Super Borovets Update

Equest Investments Balkans Ltd
29 October 2007

For Immediate Release



                       EQUEST INVESTMENTS BALKANS LIMITED

         Super Borovets development obtains first class investor status


Equest Investments Balkans ('EIB' or the 'Company'), the specialist investment
company focused on retail and financial services, infrastructure and property
development in South Eastern Europe, today announces that the Super Borovets
project has obtained a first class investor certificate from the Bulgarian
Foreign Investment Agency ('BFIA'). The certificate is granted to select
investment projects with investors totalling minimum BGN 70 million and provides
a number of core services, among others, the facility to fast track permit and
licence procedures, administrative support services from BFIA officials, and
also the option for infrastructure support.

A ceremony was held to mark the occasion in Pashenitsa Locality near the town of
Samokov on the 8 October 2007 and among those who attended was the Bulgarian
Prime Minister, Sergei Stanishev.

The project is of regional and national importance as it aims to provide a new
platform for development in the area, and also help establish Bulgaria as the
top winter and summer holidaying destination in Central and Eastern Europe. The
development will take place in two stages, between 2007 and 2012, and will
comprise 623,500 square metres of residential units and hotels. In addition,
nearly forty kilometres of new ski runs will be built.

This announcement follows EIB's agreement to acquire an effective 33.5% interest
in Rila Samokov, which owns 1,977,131 square metres of land for development in
Borovets in July 2007.

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

'We are delighted to have obtained the first class investor certificate, a
reflection of the projects size and importance. We will now begin to realise the
significant potential Super Borovets has to offer, and create a world class
resort offering both winter and summer facilities. We look forward to the
continued participation of our international and domestic partners in making the
Super Borovets a highly successful development'.



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. The Company has 7 majority and 2 minority holdings
in 9 companies in the region. As at 30 June 2007 the Company had Net Assets of
€363.6m including investments at fair value of €344.9m (based on independent
valuations) and cash of €8.1m.

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 Eastern Europe including Sofia, Bucharest and
Belgrade.




                      This information is provided by RNS
            The company news service from the London Stock Exchange