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 NASDAQ OMX Tallinn Market Services +372 640 8800
Q VARA BONDS' COLLATERAL AND PAYMENT AGENT'S ANNOUNCEMENT ABOUT THE EVENT OF DEFAULT
| Source: Nasdaq Tallinn