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2008


Dear Arco Vara AS shareholder,

Arco Vara AS shareholders ordinary general meeting will take place on May 13th
2008 at 1PM in Tallinn, Tõnismägi 2, at the conference center of the National
Public Library.

The agenda of the general meeting:

1. Approval of the annual report.
The Supervisory Board proposes the annual report for 2007 be approved.

2. Profit allocation
2.1 The Supervisory Board proposes the following allocation of the profit:
Undivided profit as of 31.12.2007 in the amount of EUR 13 985 786 (EEK 210 830
000) to be divided as follows:
a) allocation to the compulsory reserves EUR 727 251 (EEK 11 379 000)
b) share of profit to be paid to shareholders (net dividend) will be EUR 2 378
152 (EEK 37 210 000), i.e. EUR ~0,025 per share.
c) Rest of the profit at the amount of EUR 10 880 383 (EEK 170 241 000) to
remain undivided.
2.2 The supervisory board proposes to approve the following regulation for
paying of the dividends: according to the Tallinn stock exchange regulation,
the list of shareholders entitled to dividends for financial year 2007 will be
fixed at the 10. operating day following the general meeting, i.e. on May 22nd
2008 at 11:59 PM. Dividends will be paid on June 3rd 2008.

3. Appointment of auditor
3.1 The Supervisory Board proposes the shareholders appoint the auditor for one
year (until the next ordinary shareholders general meeting) and appoint Ernst &
Young Baltics AS as such auditor.
3.2. The Supervisory Board proposes the auditor be paid for auditing the 2008
annual report according to an agreement to be signed between the company and
Ernst & Young Baltics AS.

4. Authorization for buyback of own shares
The Supervisory Board proposes an authorization of the buyback of shares under
following conditions:
a) The company is entitled to buy back its own shares one year from the general
shareholders meeting's decision.
b) The face value of purchased shares may not exceed 10% of total equity
capital.
c) The sum paid for one share may not exceed the highest price paid on the
Tallinn Stock Exchange for an Arco Vara AS share on the same day.
d) Own shares will be paid for with assets exceeding equity capital, compulsory
reserves and issue premium.

5. Recall of a member of the Supervisory Board and election of a new member
Member of the Supervisory Board Mr Arti Arakas has asked to resign from the
post. The Supervisory Board proposes Mr Arti Arakas be recalled from the post
and a new member be elected, about whom further information will be provided by
the Supervisory Board.

The materials of the annual general meeting are available on the website of
Arco Vara AS, address http://www.arcorealestate.com/investorile/uldinfo and in
the office of Arco Vara AS at Jõe 2B, Tallinn weekdays between 9.00-17.00

Questions on the agenda items may be submitted via e-mail at
This email address is being protected from spambots. You need JavaScript enabled to view it..
Questions and answers shall be made public on the Arco Vara AS website on the
internet.

The list of shareholders entitled to participate at the annual general meeting
shall be determined at 11:59PM on day immediately prior to the meeting.
Registering to participate in the meeting will convene at 12:30PM on May 13th
2008.

To register, we kindly ask shareholders to present an ID document and the
representative of the shareholder additionally to present also a signed Power
of Attorney or documents validating representation.

Sincerely yours,
Board of Arco Vara AS

 



Subsidiary on Arco Vara AS, Arco Vara Kinnistute AS sold retail facilities in
Kuressaare on Tallinna str. 77/79 /Kalevi Str. 6. Deal value was 29 mln kroons
(1,85 mln euros) wo. VAT.

After repayment of debt net cash flow to Arco is 13,2 mln kroons (0,84 mln
euros). Arco didn't earned significant gain or loss on the deal.

Arco Vara confirms that the transaction does not constitute a transaction with
related parties or financially important enough within the meaning of the
Tallinn Stock Exchange Rules and the members of the supervisory council and
management board of Arco Vara are otherwise not personally interested in the
transaction.

Arco Vara is a leading real estate developer in the Baltic's, undergoing a CEE
expansion with presence established already in Ukraine, Bulgaria and Romania.
The operations involve real estate development, brokerage, construction and
investment management arm. The company has offices in 30 cities and has in
total 664 employees. 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.

Heigo Metsoja
IRO
+372 6144 654
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com

 


Tallinn City Council approved the zoning for planned residential district on
Narva street 67 in Kadriorg Tivoli area. The plot is in full ownership
of Arco Vara subsidiary Arco Investeeringute AS.

The gross space of up to 5 storey apartment buildings is 51 400 m2, commercial
buildings 7 000 m2 and underground parking facilities 21 150 m2. 11 houses will
include in total 605 apartments. The code name of the project in Arco's
reporting is “Tivoli”. Arco is considering to start the construction in 2008.

“The approval of the zoning decreases significantly our investment portfolio's
exposure to zoning and asset liquidity risks and makes it much easier to
evaluate the fair value of the site”, says Arco's CEO Mr. Aare Tammemäe.

Arco Vara is a leading real estate developer in the Baltic's, undergoing a CEE
expansion with presence established already in Ukraine, Bulgaria and Romania.
The operations involve real estate development, brokerage, construction and
investment management arm. The company has offices in 30 cities and has in
total 664 employees. 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
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com

 

1. narvamnt67_41akso7.jpg
   (https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=182637)
2. narvamnt67_41 p16.jpg
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3. narvamnt67_41 p14.jpg
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4. narvamnt67_41 p m_nguv_ljak.jpg
   (https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=182636)


The Annual general meeting of shareholders of Arco Vara AS was held on 13 May
2008 at 13:00. The decisions of the meeting were as follows:

1.To approve the year 2007 annual report of Arco Vara AS

2.Undivided profit as of 31.12.2007 in the amount of 218 830 000 kroons (13
985 786 euros) to be divided as follows:
a)Allocate to the compulsory reserves 11 379 000 kroons (727 251 euros);
b)Share of profit to be paid to shareholders (net dividend) will be  37 210
000 kroons (2 378 152 euros), i.e. 0,39 kroons (0,025 euros) per share;
c)Not to distribute the rest of the profits in amount 170 241 000 kroons (10
880 383 euros)

According to the Tallinn Stock Exchange regulation, the list of shareholders
entitled to dividends for financial year 2007 will be fixed at the 10th
operating day following the general meeting, i.e. on May 27th 2008 at 23:59.
Dividends will be paid out on June 3rd 2008.

3.To appoint 1 auditor for one year (until the next annual general meeting of
shareholders) and to appoint Ernst & Young Baltic AS as such auditor and to pay
to the auditor the fees for the auditing of 2008 financial results according to
the agreement to be signed between Arco Vara AS and Ernst & young Baltic AS.

4.The company is authorized to buy back its own shares under following
conditions:
1.The company is entitled to buy back its own shares within five years from
the general shareholders meeting's decision;
2.The nominal values of the purchased shares may not exceed 10% of the total
equity capital;
3.The sum paid for one share may not be lower than half of the nominal value
of the share nor exceed the highest price paid for an Arco Vara AS share or
bided independently for an Arco Vara AS share on the Tallinn Stock Exchange on
the same day;
4.Own shares will be paid for with the assets exceeding equity capital,
compulsory reserves and issue premium.

5.To recall Arti Arakas as member of the supervisory board of Arco Vara AS. To
consider the above person recalled and the term of his authority as member of
the supervisory board terminated from the moment of this resolution.

To elect Ragnar Meitern (id. 37309260342) as member of the supervisory board of
Arco Vara AS. To consider the above person elected and the term of his
authority as member of the supervisory board commenced from the moment of this
decision.


1 EUR=15.6466 EEK

Heigo Metsoja
IRO
+372 6144 654
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com



1. ragnar meitern`s short biography.pdf 
 ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1862 21 )


The land is in full ownership of Arco Investeeringute AS, a subsidiary of Arco
Vara AS. The site locates in the very centre of the city at Ahtri street.
According to the zoning plan Arco can construct 6-storey commercial centre in
size of 7 776 m2 of gross space. There will be underground parking for 72 cars.

Project visuals are attached to this message. Additional information on the
project and for tenants can be found on the following site:

http://www.navigator.ee/

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.
The operations involve real estate development, brokerage, construction and
investment management arm. The company has offices in 29 cities and has in
total 640 employees. 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.

Heigo Metsoja
Project Finance and IR
+372 6144 654
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com


Project visuals:
1. 1[1].jpg
   ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1874 60 )
2. sise3_7[1].jpg
   ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1874 70 )
3. sise2_7_2[1].jpg
   ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1874 69 )
4. 21[1].jpg
    ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1874 68 )
5. 7_4[1].jpg
   ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1874 63 )
6. 18[1].jpg
    ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1874 67 )
7. 15[1].jpg
   ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1874 65 )
8. 17[1].jpg
   ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1874 66 )
9. sise4_4[1].jpg
   ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1874 71 )
10. 8-4-2[1].jpg
   ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1874 64 )
11. 2[1].jpg
    ( https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=1874 62


Garkalne County approved the zoning for residential district project called
“MB-3” near Riga next to Baltezers lake. The land belongs to the municipality
of Riga but Arco Development SIA, Arco's 80% subsidiary, has leasehold right
until the year 2034.

The size of the land plot is 86 ha. 60 ha can be used for construction with the
intensity of 30%. Maximum construction right is 181 392 m2 of gross space. The
book value of the project is 0.6 mln kroons (0.04 mln euros) and it's recorded
in inventory. The project has never been appraised for IPO or accounting
purposes.

“The size of MB-3 project is comparable to Veskimöldre project in Talllinn, so
it's a considerable project for Arco in Latvia. The project has all ingredients
for success- great location near Riga, good connection to the city, good
infrastructure and low acquisition cost. 4 year long successful zoning process
gives to the management comfort of executing “hidden values” in our land bank
further”, says Arco's Mr. CEO Aare Tammemäe.

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.
The operations involve real estate development, brokerage, construction and
investment management arm. The company has offices in 29 cities and has in
total 640 employees. 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
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com