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2008


Acting under the granted authorization by the Shareholders General Meeting the Management Board of Arco Vara AS decided on 09.07.2008 to initiate share buyback program. Under the programme the aggregate consideration will be 4.0 mln kroons (0.26 mln euros) and maximum of 450 000 shares may be acquired. The period started on 10.07.2008 and ends on 05.09.2008.                                  

During the period 10.07.2008-18.07.2008 the following buyback transactions have been made:                                                                     

Share- ARC1T:                                                                  

--------------------------------------------------------------------------------
| Date             |    Amount |    Price, |    Price, |     Cost, |     Cost, |
|                  |                      |     euros |    kroons |   euros |    kroons |
--------------------------------------------------------------------------------
| 10.07.2008       |    10 000 |      0.63 |      9.86 |     6 300 |    98 574 |
--------------------------------------------------------------------------------
| 11.07.2008       |     7 500 |      0.62 |      9.70 |      4 650 |    72 757 |
--------------------------------------------------------------------------------
| 14.07.2008       |     7 024 |      0.61 |      9.54 |     4 285 |     67 040 |
--------------------------------------------------------------------------------
| 15.07.2008       |    10 000 |      0.61 |     9.54 |     6 100 |    95 444 |
--------------------------------------------------------------------------------
| 16.07.2008       |    20 000 |      0.60 |      9.31 |    11 900 |   186 195 |
--------------------------------------------------------------------------------
| 17.07.2008       |         0 |      0.00 |      0.00 |         0 |         0 |
--------------------------------------------------------------------------------
| 18.07.2008       |    22 000 |      0.58 |      9.06 |    12 740 |   199 338 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total for period |    76 524 |      0.60 |      9.40 |    45 975 |   719 347 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated      |    76 524 |      0.60 |      9.40 |    45 975 |   719 347 |
| under buyback    |           |           |           |           |           |
| programme        |           |           |           |           |           |
--------------------------------------------------------------------------------

After these transactions Arco Vara owns 76 524 own shares, which is 0.08% of share capital.                                                                 

Under the program up to 3.28 mln kroons (0.21 mln euros) remains to be used or up to 373 476 shares remain to be bought back.                                 

The share buyback program is being implemented in accordance with the provisions of the European Commission's regulation no. 2273/2003 of December 2003, which protects listed companies against violation of insider legislation in connection with share buybacks. Arco Vara has appointed SEB Bank as lead manager of the program, who under a separate agreement with Arco Vara will buy 
back shares on behalf of Arco Vara. SEB Bank will be independent on its trading decisions irrespective of and without influence from Arco Vara as to the timing of the purchases as well as carry out the buyback according to the regulations and within the set framework of the programme.                                 

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 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                                                              


 


According to §135 section 4 of the Securities Market Act of Estonia we hereby
inform that Arco Vara AS has released the following information through the
stock exchange system during 2007:

Date Information
29.06 Linstow acquired 50% of a Arco Vara development project in Latvia
02.07 Aare Tammemäe starts as chief financial officer and member of board of Arco Vara
02.07 Additional information to 29.06.2007 announcement regarding the engagement of a partner to a development project in Riga
11.07 Arco Vara opens three new offices in Bulgaria and Romania
13.07 Arco Vara acquired first development project in Bulgaria in Sofia
02.08 Arco Vara acquired its second development project in Bulgaria
03.08 Disposal of a holding
09.08 Arco Vara opens new branch in Lithuania
15.08 Concluding a loan contract
17.08 Business name change of the subsidiary
21.08 Change in the accounting of majority shareholders
24.08 Financing agreement
30.08 Unaudited results for the first half of 2007
05.09 Arco Vara acquired its first development project in Lithuania
12.09 Avo Rõõmusaar is a new management board member of Arco Vara AS
21.09 Arco Vara established a joint venture with Riga municipality
24.09 Arco refinanced commercial papers
28.09 Arco Balti Kinnisvaraportfell AS, managed by AVEC Asset Management AS, concluded a share issue in amount of 55.5 million kroons (3.55 million euros)
16.10 Arco Vara concluded a construction contract in Bulgaria
22.10 Arco Vara increased shareholding in its agency operations in Romania
13.11 Change in the accounting of majority shareholders
29.11 Interim unaudited report, 9 months 2007
03.12 Correction in interim unaudited operating report, 9 months 2007
12.12 A change in the membership of the Management Board of Arco Vara AS and a change of the head of the Supervisory Council
19.12 Construction contract

Up to present date on 2008, Arco Vara AS has released the following information through the Tallinn Stock Exchange information system:

Date Information
11.01 Arco Vara expands its activities in Romania
08.02 Veiko Taevere becomes member of the board of Arco Vara
13.02 Arco Vara concluded a construction contract in Bulgaria
14.02 Change in the accounting of majority shareholders
20.02 Loan agreement
27.02 Pre-agreement for the development of shopping centre in Ukraine
29.02 Unaudited interim report 12 months 2007
06.03 Apartment sales block deal in Sofia
02.04 Arco Vara acquires 55% stake in small construction company Tempera Ehitus
03.04 Arco Vara changed stakes in its subsidiaries
04.04 Construction contracts
15.04 Announcement of Arco Vara AS' shareholders general meeting
18.04 Arco Vara sold retail facilities in Kuressaare in Estonia
18.04 Tallinn City Council approved the zoning for “Tivoli” project
21.04 Correction: Announcement of Arco Vara AS' shareholders general meeting
14.05 Decisions of annual general meeting of shareholders
26.05 Tallinn municipality approved the zoning for Laeva 2 project
28.05 Riga District's Garkalne County approved the zoning in Latvia in MB-3 project
29.05 Arco Vara AS Interim report 2008 Q1
20.06 Arco Vara sold its shareholding in AVEC Asset Management AS to East Capital
25.06 Arco Vara receives five hectars of residential land in Tallinn in
Merivälja district
08.07 Change in the qualifying holding
09.07 Share buyback program
14.07 Arco issued commercial papers

All the above mentioned announcements are available on the website of Tallinn
Stock Exchange at:
http://www.baltic.omxnordicexchange.com/market/?instrument=EE3100034653&list=2&currency=EEK&pg=details&tab=news
by selecting the respective start and end date of the period in the search engine.

Additionally, Arco Vara AS has published on the Tallinn Stock Exchange website the quarterly interim reports of 2007 and the audited annual report of 2007.
The reports are available at the following adderss:
http://www.baltic.omxnordicexchange.com/market/?pg=reports.

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 and construction arm. The company has offices in 29 cities and employs over 640 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


Acting under the granted authorization by the Shareholders General Meeting the Management Board of Arco Vara AS decided on 09.07.2008 to initiate share buyback program. Under the program the aggregate consideration will be 4.0 mln kroons (0.26 mln euros) and maximum of 450 000 shares may be acquired. The period started on 10.07.2008 and ends on 05.09.2008.

During the period 19.07.2008-25.07.2008 the following buyback transactions have been made:

Share- ARC1T:                                                                  

--------------------------------------------------------------------------------
| Date             |    Amount |      Price, |    Price, |       Cost, |          Cost, |
|                             |           |       euros |    kroons |     euros |      kroons |
--------------------------------------------------------------------------------
| 21.07.2008       |         0 |         0 |         0 |         0 |         0 |
--------------------------------------------------------------------------------
| 22.07.2008       |    10 000 |      0.54 |      8.45 |     5 400 |    84 492 |
--------------------------------------------------------------------------------
| 23.07.2008       |   169 000 |      0.56 |      8.76 |    94 640 | 1 480 794 |
--------------------------------------------------------------------------------
| 24.07.2008       |   173 000 |      0.56 |      8.76 |    96 880 | 1 515 843 |
--------------------------------------------------------------------------------
| 25.07.2008       |         0 |         0 |         0 |         0 |         0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total for period |   352 000 |      0.56 |      8.75 |   196 920 | 3 081 128 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated      |   428 524 |      0.57 |      8.87 |   242 894 | 3 800 475 |
| under buyback    |           |           |           |           |           |
| programme        |           |           |           |           |           |
--------------------------------------------------------------------------------

After these transactions Arco Vara owns 428 524 own shares, which is 0.45% of share capital.

Under the program up to 0.2 mln kroons (0.013 mln euros) remains to be used or up to 21 476 shares remain to be bought back.

The share buyback program is being implemented in accordance with the provisions of the European Commission's regulation no. 2273/2003 of December 2003, which protects listed companies against violation of insider legislation in connection with share buybacks. Arco Vara has appointed SEB Bank as lead manager of the program, who under a separate agreement with Arco Vara will buy
back shares on behalf of Arco Vara. SEB Bank will be independent on its trading decisions irrespective of and without influence from Arco Vara as to the timing of the purchases as well as carry out the buyback according to the regulations and within the set framework of the programme.

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 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                                                              
 


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


Acting under the granted authorization by the Shareholders General Meeting the Management Board of Arco Vara AS decided on 09.07.2008 to initiate share buyback program. Under the program the aggregate consideration will be 4.0 mln kroons  
(0.26 mln euros) and maximum of 450 000 shares may be acquired. The period started on 10.07.2008 and ends on 05.09.2008.                                  

During the period 26.07.2008 - 01.08.2008 the following buyback transactions have been made:                                                                
                                                                               

Share- ARC1T:                                                                  

--------------------------------------------------------------------------------
| Date             |    Amount |    Price, |      Price, |      Cost, |       Cost, |
|                  |                       |    euros |    kroons |     euros |    kroons |
--------------------------------------------------------------------------------
| 28.07.2008       |         0 |            0 |              0 |              0 |         0 |
--------------------------------------------------------------------------------
| 29.07.2008       |         0 |            0 |              0 |              0 |         0 |
--------------------------------------------------------------------------------
| 30.07.2008       |         0 |            0 |              0 |              0 |         0 |
--------------------------------------------------------------------------------
| 31.07.2008       |         0 |            0 |              0 |              0 |         0 |
--------------------------------------------------------------------------------
| 01.08.2008       |         0 |            0 |              0 |             0 |          0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total for period |         0 |           0 |              0 |             0 |         0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated      |  428 524 |   0.57 |    8.87 |   242 894 | 3 800 475 |
| under buyback    |           |           |           |           |           |
| programme        |           |           |           |           |           |
--------------------------------------------------------------------------------

After these transactions Arco Vara owns 428 524 own shares, which is 0.45% of  share capital.                                                                 

Under the program up to 0.2 mln kroons (0.013 mln euros) remains to be used or up to 21 476 shares remain to be bought back.                                  

The share buyback program is being implemented in accordance with the provisions of the European Commission's regulation no. 2273/2003 of December 2003, which protects listed companies against violation of insider legislation in connection with share buybacks. Arco Vara has appointed SEB Bank as lead manager of the program, who under a separate agreement with Arco Vara will buy back shares on behalf of Arco Vara. SEB Bank will be independent on its trading decisions 
irrespective of and without influence from Arco Vara as to the timing of the purchases as well as carry out the buyback according to the regulations and within the set framework of the programme.                                     

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 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                                                              


Acting under the granted authorization by the Shareholders General Meeting the Management Board of Arco Vara AS decided on 09.07.2008 to initiate share buyback program. Under the program the aggregate consideration will be 4.0 mln kroons  
(0.26 mln euros) and maximum of 450 000 shares may be acquired. The period started on 10.07.2008 and ends on 05.09.2008.                                  

During the period 02.08.2008 - 07.08.2008 the following buyback transactions have been made:                                                                
                                                                               

Share- ARC1T:                                                                  

--------------------------------------------------------------------------------
| Date             |    Amount |    Price, |    Price, |     Cost, |     Cost, |
|                  |                        |     euros |    kroons |     euros |    kroons |
--------------------------------------------------------------------------------
| 04.08.2008       |         0 |         0 |         0 |         0 |         0 |
--------------------------------------------------------------------------------
| 05.08.2008       |         0 |         0 |         0 |         0 |         0 |
--------------------------------------------------------------------------------
| 06.08.2008       |         0 |         0 |         0 |         0 |         0 |
--------------------------------------------------------------------------------
| 07.08.2008       |    21 476 |      0.54 |      8.50 |    11 668 |   182 563 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total for period |    21 476 |      0.54 |      8.50 |    11 668 |   182 563 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated      |   450 000 |      0.57 |      8.87 |   254 563 | 3 983 038 |
| under buyback    |           |           |           |           |           |
| programme        |           |           |           |           |           |
--------------------------------------------------------------------------------

The share buyback program is ended.                                           

During the program Arco Vara AS bought back total of 450 000 own shares, which is 0.47% of the total share capital. The total contribution of the shares amounted to 3 983 038 kroons (254 563 euros). The average share price paid was 8.87 kroons (0.57 euros) per share.                                            
                                                                               
The share buyback program was implemented in accordance with the provisions of  the European Commission's regulation no. 2273/2003 of December 2003, which protects listed companies against violation of insider legislation in connection with share buybacks. Arco Vara appointed SEB Bank as lead manager of the program, who under a separate agreement with Arco Vara bought back shares on behalf of Arco Vara. SEB Bank was independent on its trading decisions irrespective of and without influence from Arco Vara as to the timing of the purchases as well as carrying out the buyback according to the regulations and  within the set framework of the programme.                                     

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 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