AS Eesti Ehitus Announcement February 16, 2007 Sale of shareholding in V.I. Center LLC On February 13, 2007 OÜ Eurocon, a subsidiary of AS Eesti Ehitus has concluded an agreement with a non-related party Continental Investment Holding GmbH to sell its whole 11% shareholding in V.I. Center LLC. As a result of the transaction, the shareholding structure in V.I. Center LLC is the following: Eurocon Ukraine LLC owns 52%, AG ECE European City Estates 24%, Mr Volodymir Pechenik 13% and Continental Investment Holding GmbH 11% of the company. Considering the minority shareholdings in OÜ Eurocon and Eurocon Ukraine LLC, AS Eesti Ehitus owns as of today a 31.95% share in V.I. Center LLC. V.I. Center LLC holds a 4.3 ha commercial purpose land plot at Kiev - Borispol highway on long term leasehold and has begun design works to develop commercial buildings of up to 60 000 sqm on that land plot. As per shareholders agreement, Eurocon Ukraine LLC will act as the main contractor for the project. Andri Hõbemägi AS Eesti Ehitus Tel: (+372) 6400 450 E-mail: eestiehitus@eestiehitus.ee