1. www.arcorealestate.com Management Presentation February, 2009 Real estate market overview 2008 Estonia

2. www.arcorealestate.com Founded in 1992 Integrated property developer, constructor and agent in the Baltic countries undergoing a SEE expansion with presence already established in Ukraine and Bulgaria Employs ca. 400 people in 5 countries Since 21.06.2007 listed on Tallinn Stock Exchange. Ticker “ARC1T” Services: brokerage, valuation, facility management, property advisory, environmental and civil construction, real estate development, facility and property management Arco Vara in profile

3. www.arcorealestate.com Real Estate market in Estonia Source: Colliers international

4. www.arcorealestate.com Residential: Transactions of apartments in Tallinn (source: National Land Board)

5. www.arcorealestate.com Sale offers of private houses and sales in Tallinn, 2006-2008 (source: National Land Board, web database City24.ee)

6. www.arcorealestate.com Sale periods of apartments and private houses in Tallinn (months), 2001-2008

7. www.arcorealestate.com Changes in average transaction value in a year (apartments, EUR)

8. www.arcorealestate.com New apartments 2003-21.10.2008, building permits, pieces

9. www.arcorealestate.com Business premises: Average rental prices (net) of office spaces (EUR/m2/month), 2008 CityAB Tallinn10-187-10 Tartu11-165-11 Pärnu7-124-6 Rakvere6-165-7 Jõhvi, Narva7-1070-7 Haapsalu9-136-10 Kuressaare75 Viljandi4-62.5-4

10. www.arcorealestate.com Changes in the highest rental prices and in vacancy rates of office spaces in Tallinn Average vacancy rate The highest rental price

11. www.arcorealestate.com Building permit of office buildings, 2005 - 2008 (I – III quarter), m2 (new buildings) Building permit 2005-2008 (III Q) (county) 2005200620072008 (I-III Q) Total Harjumaa51 788141 662234 94179 017507 408 Tartumaa3 13211 21410 60612 67437 626 Pärnumaa1 1891611 685012 891 Lääne -Virumaa1 95416005 8217 934 Ida- Virumaa01 77015 2755 76322 809

12. www.arcorealestate.com Building permits of shopping centres and service buildings, 2005-2008 (I – III quarter), m2 (new buildings) Building permit 2005-2008 (III Q) (county) 2005200620072008 (I-III Q)Total Harjumaa95 732118 020118 959139 320472 031 Tartumaa18 23020 09720 3758 98267 684 Pärnumaa13 53920 53655 73426 725116 533 Lääne -Virumaa9 0484 71945 1596 58265 509 Ida -Virumaa22 35817 56313 05169 434122 407

13. www.arcorealestate.com Average rental prices (net) of industrial spaces (EUR/m2/month) 2008 City (city)Class AClass B and C Tallinn 4.4 – 6.41 - 5 Tartu4.4 - 52.2 – 3.1 Pärnu3.1 – 6.40.3 – 2.5 Rakvere-1.6 - 4 Jõhvi, Narva4-61.6 - 3.1 Haapsalu-0.7 – 3.8 Viljandi2.5-3.11.3-2

14. www.arcorealestate.com Building permits of industrial spaces, 2005-2008 (I – III Q), m2 (new buildings) Building permit, 2005-2008 (III Q) (county) 2005200620072008 (I-III Q)Total Harjumaa145 237189 559214 346112 839661 981 Tartumaa10 10393 68048 82737 632190 242 Pärnumaa20 92116 8125 51112 68455 929 Lääne -Virumaa10 23120 1695 0013 73739 137 Ida -Virumaa1 4464 3542 6647 97016 433

15. www.arcorealestate.com Thank You! Management Presentation February, 2009