Change in the qualifying holding

Arco Vara AS informs the change in the qualifying holding of share capital. 

The Financial Supervision Authority notified Arco Vara that Mr. Toomas Tool
exceeded 10% shareholding in Arco Vara AS. As of 11.07.2008 he owned through
private accounts and through his company Freier Projekt OÜ 11,225% of Arco Vara
AS shares. The ownership corresponds to 10 695 646 shares. Arco Vara AS has no
latest information on the holding. 

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