Arco Vara AS redeemed commercial papers in the amount of EEK 18.9 mio (EUR 1.7 mio) prior to initial term. As a result Arco Vara AS commercial paper program launched in July 2008 in the amount of EEK 66.5 mio kroons (EUR 4.3 mio) is fully redeemed. Founded in 1992 Arco Vara is one of the leading property developers in the Baltic States. The main business of the company is property development, which is supported by the group's own property brokerage, valuation, construction and property management units. The company has representative offices in 17 towns across Estonia, Latvia, Ukraine and Bulgaria. The Group employees ca 160 people. 1 EUR=15.6466 EEK Lembit Tampere Member of the management board Arco Vara AS Tel: +372 614 4630 info@arcovara.ee http://www.arcorealestate.com