On 21.09.2007 Arco Vara AS issued 9 month discounted commercial papers in nominal value of 31,0 mEEK (mEUR 1,98) with interest of 6,250% per annum. Proceeds were used to refinance existing papers matured on 21.09.2007 that carried an interest of 6,462% per annum. “It's good to know that the market evaluates Arco's risk lower than 8 months ago”, said Arco's CFO Aare Tammemäe. 1 EUR=15,6466 EEK Additional information: Heigo Metsoja Head of Investor Relations +372 6144 654 heigo.metsoja@arcovara.ee http://www.arcorealestate.com