COMMITTEE'S DECISION ON Q VARA


On January 8, 2009 the Listing and Surveillance Committee of NASDAQ OMX Tallinn
reviewed the application for termination of listing of Q Vara bonds in the
Bonds List of Tallinn Stock Exchange. 

In its application Q Vara mentioned that the reason for applying for
termination of listing is the complicated economic situation - shrunken bank
financing has resulted in significantly higher financial costs and therefore
refinancing of high interest rate bridge financing has been more difficult. 

In its application Q Vara explained that the redemption date of the bonds will
arrive on January 12, 2009. The bonds are guaranteed by the surety of the
co-holder of Q Vara - SLProductions whose creditors have entered dozens of debt
notices into the Credit Registry. Abovementioned difficulties have resulted in
infringement of the Terms and Conditions of the Bond Issue that the bond
investors decided to qualify as the Event of Default. The Collateral Agent of
the bonds Danske Bank A/S Estonia has filed the application for early
redemption due to the Event of Default. 

Since AS Q Vara is in financial difficulties and it does not have current
funds, but the company's operations sustainability is likely after
reorganization, Q Vara has filed an application for reorganization procedures
to the Harju County Court. 

Considering the above and the structure of the bond investors, the termination
of listing of the bonds will not significantly harm interests of the bond
investors and does not give any holders unfair advantages over the others. 

The Listing and Surveillance Committee of NASDAQ OMX Tallinn has decided to
satisfy the application of Q Vara and terminate the listing agreement and
therefore terminate the listing of its bonds on the bonds list as of January
10, 2009. 


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