Change in the qualifying holding

Arco Vara AS hereby informs about the change in the holdings and votes in Arco
Vara AS. 

OÜ Freier Projekt's management board informed Arco Vara AS, that starting from
16.09.2008 OÜ Freier Projekt owns 14 446 895 shares of Arco Vara AS, as a
result of which the voting rights owned by OÜ Freier Projekt form 15.16% of
voting rights represented by shares of Arco Vara AS. The sole shareholder of OÜ
Freier Projekt is Mr. Toomas Tool. Thus 15.16% of Arco Vara AS shares are in
indirect holding of Mr. Toomas Tool and 15.16% of the voting rights in Arco
Vara AS are indirectly controlled by him. 

Heigo Metsoja
CFO
+372 6144 654
heigo.metsoja@arcovara.ee
http://www.arcorealestate.com