ARCO VARA AS - NASDAQ OMX Baltic

The public has access to certain information, and has the right to obtain extracts and transcripts of
documents from the ECRS, concerning the issuer (its name, seat and registry code) and the securities
(the type, nominal value and amount of securities) registered with the ECRS. If shares are quoted on
the stock exchange, the information concerning the shareholders is also accessible to the public.
The Estonian Central Registry of Securities Act stipulates further circumstances when additional
information registered with the ECRS is accessible to third parties.
A securities account can be opened in the ECRS by any Estonian or foreign person. The opening of
the account takes place through an account operator (custodian). Account operators are institutions
that qualify under Estonian law as professional participants in the securities market, such as credit
institutions, investment firms, and other persons specified by law. In certain cases, foreign persons
may act as account operators. Under certain conditions, a nominee account can be opened in the
ECRS, in which case a notation is made in the ECRS indicating the nominee status of the relevant
account. Shares held in the nominee account are deemed to be the client’s shares, and not the shares of
the account owner, and thus cannot be brought into the bankruptcy estate of the owner of the nominee
account. The person who is entitled to exercise the rights arising from shares held in the nominee
account is the account owner. In the exercise of voting rights and other rights arising from a share, the
owner of a nominee account must follow the instructions of the client. At the request of the client, the
owner of a nominee account must grant authorization in the required format to the client for the client
to represent the owner in the exercise of rights arising from the shares.
Listing on the Tallinn Stock Exchange
Application has been made to list the Shares on the main list of the Tallinn Stock Exchange. In order
to list shares on the main list of the Tallinn Stock Exchange, among other requirements, a sufficient
number of such shares must be held by the public. As a general rule, this condition is fulfilled if at
least 25 per cent of the share capital represented by the shares to be listed is held by the public, or
taking into consideration the number of shares and their distribution among the public, the market
would also operate properly at a lower percentage of shares held by the public, or such level of
distribution is expected to be achieved shortly after listing. The Tallinn Stock Exchange Rules and
Regulations set out certain specific requirements when the shares are not deemed to be held by the
public.
Trading on the Tallinn Stock Exchange
The trading system of the Tallinn Stock Exchange is open for trading to its members. Trading on the
Tallinn Stock Exchange takes place on each business day from 10:00 a.m. to 2:00 p.m. (Estonian
time). From 2:05 p.m. to 2:30 p.m. the TSE carries out after-market trading. The Tallinn Stock
Exchange uses the Nordic-Baltic trading system SAXESS, which in addition to Estonia is used by
exchanges in Sweden, Finland, Denmark, Norway, Iceland, Latvia and Lithuania. The official trading
currency of the Tallinn Stock Exchange trading system is the euro.
Transactions can be concluded on the Tallinn Stock Exchange either through automatic matching or
through negotiated deals. In the case of automatic matching, the buy and sell orders are matched by
the trading system automatically according to price and time priorities. Automatically matched
transactions are settled on the third day after the transaction (T+3), unless agreed otherwise.
Negotiated trades can be concluded during the Tallinn Stock Exchange trading period at a price
between the best bid and offer prices quoted at the time of concluding the transaction. Negotiated
deals concluded after the Tallinn Stock Exchange’s trading period must be concluded at a price at or
between the closing prices of that day or prices of transactions made during the trading period of that
day. Negotiated deals are negotiated between stock exchange members outside the system and brokers
must enter the deal in the trading system as soon as possible, and in any event not later than five
minutes, after its conclusion. Negotiated deals may have a settlement day between T+1 (inclusive) and
T+6 (inclusive) if agreed between the relevant stock exchange members.
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