On April 20, 2009 the Listing and Surveillance Committee of NASDAQ OMX Tallinn decided to give a warning to AS Arco Vara for violation of NASDAQ OMX Tallinn rules and regulations chapter Requirements for Issuers (hereinafter RI) clauses 1.2.1, 5.4.1, 5.4.5 and 2.4.1. Background: According to RI clause 1.2.1 the Issuer is obliged to secure disclosure of information stated in RI in such a form and within such time limits as specified in RI. According to RI clause 5.4.1 is the Issuer obliged to publish interim reports on its operations and financial results for 3 months, 6 months (semi-annual report), 9 months and 12 months of the financial year (preliminary annual accounts), consisting also data of last quarter of the period. According to RI clause 5.4.5 is the Issuer obliged to make public an interim report immediately after its preparation by the management board, but no later than two months after the end of the reporting period. According to RI clause 2.4.1 is information deemed disclosed when it is made public as a notice through the Exchange Information System. Arco Vara published its unaudited financial report for the year 2008 on March 13, 2009 i.e. 13 days after the deadline. NASDAQ OMX Tallinn Market Services 372 640 8800