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Stock exchange announcement

Arco Vara AS notifies of a change in the structure of persons having a major holding in Arco Vara AS.

On 14 February 2011, Firebird Republics Fund Ltd and Firebird Avrora Fund Ltd  informed Arco Vara AS of acquisition of 106,897 Arco Vara AS shares by Firebird Avrora Fund Ltd on 11 February 2011. Together with the 156,064 shares belonging to Firebird Republics Fund Ltd, they now own 5.4% (262,961) Arco Vara AS shares.
The management company of Firebird Avrora Fund Ltd is Firebird Avrora Advisors LLC and the management company of Firebird Republics Fund Ltd is Firebird Management LLC. Both management companies are managed by Eastern Star Consulting Inc.
Established in 1992, Arco Vara is one of the leading real estate development companies in the Baltic countries. The main activity of the company is real estate development, supported by appraisal, construction and real estate administration.
The company has offices in 17 cities in Estonia, Latvia, Ukraine and Bulgaria.

Lembit Tampere
Member of the Management Board
Arco Vara AS
Tel: +372 614 4630             
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http://www.arcorealestate.com