CONDITIONAL LISTING OF SHARES OF ARCO VARA AS


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.


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