Arco Group refinanced its short-term debt in Sampo bank in amount of 95.1 mln kroons (6.1 mln euros) in project Kolde in Tallinn, Estonia. New maturity of the debt is May 2010 and interest rate is 6-month Euribor+2.0%. Additional information on project Kolde: http://www.kodukolde.ee/?id=48 Arco Vara is one of the leading real estate developer in the Baltic's, undergoing a SEE expansion with presence established already in Ukraine and Bulgaria. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 20 cities and employs 460 people. According to 2007 results net sales was 727 mln kroons (46 mln euros), net profit before minorities 235 mln kroons (15 mln euros) and assets 3 564 mln kroons (228 mln euros). Arco Vara is listed on Tallinn Stock Exchange. 1 EUR=15,6466 EEK Heigo Metsoja CFO / Member of the Management Board +372 6144 654 heigo.metsoja@arcovara.ee http://www.arcorealestate.com