Establishment of a new group company and a kindergarten construction agreement


On January 31, 2008 a new Q Vara OÜ's subsidiary - OÜ Q Design - was registered
in Estonia. The establishment decision was made by Q Vara AS's shareholders on
January 23, 2008. The single shareholder of OÜ Q Design is Q Vara AS. The
company's main activities include architectural and technical planning
services. The aim of the company is to gather all designing resources of Q Vara
Group into one entity and to sell the services transparently also to customers
from outside the Group. 

OÜ Q Design's single management board member is Ivo Lillepea who is also a
supervisory board member of Q Vara AS. 

On January 31, 2008 AS Q Vara's subsidiary OÜ Q Ehitus signed a construction
agreement with OÜ Soosepa Lasteaed for building a kindergarten for 90 children
into AS Q Vara's Soosepa residential development in Viimsi parish. The total
construction cost is ca. 36 million EEK and the building will be finished by
autumn 2008. 

Kindergarten is the final stage of Soosepa residential development. It was
planned already at the time when Soosepa development was launched because AS Q
Vara's goal is to create a full solution development that also includes the
surrounding infrastructure. When planning the kindergarten Q Vara aimed the
best solution to the resindents in the surrounding communities that for example
is realized through small kindergarten classes where children get maximum
attention from the teachers. 

Meelis Šokman
Chairman of the management board
Q Vara OÜ
Phone: 668 1600