Arco Vara Management Board has decided to cancel the share buyback program started on 08.10.2008. According to the program the aggregate consideration was 10.0 mln kroons (0.64 mln euros) during the period of 08.10.2008 to 31.12.2008. As of today no shares has been bought back during that specific program. Arco Vara holds 450 000 own shares. Arco Vara is one of the 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 20 cities and employs ca 500 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. Heigo Metsoja CFO / Member of the Management Board +372 6144 654 heigo.metsoja@arcovara.ee http://www.arcorealestate.com