Increase of AS Q Vara's share capital


On July 27, 2008 AS Q Vara's share capital increase by 8 600 000 EEK was
registered in Estonian Commercial Registry after which Q Vara's share capital
amounts 191 111 000 EEK. The share capital was increased by converting the loan
granted by OÜ Q Capital according to the loan agreement signed by OÜ Q Capital
and AS Q Vara on June 25, 2008, into equity. 

According to Q Vara's shareholders' decision 860 000 new shares were issued to
OÜ Q Capital with 10 EEK nominal value and 90 EEK share premium as a result of
which Q Vara's share capital increased by 8 600 000 EEK and share premium
account increased by 77 400 000 EEK. After the transaction OÜ Q Capital owns
4,5% of AS Q Vara's share capital. 

After the transactions were registered in the commercial registry Q Vara's
equity increased by 86 000 000 EEK and the conversion of Q Capital's
subordinated loan was completed. As a result also the requirement from the bond
issue terms on 30% equity level is fulfilled. 

Q Vara discloses its consolidated 6 month financial report according to the
bond issue terms by July 31, 2008. 

Additional information:

Meelis Šokman
Chairman of the management board
AS Q Vara
Phone: +372 668 1600