Delay in 12 month unaudited report release

Hereby Arco Vara AS announces that the release of the 12 month unaudited report
of 2008 is delayed. Due to low liquidity of property market the annual
valuation process of Arco's properties is more complicated. It has delayed
group reporting by two weeks. 

Arco Vara presents its 12 month and Q4 results latest by 13th March 2009.

Arco Vara is one of the leading real estate developer in the Baltic's,
undergoing a SEE expansion with presence established already in Ukraine and
Bulgaria. Core business is real estate development supported by brokerage
network, construction and property management arm. The company has offices in
18 cities and employs less than 400 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