OÜ, which in 2005 was declared the most successful company in Estonia
by the Äripäev business paper, is a holding company that coordinates and holds
regional subsidiaries in target markets - Manutent Eesti OÜ, Manutent Latvia
SIA and Manutent Hotellid OÜ, the subsidiary that manages investments in
Russia. The main area of activity of the group is property development. 

For further information please contact:
Reimo Raid
Member of the Management Board
Manutent OÜ

Теl.: 50 16 190