On 29 May 2008 AS Aspi subsidiary SIA Abagars with joint bidders signed an agreement for the extension works of water and waste water networks in Riga, Sempeteris district. The agreement was entered into with SIA Rigas Udens and the Latvian Ministry of Environment (project financier). The extension works encompass water and waste water networks of 42 kilometers and pavement of roads more than 75,000 square meters. The total contract value is EUR 12,414,313 (EEK 194,241,790). The proportion of the contract value of works preformed by SIA Abagars is approximately EUR 11.9 million (EEK 186.2 million). All sums excluding VAT 18 per cent. The estimated time of completion of the extension works is December 2009. * AS Aspi owns 56 per cent share in SIA Abagars (a company domiciled in Latvian Republic). AS Aspi is a wholly-owned subsidiary of AS Eesti Ehitus. Eesti Ehitus is a group of construction companies whose core business is general contracting and construction management in the construction of buildings and structures in Estonia, Latvia, Lithuania and Ukraine. In addition, in Estonia our companies act as independent contractors in road construction and maintenance, environmental engineering, the assembly of reinforced concrete elements, and the performance of cast-on-site concrete works. The parent of the Group is AS Eesti Ehitus, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 20 subsidiaries in the Group. The consolidated revenue of the Group in 2007 was 3,8 billion kroons (240 million euros) and the consolidated net profit was 290 million kroons (19 million euros). AS Eesti Ehitus Group employs more than 1100 people. Since 18 May 2006, the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange. 1 EUR = 15,6466 EEK Raimo Talviste AS Eesti Ehitus Head of Investor Relations Tel: +372 6400 450 Email: raimo.talviste@eestiehitus.ee www.eestiehitus.ee