INVITATION AND AGENDA OF THE NEW GENERAL MEETING OF SHAREHOLDERS AND PROPOSALS MADE
AT THE MEETING
Annual general meeting of Arco Vara AS convened for May 22nd 2009 will be postponed due to lack of quorum. As of the beginning of the meeting, 42,692,990 shares representing 44.81 percent of voting capital had been registered. According to the law and articles of association of Arco Vara AS, if required number of votes are not represented at the general meeting, the management board shall, within three weeks but not earlier than after seven days, call another meeting with the same agenda. The new general meeting is competent to adopt resolutions regardless of the votes represented at the meeting.
Therefore, management board of Arco Vara AS calls a new annual general meeting of shareholders with the same agenda for June 4th 2009 at 9:00AM in Tallinn,
Narva mnt 7c, at Reval Hotel Central. Invitation and agenda of the new general meeting of shareholders and proposals made at the meeting will follow:
Dear Shareholder of Arco Vara AS,
Arco Vara AS (registry code 10261718; located at Tallinn, Jõe 2B) shareholders ordinary general meeting will take place on June 4th 2009 at 9:00AM in Tallinn, Narva mnt 7c, at Reval Hotel Central, Stuudio II+III.
The agenda of the general meeting:
1. Approval of the year 2008 annual report
The Council of Arco Vara proposes the annual report for 2008 be approved.
2. Profit allocation
2.1 The Council of Arco Vara proposes covering the loss as of 31.12.2009 in the amount of EUR 62,931,755 (EEK 984,668,000) as follows:
a) From the account of issue premium in the amount of EUR 45,537,944 (EEK 712,514,000);
b) Rest of the loss in the amount of 17,393,811 (EEK 272,154,000) will be covered from the future profits.
3. Appointment of auditor
3.1 The Council of Arco Vara proposes the shareholders appoint the auditor for one year (until the next ordinary shareholders general meeting) and appoint Ernst & Young Baltics AS as such auditor.
3.2. The Council of Arco Vara proposes the auditor be paid for auditing the 2008 annual report according to an agreement to be signed between the company and Ernst & Young Baltics AS.
Materials of shareholders ordinary meeting of Arco Vara AS are available through internet website of Arco Vara
http://www.arcorealestate.com/en/investor-info or at the office of Arco Vara AS in Tallinn, at Jõe street 2B, on workdays from 9:00AM till 5:00PM.
The list of shareholders entitled to participate at the annual general meeting shall be determined at 11:59PM on day immediately prior to the meeting. Registering to participate in the meeting will convene at 8:30AM on June 4th 2009.
To register, we kindly ask shareholders to present an ID document and the representative of the shareholder additionally to present also a signed Power of Attorney or documents validating representation.
Management Board of Arco Vara AS