ARCO VARA AS - NASDAQ OMX Baltic

INSTRUCTIONS
Pursuant to the agreement for real estate valuation from March 09, 2007 (hereinafter referred to as
Contract) between Arco Vara AS (hereinafter referred to as Client) and Colliers International OÜ
(hereinafter referred to as Appraiser), the latter has performed the appraisal of the Market Value of the
projects/buildings/sites, listed in Proposal. Those 21 projects are assets, which Client considers to be
material and make up significant part of development portfolio.
PURPOSE OF APPRAISAL
We understand that this Appraisal Report is required in connection with the proposed listing on
Tallinn Stock Exchange and combined offering of the shares of the Client to a) the public in Estonia
and Latvia and b) to institutional investors in and outside Estonia and Latvia and in the United States.
Colliers International OÜ hereby gives its consent to the issue of Prospectus and International Offering
Circular of Arco Vara AS with its name included in it and with inclusion of its Appraisal Report and
references hereto.
Purpose of Appraisal Report is to provide independent Market Values to the Client as of April 16,
2007. Colliers International OÜ has taken reasonable care that information contained in Appraisal
Report is in accordance with the facts and does not omit anything likely to affect the import of such
information.
ASSUMPTIONS
The Client has provided us with such information as sizes, details of tenure, use, net operating
incomes (NOI’s) and the like. We have assumed that the information and documentation supplied is
correct and that our understanding of the situation is also correct.
We have not calculated nor measured areas and have relied upon areas provided to us, which we
assume to have been calculated in accordance with market practice. We take no responsibilities for
any inaccuracies.
Past purchase price of the land is disregarded in the calculations.
We have not carried out structural surveys nor have inspected those parts of the properties, which are
covered, unexposed or inaccessible and such parts have been assumed to be in good repair and
condition. We cannot express an opinion about or advice upon the condition of un inspected parts and
this report should be taken as making any implied representation or statement about such parts. We
have had regard to the general condition of the properties as observed in the course of our inspection
for valuation purposes.
The Appraiser’s opinion on the market value of the Object is valid as of the date of the appraisal. The
Appraiser shall not be held responsible for any subsequent social, economic, legislative or
environmental changes which may affect the value of the Object appraised.
The market value of the Object is determined on the assumption that the Object is free and clear of any
lien, is not used to secure a debt obligation and is not under arrest.
Neither Client, nor the Appraiser can use this Report (or any part of it) otherwise than it is stipulated
by the Contract between the Client and the Appraiser.
The Appraiser will not be responsible for losses the Client or the third party may incur in the event of
dissemination, publication or use of this Report for purposes inconsistent with provisions of this
section.
The Appraiser would like to emphasize that in accordance with the Contract between Client and
Appraiser the latter is responsible only to Client and is free from any obligations to other parties.
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