Arco Vara AS informs the change in the qualifying holding of share capital. OÜ Freier Projekt's management board informs Arco Vara AS, that starting from 15.08.2008 OÜ Freier Project has 4 764 208 shares of Arco Vara AS, equal to 5.0% of share capital. Starting from 15.08.2008 Mr. Toomas Tool don't have any Arco Vara AS shares. Arco Vara is a leading real estate developer in the Baltic's, undergoing a SEE expansion with presence established already in Ukraine, Bulgaria and Romania. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 29 cities and employs over 600 people. According to 2007 audited consolidated results net sales was 727 mln kroons (46 mln euros), net profit before minorities 235 mln kroons (15 mln euros) and assets 3 564 mln kroons (228 mln euros). Arco Vara is listed on Tallinn Stock Exchange. 1 EUR=15,6466 EEK Heigo Metsoja IRO +372 6144 654 heigo.metsoja@arcovara.ee http://www.arcorealestate.com