ARCO VARA AS - NASDAQ OMX Baltic

the Group nor does it consider it likely that third parties would confuse Arco Color AS with the Group
or its businesses.
Arti Arakas and Richard Tomingas, the shareholders of Osaühing Toletum, also control Arco
Kinnisvarahoolduse AS, a company involved in the real estate business, but the shareholders of this
company have undertaken to delete the word "Arco" from its corporate name before the Combined
Offering is completed.
ORGANISATIONAL STRUCTURE
The Group has been organised into three principal divisions: services, development and construction.
Each of Arco Real Estate, Arco Investeeringud and Arco Ehitus, all wholly-owned direct subsidiaries
of the Company, is the parent company of its division. In the course of restructuring started in 2007
most of the subsidiaries and joint ventures in each division have been transferred under the direct or
indirect ownership of the respective divisional parent company.
Tallinna Linnaehituse AS is a direct subsidiary of the Company in order to avoid potential conflicts of
interest between Arco Ehitus and Tallinna Linnaehituse AS in situations where the latter performs
construction supervision over Arco Ehitus. Management proposes that OÜ Floriston Grupp and Arco
Invest UAB will be reorganised under the parent company Arco Investeeringud and Arco Ukraina
Valduste OÜ will be reorganised under the parent company Arco Real Estate. The shareholders of the
following Group companies have decided that Zeus Haldus OÜ and Osaühing Metro Kinnisvara will
be merged into Arco Investeeringud and that Pärnu Elumaja OÜ will be merged into Pärnu Ärihoone
OÜ. The shareholders of Arco Maadehalduse OÜ and Arco Vara Puukool OÜ have decided that these
companies will be merged. Management proposes that Arco Vara Puukool OÜ, as the surviving
company, will be reorganised under the parent company Arco Investeeringud. Management expects
that such restructuring procedures will be completed later in 2007. Management proposes that Arco
Kinnisvarahoolduse AS will be liquidated later in 2007.
The chart below illustrates the organisational structure of the Group as at the date of this Offering
Circular. See “Company, Share Capital and Ownership Structure – Subsidiaries, Joint Ventures and
Associated Companies” for more detailed information about the Group.
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