Conclusion of agreement for the transfer of shareholding


Eurocon Ukraine LLC, the subsidiary of AS Eesti Ehitus, signed an agreement for
the transfer of shareholdings in Ukrainian company JSC Pasazh Teatralnyi. With
the transaction Eurocon Ukraine LLC sold a 30 per cent shareholding in the
company. JSC Pasazh Teatralnyi is a company incorporated in Ukraine, which
leases land plots and owns buildings in Lviv, Ukraine. The company develops a
retail shopping centre on these land plots. The purpose of the transaction is
to release funds of Eurocon Ukraine LLC from investment project. After the
transactions Eurocon Ukraine LLC has a 27 per cent shareholding in JSC Pasazh
Teatralnyi. 

AS Eesti Ehitus has a shareholding in Eurocon Ukraine LLC through OÜ Eurocon.
AS Eesti Ehitus owns approx. 63 per cent of shares in OÜ Eurocon. OÜ Eurocon
owns 100 per cent of shares in Eurocon Ukraine LLC. 

The transaction does not have material economical effect on the activities of
AS Eesti Ehitus and does not qualify as a transfer of significant holding nor a
related party transaction within the meaning of “Requirements for Issuers” of
the NASDAQ OMX Tallinn Stock Exchange Rules. The members of the supervisory
board and management board of AS Eesti Ehitus do not have any personal
interests in the incorporation of the company. 



Eesti Ehitus is a group of construction companies whose core business is
general contracting and construction management in the construction of
buildings and infrastructures 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