ARCO VARA AS - NASDAQ OMX Baltic

Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position
of the Group as of December 31, 2005, and its financial performance and its cash flows for the year then ended
in accordance with International Financial Reporting Standards.
Report on Other Legal and Regulatory Requirements
Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements taken as
a whole. The financial information of Arco Vara AS as a parent company in Note 38 is presented because it is
required by the Estonian Accounting Law and is not a required part of the consolidated financial statements
prepared under International Financial Reporting Standards. Such financial information has been subject to the
auditing procedures applied in our audit of the consolidated financial statements and, in our opinion, is prepared
in all material respects in accordance with the requirements of the Estonian generally accepted accounting
principles and in relation to the consolidated financial statements taken as whole.
Tallinn, May 28, 2007
Hanno Lindpere
Ernst & Young Baltic AS
The audit of the consolidated financial statements for the financial year ended December 31, 2005 was
completed on March 31, 2006, except for the minor financial statements presentational amendments done in
2007 (the Cash Flow statement and Notes 2, 38), as to which the date is May 28, 2007.
F-139