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 NASDAQ OMX Tallinn information system during 2008: 11.01.2008 Arco Vara expands its activities in Romania 08.02.2008 Veiko Taevere becomes member of the board of Arco Vara 13.02.2008 Arco Vara concluded a construction contract in Bulgaria 14.02.2008 Change in the accounting of majority shareholders 20.02.2008 Loan agreement 27.02.2008 Pre-agreement for the development of shopping centre in Ukraine 29.02.2008 Unaudited interim report 12 months 2007 06.03.2008 Apartment sales block deal in Sofia 02.04.2008 Arco Vara acquires 55% stake in small construction company Tempera Ehitus 03.04.2008 Arco Vara changed stakes in its subsidiaries 04.04.2008 Construction contracts 15.04.2008 Announcement of Arco Vara AS' shareholders general meeting 18.04.2008 Tallinn City Council approved the zoning for “Tivoli” project 18.04.2008 Arco Vara sold retail facilities in Kuressaare in Estonia 21.04.2008 CORRECTION: Announcement of Arco Vara AS' shareholders general meeting 14.05.2008 Decisions of annual general meeting of shareholders 26.05.2008 Tallinn municipality approved the zoning for Laeva 2 project 28.05.2008 Riga District's Garkalne County approved the zoning in Latvia in MB-3 project 29.05.2008 Arco Vara AS Interim report 2008 Q1 20.06.2008 Arco Vara sold its shareholding in AVEC Asset Management AS to East Capital 25.06.2008 Arco Vara receives five hectars of residential land in Tallinn in Merivälja district 08.07.2008 Change in the qualifying holding 09.07.2008 Share buyback program 14.07.2008 Arco issued commercial papers 18.07.2008 Information released by Arco Vara AS 18.07.2008 Share buyback transactions 25.07.2008 Share buyback transactions 30.07.2008 Change in the qualifying holding 01.08.2008 Share buyback transactions 07.08.2008 Share buyback transactions 12.08.2008 Court case in Tivoli project in Tallinn, Estonia 12.08.2008 Change in the qualifying holding 19.08.2008 Debt refinancing in Sofia in project „Madrid“ 19.08.2008 Change in the qualifying holding 22.08.2008 CORRECTION: Change in the qualifying holding 26.08.2008 Lembit Tampere is the new CEO of Arco Vara 28.08.2008 Additional information on Supervisory Board Member Mr. Ragnar Meitern 29.08.2008 Unaudited results for the 6 months and Q2 of 2008 02.09.2008 Change in the qualifying holding 04.09.2008 Arco Vara signed construction contract in development project “Manastirski” in Sofia 18.09.2008 Change in Arco Vara AS management 22.09.2008 Change in the qualifying holding 01.10.2008 Refinancing of short-term debt 03.10.2008 Arco canceled shopping centre deal in Simferopol in Ukraine 07.10.2008 Share buyback program 23.10.2008 Arco Vara major shareholders repurchase agreements 27.10.2008 Change in the qualifying holding 28.10.2008 INVITATION AND AGENDA OF THE SPECIAL GENERAL MEETING OF SHAREHOLDERS AND PROPOSALS MADE AT THE MEETING 03.11.2008 Refinancing of long-term debt 06.11.2008 Decision of special general meeting of shareholders 11.11.2008 Cancelling of current share buyback program 11.11.2008 Additional information on cancelling current share buyback program 17.11.2008 Construction agreement 28.11.2008 III QUARTER AND 9 MONTHS CONSOLIDATED INTERIM REPORT (UNAUDITED) 04.12.2008 Conclusion of agreement for the transfer of shares 05.12.2008 Conclusion of agreement for the transfer of shares 08.12.2008 Construction agreement 22.12.2008 Refinancing of short-term debt 23.12.2008 CORRECTION: Construction agreement 29.12.2008 Refinancing of long-term debt Up to the present date in 2009, Arco Vara AS has released the following information through NASDAQ OMX Tallinn information system: 22.01.2009 Arco Vara facility management expanded its business to Bulgaria 22.01.2009 Conclusion of agreement for the transfer of shares 27.02.2009 Delay in 12 month unaudited report release 03.03.2009 Fair value decreases and initial unaudited key figures of Arco Vara AS for 2008 09.03.2009 Transaction with related party 13.03.2009 IV QUARTER AND 12 MONTHS CONSOLIDATED INTERIM REPORT (UNAUDITED) 17.03.2009 Arco Vara filed action against AS Ühendatud Kapital 25.03.2009 Subsidiary of Arco Vara signed a long-term lease contract with Austrian supermarket chain 31.03.2009 Arco Vara obtained building and navying permits for Merivälja2 15.04.2009 Arco Investeeringute AS and Arco Vara Kinnistute AS merged 22.04.2009 Arco Vara AS audited annual report 2008 29.04.2009 INVITATION AND AGENDA OF THE GENERAL MEETING OF SHAREHOLDERS AND PROPOSALS MADE AT THE MEETING 06.05.2009 Court annulled the detailed plan of the project Tivoli 21.05.2009 Refinancing of Estonian Kroon nominated loans to Euro loans 21.05.2009 Refinancing of “Bišumuiža 1” and “Kodukolde” project loans 22.05.2009 INVITATION AND AGENDA OF THE NEW GENERAL MEETING OF SHAREHOLDERS AND PROPOSALS MADE 22.05.2009 „Arco Vara Group increased its shareholding in development project „Bišumuiža 2” in Latvia 29.05.2009 FIRST QUARTER AND THREE MONTHS 2009 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) All the above listed announcements are available on the website of NASDAQ OMX Tallinn at: http://www.nasdaqomxbaltic.com/market/?instrument=EE3100034653&list=2¤cy=E EK&pg=details&tab=news by selecting the respective start and end dates of the period in the search engine and on the corporate website of Arco Vara AS: http://www.arcorealestate.com Arco Vara AS