Directorate Changes

Equest Investments Balkans Ltd
01 May 2007


                        Equest Investments Balkans Limited

1 May 2007

                              Directorate Changes

Equest Investments Balkans Ltd ('EIB' or the 'Company'), the specialist
investment company focused on retail and financial services, infrastructure and
property development in South Eastern Europe, today announces the appointment of
Mr. James Ede-Golightly and Mr. Robin James as Non-Executive Directors with
effect from today. In addition, it is announced that Mr. John Walley resigns as
Non-Executive Director from the board with effect from today.

The current and past directorships held by James Ede-Golightly and Robin James
over the past 5 years are set out below.

James Ede-Golightly, aged 27, has been a member of the EIB Investment Committee
advising the Investment Managers on the appropriateness of investment and
divestment proposals since the launch of the Company.

James has over 7 years experience in finance and investment. From July 2000 to
January 2004 James was an Analyst at Merrill lynch Investment Managers covering
European credit and equity markets, before becoming an analyst and trader within
the Special Situations proprietary trading team at Commerzbank AG from February
2004 to June 2005. James travelled between July 2005 and December 2005. Since
January 2006 he has been a member of the senior management of Ora Capital
Partners PLC and since August 2006 has been an executive director of BankOra
Ltd, a majority owned corporate finance subsidiary of Ora Capital Partners Plc.
James graduated in Economics from St John's College, Cambridge and is a CFA
Charter holder. There are no further disclosures to be made regarding Mr.
Ede-Golightly in accordance with the AIM Rules.

Mr. Robin James, aged 62, has over 37 years of investment experience including
Investment Analyst positions at Prudential Assurance Company, Ferguson Bros,
Hall Stewart & Co and Union Acceptances Ltd, 7 years as a Portfolio Manager at
African Finance Corporation Limited and 9 years at Kleinwort Benson in the UK
and South Africa.

From August 1994 Robin was Chief Executive Officer of Singer and Friedlander
(Isle of Man) Holdings Ltd until he retired on June 2005, whereupon he became
self-employed and was licensed by the Financial Supervision Commission as a
Category 2 Corporate Service Provider and Category 2 Trust Provider. Robin was
also a Consultant to Boston Limited, a Corporate Service Provider on the Isle of
Man, from July 2005 until June 2006. Robin is resident in the Isle of Man. There
are no further disclosures to be made regarding Mr. James in accordance with the
AIM Rules

James Ede-Golightly's current directorships:
OCP Investments Ltd
BankOra Ltd

Directorships held in the last five years by James Ede-Golightly:
None.

Robin James' current directorships:

Southern African Regional Development Limited; Willowbank Limited; Metronome
Limited; Advance Adhesives Limited; Ontermo Limited; Barbute Limited; Falcata
Limited; Meigle Limited; Tinto Limited; Buckholm Limited; Padbury Limited;
Apsley Holdings Limited; Kcristal Limited; Caprin Limited; RMB Holdings Limited;
Marriott International Funds PLC; Aarkad PLC; Firanji Limited; White Stork
Limited; Blue Bird 1938 Limited; Odlum Enterprises Limited; Maguire Europe Sales
Limited; Armet Limited; Croycam Limited; Fairydean Limited; Burlingame Limited;
The SFIM UK Technology Fund; Merebeck Limited; Arnewood Properties Limited;
Marriott Isle of Man Limited ; Sphere Limited; Lhuingys Aer Vannin Ltd; Equest
Balkan Properties PLC ; Heather Capital Ltd; Inverthorn Secured Funding PLC; and
Metro Baltic Horizons PLC

Directorships held in the last five years by Robin James:

Sorenson Promotions Limited; Desert Palm Limited; Frankus Investments Limited;
Najay Limited; Huntsman Limited; Cranshaw Limited; Cardoness Limited; Markland
Birmingham Limited; Kroy Limited; Condra Limited; Orianda Limited; Ollaberry
Limited; Dalfam Limited; Minstead Limited; Lomas Limited; Bourmerdes Limited;
Nordic Limited; Equifax (Isle of Man) Limited; Outwell Limited; Castle House
Developments Limited; Markland (Euriom) Limited; Holmeleigh Limited; Glemham
Investments Limited; Trioncemore Limited; Ortega Limited; Pmoel Ventures
Limited; Stranton Limited; Castlehurst Limited; Hilmarton Investments Limited;
Granuaile Shipping Limited; Flamewing Limited; Clyde Limited; Calfar (48)
Limited; Westville Limited; Raptor Wildlife Communications Limited; Granuaile;
Investments Limited; Seal 'N' Fly Limited; Abbeywood Properties Limited; Blue
Water Trading Limited; Castle Park Limited; Chesterhill Limited; Cradley
Limited; Fairmead Limited; Leiden Limited; Minervax Limited; Ruby Management
Limited; Appledale Limited; Singer & Friedlander Investment Management (IOM)
Limited; Tullock Limited; S&F Nominees (Isle of Man) Limited; Singer &
Friedlander (Isle of Man) Limited; Riverside Education Support Services Limited;
Markhall Limited; KPMG CEE Management Services Limited; Kilsture Limited; Jeroen
Limited; Calfar (20) Limited; Calfar (16) Limited; Calfar (14) Limited; Calfar
(12) Limited; Calfar (34) Limited; Calfar (32) Limited; Calfar (28) Limited;
Calfar (26) Limited; Calfar (24) Limited; Calfar (22) Limited; Chestnut Hill
Properties Limited; Broomfield Limited; Farthing Limited; Rosewood Limited;
Court Management Limited; Burntech Limited; Kothar Limited; White Rose Limited;
Duke Associates Limited; Colby Limited; Lynwhite Limited; Inter Forest Resources
Limited; Lochside Limited; Delifoods Limited; Pmoel Investments Limited;
Teaching Services Overseas Limited; Cranleigh Limited; Wynnstay Investments
Limited; Inchmere Limited; Hartside Limited; Thriplow Limited; Forthright
Limited; Portocosta Limited; Paragon Limited

Vickery Limited; Insight Market Development Consultants Limited; Greenfield
Enterprises Limited; Daveldon Limited; Carlaway Limited; Chemical Industries
Limited; Calfar (47) Limited; Redwood Investments Limited; Parima Limited; K & J
Ventures Limited; Taralee Properties Limited; Beachfield Enterprises Limited;
Calfar (37) Limited; Calfar (4) Limited; Cornsay Limited; Fletcher Limited; Ilam
Limited; Leith Investments Limited; Rolata Limited; Tapestry Investments
Limited; Peardale Limited; Singer & Friedlander Trust Company (Isle of Man)
Limited; SFIM International Limited; Singer & Friedlander (Isle of Man) Holdings
Ltd; Quiros Limited; Monteforte Limited; Maddox Limited; Kirvennie Limited; FSP
Limited; Equipment Leasing and Maintenance Limited; Calfar (17) Limited; Calfar
(15) Limited; Calfar (13) Limited; Calfar (35) Limited; Calfar (33) Limited;
Calfar (29) Limited; Calfar (27) Limited; Calfar (25) Limited; Calfar (23)
Limited; Calfar (21) Limited; Halley Investments Limited; Calchas Limited;
Pendean Limited; Calfar (38) Limited; Court Services Limited; Phoenix Seafood
Co. Limited; E.D.M.I. Limited; Sasol Financing International plc; Endurance
Limited; Ebony Enterprises Limited; Centuriongold Limited; Garvellan Limited;
Starair Limited; Inanna Limited; Renfield Properties Limited; TCI Arizona
Limited; Walvis Limited; Fsharpb2b Limited; Oxenforth Limited; Praze Limited;
Calfar (8) Limited; Calfar (3) Limited; Calfar (9) Limited; Zesta Limited;
Wiklund Limited; Endicot Limited; Hezlett Limited; Withypool Limited; Drygrange
Limited; Erriff Limited; Calfar (18) Limited; Tilsley Limited; Northanger
Limited; Orpine Investments Limited; Dinnans Limited; Calfar (10) Limited; Ocerb
Limited; Hascourt Limited; Sirol Limited; Sapphire Leasing Limited; Moonbeam
Management Limited; Jameson Shipping Limited; Silver Bridge Limited; Magoeba
Limited; AG-Con Consulting Limited; A&T Limited; Golden Dawn Limited; Sunburst
Management Limited; Rowsley Management Limited; Oriana Services Limited; Davien
Enterprises Limited; BST Properties Limited; MMD Consulting Limited;
Tillingbourne Limited; Bucoros Enterprises Limited; Grangefield Services
Limited; Padmore Limited; Vestar Limited; Carmargue Limited; TTSI & Company
Limited; Hagen Limited; Singer & Friedlander (Overseas) Limited; Marriott Singer
Investment Funds PLC; KBI Co Limited; BD2U Consulting Limited; Netherdale
Limited; Devenish Limited; Arnhem Limited; Shelloo Nominees Limited; Fairholme
Limited; Calfar (45) Limited; Calfar (5) Limited; Bonomi Limited; Ocean Air
(Overseas) Limited; Takano Limited; Eulalia Limited; Lhargan Limited; Lindhoven
Limited; Craycroft Limited; R L Estates Limited; Calfar (19) Limited; Stanlake
Limited; Conaty Limited; Calfar (31) Limited; Calfar (30) Limited; Calfar (11)
Limited; MO Investments Limited; Isenbras Limited; Banalfin Limited; Calem
Management Limited; Millennia InterFood Business Limited; Healthcare Limited;
Alderdale Limited; Windrush Services Limited; Anglo-Irish Refrigeration Limited;
Copper Craft Limited; Shipper Electronics Limited; Chabelle (Pty) Limited;
Sunbeam Enterprises Limited; Mullins Limited; Long Air Charter Company Limited;
BST Investments Limited; PMOEL Enterprises Limited; Tullis Holdings Limited;
Nador - 95 RT Limited; Edgewood Limited; Glendarvin Limited; Allensford Limited;
Sceptre Investments Limited; Lynwod Securities Limited; Solalex (Isle of Man)
Limited; Cartographics Limited; and Singer & Friedlander Properties (IOM)
Limited

As at the date of this announcement no director of the Company has: (i) any
convictions in relation to indictable offences; or (ii) been bankrupt or the
subject of individual voluntary arrangements, or has had a receiver appointed to
any asset; or (iii) been a director of any company which, whilst he was a
director with an executive function, had a receiver appointed or went into
compulsory liquidation, creditors voluntary liquidation, administration or
company voluntary arrangements, or made any composition or arrangements with its
creditors generally or with any class of its creditors; or (iv) been a partner
of any partnership, which while he was a partner or within 12 months after he
ceased to be a partner, went into compulsory liquidation, administration or
partnership voluntary arrangement, or had a receiver appointed to any
partnership asset; or (v) had any public criticism by statutory or regulatory
authorities (including recognized professional bodies); or (vi) been
disqualified by a court from acting as a director or from acting in the
management or conduct of affairs of any company.

A list of all directorships and partnerships held by each director, both for the
present and for the past five years, are available for inspection during normal
business hours in the relevant location at the registered office of the Company
or at the offices of RSM Robson Rhodes LLP, RSM House, Herbert Street, Dublin2.

For further information please contact:

Equest Partners Limited
+ 44 20 7240 7600
Petri Karjalainen
Naomi Kora

Financial Dynamics
+ 44 20 7831 3113
Ed Gascoigne Pees
Nick Henderson

Collins Stewart Europe Limited
[phone]
Hugh Field




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