The Listing and Surveillance Committee (hereinafter: the Committee) of the Tallinn Stock Exchange reviewed the application by Arco Vara AS, filed with the Committee for listing the shares of Arco Vara AS in the Main List of TSE. The company applies for listing of up to 103,284,150 shares i.e. a) 67,784,150 existing shares and b) up to 35,500,000 additionally issued new shares in the Main List of TSE. The Committee decided on June 6, 2007: 1. To satisfy the listing application and to list the ordinary shares of Arco Vara AS conditionally in the Main List of TSE as follows: 1.1. to list the existing 67,784,150 shares after the following conditions are met: - the Offering has been completed according to the principles described in the offering prospectus and the results of the offering are disclosed; - the Offer Shares have been transferred to the securities accounts of new investors in Estonian CSD; - after the Offering at least 25% of the share capital represented with the shares of the company is in the public hands (incl. professional investors who participate in the Institutional Offering and will be allocated less than 5% of the total number of shares) or if their part in the share capital equals at least EUR 25,000,000; - the company has concluded a market making agreement with a trading member of TSE that will provide sufficient liquidity for the listed shares during a period of at least 1 year after the shares are admitted to trading. The spread between the buy and sell offer price should not exceed 2% and the size of such buy and sell orders should be at least 2000 shares; - after meeting the aforementioned conditions, the company has submitted the respective report to TSE. 1.2. to list up to 35,500,000 additionally issued shares of Arco Vara AS conditionally in the Main List of TSE until the following conditions are met: - the conditions stipulated in clause 1.1 are fully met; - the increase in the company's share capital is registered with the Commercial Registry; - after meeting the aforementioned conditions, the company has submitted the respective report to TSE. 2. The first listing day of the shares mentioned in clause 1.1 is the first trading day after meeting the conditions stipulated in clause 1.1. The first listing day of the shares mentioned in clause 1.2 is the first trading day after meeting the conditions stipulated in clause 1.2. Tallinn Stock Exchange Market Services +372 640 8800