COMMITTEE'S DECISION ON ARCO VARA


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. 


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