Strategic Holding

Equest Investments Balkans Ltd
11 July 2007



                       EQUEST INVESTMENTS BALKANS LIMITED

 ACQUISITION OF 33.5% EQUITY HOLDING IN RILA SAMOKOV 2004 AD FOR DEVELOPMENT OF
                            BOROVETS MOUNTAIN RESORT

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 acquisition of
a strategic 33.5% indirect equity holding in Rila Samokov 2004 AD ('Rila Samokov
'), the company which is the land owner and principal developer of a large scale
development project in the Borovets mountain resort area in Bulgaria. Following
this announcement, the Company now has investments in 9 companies in South
Eastern Europe.

EIB has signed binding agreements to acquire an effective 33.5% interest in Rila
Samokov, which owns 1,977,131 sq m of land for development in Borovets. EIB is
investing EUR 25.9 million in cash, comprising a payment for the equity purchase
and a capital contribution into Rila Samokov.

EIB owns 50% of Borovets Invest NV, a holding company, which in turn owns 67% of
Rila Samokov. EIB's partner in Borovets Invest NV is an international
institution. The other shareholders in Rila Samokov are the Municipality of
Samokov (25% shareholding) and Bulgaria's leading construction company
Glavbolgarstroy (8% shareholding).

Rila Samokov's development project in Borovets is one of the largest property
development projects in Bulgaria currently in progress. The project involves,
over the next five years, the construction of a total 653,815 square metres of
residential apartments, hotels and retail space as well as associated
infrastructure, including the creation of an additional 36.5 km of ski runs to
complement the existing skiing area.

Borovets is Bulgaria's oldest mountain resort and is located 73km from the
capital, Sofia, and caters both for winter and summer recreation. The area
currently has some 42 km of ski runs and a high point in the mountains of 2,400
metres. Rila Samokov principal development sites are located in four areas;
Borovets 1100 m, Banderata 1460 m, Gvardeiska poliana 1620 m and Bialata poliana
1310 m.

The project is divided into two main phases, with commencement scheduled for
September 2007 and completion in 2012.  Total development cost for the project
is approximately EUR 566 million.   Rila Samokov plans to finance the project
through debt and the pre-sales of properties. The project has obtained all
necessary approvals for commencing the first phase of building work.

Commenting on this announcement, Petri Karjalainen, Managing Partner of Equest
Partners Limited, EIB's Investment Adviser, said:

'We are delighted to have completed the acquisition into this large scale
project for building modern facilities for both winter and summer tourism in
Borovets. This project is of regional and national importance.  We recognize the
substantial potential that the Borovets and Samokov region have for growth in
leisure, both for domestic and international visitors, based on the proximity to
Sofia and the international airports as well as the unique quality of the nature
and the mountains. We look forward to working with our international and
domestic partners in the project and to jointly making the Borovets development
a landmark resort in the South East European region'.

For further information please contact:

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

Collins Stewart Europe Limited                         [phone]
Hugh Field

Financial Dynamics                                     + 44 20 7831 3113
Ed Gascoigne-Pees
David Cranmer


Notes to Editors:

Equest Investments Balkans Ltd is traded on the AIM market operated by the
London Stock Exchange and the Irish Stock Exchange. The company is one of the
leading international investment companies for the South East European region
focusing on sectors that are set to benefit from the growth in consumer spending
and disposable income in the region. The principal investment sectors of EIB
include retail, financial services, land and property development and
infrastructure opportunities. Following this announcement, the Company has 7
majority and 2 minority holdings in 9 companies in the region. As at 31 December
2006 the Company had Net Assets of €310.1m including investments at fair value
of €227.6m (based on independent valuations) and cash of €76.1m.

Equest Partners Ltd is Authorised and Regulated by the Financial Services
Authority (FSA) in the United Kingdom. Equest Partners provides investment
advisory services to Equest Investments Balkans Ltd. The Investment Manager for
the Company is Equest Capital Management Ltd. Equest employs more than 40
professionals in its headquarters in London, as well as in its regional
investment offices in the South East European including Sofia, Bucharest and
Belgrade.




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