Conclusion of a construction contract

On June 28, 2007, AS Linnaehitus, a wholly-owned subsidiary of AS Eesti Ehitus  
and  OÜ Fama Invest signed an agreement for AS Linnaehitus to perform the       
construction works of the second stage of FAMA shopping center situated at      
Hariduse 5, Narva.                                                              

Price of the contract is EEK 154,998,164 (EUR 9,906,188) excluding VAT and works
are to be completed in May 2008.                                                

Jaano Vink                                                                      
AS Eesti Ehitus                                                                 
Tel: (+372) 6400 450                                                            
E-mail: eestiehitus@eestiehitus.ee