Arco Vara group sold its 100% holding in Lithuanian brokerage subsidiary called UAB IKAS Projekt. The entity was previously called Arco Real Estate UAB. The transaction is a part of restructuring activities of Arco Vara group's service division. The buyer is OÜ Secure Invest. The transaction does not have significant material economical effect on the activities of Arco Vara AS and does not qualify as a transfer of significant shareholding 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 Arco Vara AS do not have any personal interests in the incorporation of the company. 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 460 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 CFO / Member of the Management Board +372 6144 654 heigo.metsoja@arcovara.ee http://www.arcorealestate.com