Conclusion of agreement for the transfer of shares


AS Eesti Ehitus subsidiary OÜ Eurocon that is responsible for operating Group's
economic activities in Ukraine signed a share sale-purchase agreement by which
it sold an 8 per cent share with nominal value of UAH 32,000 (approximately EEK
73,000/EUR 4,680) in a Ukrainian real estate development company V.I. Center
TOV. The shares were transferred to existing V.I. Center TOV shareholder
Continental Investment Holding Gmhb, a company registered in Austria. After the
share sale-purchase agreement OÜ Eurocon's shareholding in V.I. Center TOV is
44 per cent. 

The decreasing of shareholding was agreed upon between investors and in
accordance with business plan which foresees step-by-step transfer of OÜ
Eurocon's shareholding in V.I. Center TOV depending on getting a construction
permit and signing of a construction contract. As of today V.I. Center TOV has
acquired a construction permit. V.I. Center is a development project near Kiev
Borispol airport where according to plans a 340 room hotel and office space of
40,000 square meters is built. 

AS Eesti Ehitus has a shareholding in V.I. Center TOV through OÜ Eurocon. AS
Eesti Ehitus owns approx. 63 per cent of shares in OÜ Eurocon. 

The transaction does not have material economical effect on the activities of
AS Eesti Ehitus and does not qualify as a transfer of significant shareholding
nor a related party transaction within the meaning of “Requirements for
Issuers” of the NASDAQ OMX Tallinn Stock Exchange Rules. The members of the
supervisory board and management board of AS Eesti Ehitus do not have any
personal interests in the incorporation of the company. 


Eesti Ehitus is a group of construction companies whose core business is
general contracting and construction management in the construction of
buildings and infrastructures in Estonia, Latvia, Lithuania and Ukraine. In
addition, in Estonia our companies act as independent contractors in road
construction and maintenance, environmental engineering, the assembly of
reinforced concrete elements, and the performance of cast-on-site concrete
works. The parent of the Group is AS Eesti Ehitus, a company registered and
located in Tallinn, Estonia. In addition to the parent company, there are more
than 20 subsidiaries in the Group. The consolidated revenue of the Group in
2007 was 3,8 billion kroons (240 million euros) and the consolidated net profit
was 290 million kroons (19 million euros). AS Eesti Ehitus Group employs more
than 1200 people. Since 18 May 2006, the company's shares have been quoted in
the main list of the NASDAQ OMX Tallinn Stock Exchange. 

1 EUR = 15,6466 EEK
1 UAH = 2,2878 EEK

Raimo Talviste
AS Eesti Ehitus
Head of Investor Relations
Tel: +372 6400 450
Email: raimo.talviste@eestiehitus.ee 
www.eestiehitus.ee