The management board of the NASDAQ OMX Tallinn decided to add the watch notation to the shares of Arco Vara AS starting from today, March 3, 2009, based on the section 3.5.4.8. of chapter Supervision of the rules and regulations. Based on sub-sections of the clause 3.5 of the chapter Supervision of NASDAQ OMX Tallinn rules and regulations, the exchange has right to add a watch notation to a share and to the trading information displayed on the web site to draw the market participants' attention to significant circumstances related to a security or an issuer. According to the clause 3.5.4.8 of the chapter Supervision of the rules and regulations, one of the grounds of adding the watch notation is other circumstance related to the issuer or its securities that may have material influence. On February 27, 2009 Arco Vara announced the delay in publication of the year 2008 12-months interim report. Arco Vara has promised to publish its 12-months and fourth-quarter results no later than on March 13, 2009. In the opinion of the exchange, the delay in the disclosure of the financial results could be significant, because the 12-months report is the most important source of information on the business of the issuer and the late disclosure of the report could violate the investor's opportunity to evaluate the value of their investment. Since the issuers announcement referred to the illiquidity of the real-estate market and the resulting complexity of the real-estate evaluation, it may also refer to the complexity of the issuer's financial situation, and thus the value of the security may lack of clarity. Since investors all over Europe have a legitimate expectation to receive certain types of information at a set time, the delay in such information may harm the interests of investors, particularly in terms of market illiquidity. NASDAQ OMX Tallinn Market Services +372 6408800