Update on Acquisitions

Equest Investments Balkans Ltd
22 November 2007


22 November 2007

                       EQUEST INVESTMENTS BALKANS LIMITED

                     Completion and update on Acquisitions


Equest Investments Balkans Ltd ('EIB' or the 'Company'), the specialist
investment company focused on retail, financial services, infrastructure and
property development in South Eastern Europe, today announces that further to
its announcement on 25 May 2007, (i) it has completed the acquisition of
interests in Tehnik&Kom (Serbia) (now called K&K Electronics Serbia) and K&K
Electronics (Montenegro) (the 'Target Companies) with certain changes as
outlined below (the 'Transaction'); and (ii) it has agreed to acquire interests
in electronics wholesale and retail businesses in Albania, Macedonia, Bosnia &
Herzegovina and Kosovo, all operating under the Technomarket brand.


In May 2007, EIB entered into agreements to acquire a 23% interest in Tehnik&Kom
(Serbia) and a 50% interest in K&K Electronics (Montenegro) (the 'Target
Companies') with options to acquire up to 100% equity interests in the Target
Companies in stages commencing in 2008 at a price to be determined by an agreed
formula based upon sales and EBITDA. The total aggregate consideration of €5.7
million was funded by cash from EIB's own resources in the form of an equity
subscription for €1.7 million in the holding company of the Target Companies,
Harwood Holding BV ('Harwood') and a €4 million shareholder loan to Harwood.


The Company has now completed the acquisition of the interests in the Target
Companies and has further agreed with the selling shareholders of the Target
Companies (the 'Sellers') that in consideration of the payment of €1 million to
the Sellers, Harwood will acquire the entire issued share capital of four
additional companies that operate under the Technomarket brand in Albania, the
Republic of Macedonia, Bosnia and Herzegovina and Kosovo (the 'Additional
Companies') for fair value (on a debt free, cash free basis). As part of the
revised terms of the Transaction, EIB has agreed to advance a further amount of
up to €10 million to Harwood as a shareholder loan, €6 million of which shall be
advanced in November 2007 and the remaining €4 million of which shall be
advanced after the completion of the Harwood's acquisition of interests in the
Additional Companies (to occur no later than 31 March 2008). The shareholder
loans will be used to fund CAPEX.


As part of the revised terms of the Transaction, EIB has an option to acquire up
to 50% of the issued share capital of Harwood in 2008 and 2009 which, if
exercised, will result in EIB having an indirect 50% economic interest in all
subsidiaries of Harwood (except for the subsidiary registered in the Republic of
Macedonia, in which EIB shall have a 75% economic interest). The price of the
two options is to be determined by an agreed formula based upon sales and EBITDA
of the Harwood subsidiaries less indebtedness. The Sellers have agreed to
advance up to €5 million to Harwood as a shareholder loan in 2008 subject to EIB
exercising its first call option.


EIB and the Sellers have also agreed to sell their entire shareholding in
Harwood to EIB's 75% owned subsidiary, Lynx Property B.V. ('Lynx') in 2009 on
terms to be agreed with Lynx.


Petri Karjalainen, Managing Partner of Equest Partners, the advisory company to
EIB, said today:


'We are pleased to have completed this latest acquisition under the Technomarket
brand and are delighted to announce our intention to acquire a minority stake in
a further four companies under the Technomarket brand in Albania, the Republic
of Macedonia, Bosnia and Herzegovina and Kosovo, which follows our strategy to
broaden our investment focus to the wider Balkan region. These acquisitions will
provide a significant growth opportunity for the Technomarket operation, part of
EIB's electronic retail operation'.



For further information please contact:


Equest Partners Limited

+ 44 20 7240 7600

Petri Karjalainen

Naomi Kora


Collins Stewart Europe Limited

+ 44 20 7523 8325

Hugh Field

Jonny Sloan


Financial Dynamics

+ 44 20 7831 3113

Ed Gascoigne-Pees

Nick Henderson



Notes to Editors:

Tehnik&Kom (Serbia) and K&K Electronics (Montenegro)

Tehnik&Kom (Serbia) and K&K Electronics (Montenegro) (the 'Target Companies')
operate wholesale and retail operations of household appliances and consumer
electronics in Serbia and Montenegro under the Technomarket brand, with a
regional network of 13 stores in Serbia as well as wholesale operations in
Montenegro. Both companies are in an active programme of launching new stores in
their respective markets.

Equest Investments Balkans

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.



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