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Increase of share capital

ANNOUNCEMENT, 15.06.2007

On 15 June 2007 the shareholders of Arco Vara AS decided to increase the share capital of Arco Vara AS as follows:

1. To increase the share capital of Arco Vara AS with supplementary contributions by 275 000 000 kroons by issuing 27 500 000 new shares with the nominal value of 10 kroons each share. The new amount of the share capital of Arco Vara AS will be 952 841 500 kroons.

2. To exclude the pre-emptive right of existing shareholders to subscribe for new shares in the course of share capital increase. To grant the right to subscribe for all new shares to AS SEB Eesti Ühispank for the purpose of conducting the initial public offering of shares of Arco Vara AS.

3. The subscription for the new shares by AS SEB Eesti Ühispank shall take place on 20 June 2007 in Tallinn.

4. The new shares shall be issued at a premium which amount shall be 28 kroons per share.

5. The new shares shall be paid for by monetary contributions only. Thedate of payment shall be 20 June 2007. The new shares shall be paid for by wire transfer to the Company's bank account at ASSEB Eesti Ühispank in such way that the money is received on the above-referred bank account by the above-referred due date.

6. The Management Board of the Company shall have the right to extend the period of subscription for the new shares or cancel the new shares that have not been subscribed for during the period of subscription. The Management Board may exercise such rights within 15 days as of the end of the subscription period.

7. The new shares to be issued in the course of the share capital increase will be eligible for dividends declared in respect of the financial year commencing on 1 January 2007.

For additional information:

Heigo Metsoja
Investor Relations Manager, Arco Vara AS
This email address is being protected from spambots. You need JavaScript enabled to view it.
tel:+372 6144 654