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Pealkiri

Arco Vara AS maliciously filed for bankruptcy

Teade

On 21 January 2010, Arco Vara AS was filed for bankruptcy at the Harju County
Court. As the petition was submitted to the court and no copy has been sent to
Arco Vara AS, the company has no information on the content and grounds of the
petition. 

To the knowledge of Arco Vara AS, it has no debts, unpaid bills or outstanding
liabilities, or any other solvency problems. Arco Vara AS is liquid and solvent
which excludes any bankruptcy proceedings or their commencement according to
the Bankruptcy Act. 

Therefore, Arco Vara AS considers the bankruptcy petition a malicious act aimed
at discrediting the reputation of the company and influencing the share price. 

Arco Vara is a leading real estate developer in the Baltic's, established in
1992. The operations involve real estate development, brokerage, valuation,
construction and property maintenance arm. The company is located in 17 cities
in Estonia, Latvia, Ukraine and Bulgaria and employs ca 170 people. 

Arco Vara AS is listed on Tallinn Stock Exchange.

1 EUR = 15.6466 EEK

Lembit Tampere
Member of Management Board
Arco Vara AS
phone: +372 614 4630
info@arcovara.ee
www.arcorealestate.com