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On 26th February 2008 Arco Investeeringute AS, Sigma Real Estate Ltd. and AS Ühendatud Kapital signed a Letter of Intent (“LOI”) in order to set the main
principles and conditions for the acquisition of 50% stake in Cypros holding company that should manage and develop shopping centre projects in Ukraine.
According to LOI Arco made capital payments in value of  mln (124.5 mln kroons; 8.0 mln euros) that Arco has the right to get back. The proceeds are
guaranteed by AS Ühendatud Kapital, an Estonian entity. Taking into account that AS Ühendatud Kapital doesn't agree to Arco's compromise to sign additional
collateral and longer payment schedule, Arco's management has decided to execute AS Ühendatud Kapital guarantee. 

On 19.02.2009 Arco Investeeringute AS filed and action to The Arbitration Court Of The Estonian Chamber Of Commerce And Industry to collect arrears from AS
Ühendatud Kapital in value approx mln (137  mln Estonina kroons; 8.7 mln Euro) and an application to secure an action. On 11.03.2009 The Board of The
Arbitration Court Of The Estonian Chamber Of Commerce And Industry forwarded the Arco´s application to secure an action with its decision from 06.03.2009 to
Harju Country Court and the Court with its ruling has fully satisfied an action.  

To secure an Arcos action the Harju Country Court made notation concerning prohibition of any shares and stocks of AS Ühendatud Kapital subsidiary
companies, seized debtors all pecuniary means in all banks of Estonia and put judicial mortgage on registered immovable property of debtor. 

Arco has discounted in its 2008 annual financials the receivable by 45%.

Arco Vara is one of the leading real estate developer in the Baltic's, operating also in Ukraine and Bulgaria. Core business is real estate
development supported by brokerage network, construction arm and property management. The company has offices in 18 cities and employs ca  260 people.
Arco Vara is listed on Tallinn Stock Exchange. 

1 EUR=15,65 EEK
1 $=12.45 EEK

Arco Vara AS