ARCO VARA AS - NASDAQ OMX Baltic

By submitting a Purchase Order an investor:
• confirms that it has read this Offering Circular, accepts these Terms and agrees with the
Company and the Selling Shareholders that these Terms will be applicable to the investor’s
acquisition of any Offer Shares;
• acknowledges that the Retail Offering does not constitute an offer of the Offer Shares by the
Company or the Selling Shareholders in legal terms or otherwise and that the submission of a
Purchase Order does not itself entitle the investor to acquire the Offer Shares nor result in a
contract for the sale of Offer Shares;
• accepts that the number of Offer Shares indicated by the investor in the Purchase Order will be
regarded as the maximum number of Offer Shares which the investor wishes to acquire (the
“Maximum Amount”) and that the investor may receive less (but not more) Offer Shares than
the Maximum Amount and that he/she/it may receive no Offer Shares at all;
• undertakes to acquire and pay for any number of Offer Shares allocated to it/him/her in
accordance with these Terms.
AMENDMENT OR CANCELLATION OF PURCHASE ORDERS
An investor may amend or cancel a Purchase Order at any time before the expiry of the Offer Period.
To do so the investor must contact the relevant Custodian through whom the Purchase Order in
question has been made, and carry out the procedures required by the respective Custodian for
amending or cancelling a Purchase Order (such procedures may differ between different Custodians).
All fees payable in connection with an amendment and/or cancellation of a Purchase Order will be
borne by the investor.
PAYMENT AND RETURNING OF FUNDS
Investors in Estonia
By submitting a Purchase Order, an investor in Estonia authorises and instructs the credit institution
operating the investor’s cash bank account connected to its/his/her securities account (which may or
may not be also the investor’s Custodian) to immediately block the amount equalling the product of
the Maximum Price (EEK 44) and the Maximum Amount on the investor’s cash account. Such amount
will remain blocked until the settlement is completed or funds are released in accordance with these
Terms. An investor may submit a Purchase Order only when there are sufficient funds on the cash
account connected to its/his/her respective securities account to cover the amount specified above.
The final amount payable by an investor for the Offer Shares will be calculated by multiplying the
number of Offer Shares allocated to such investor with the Offer Price. The amount in excess of what
the investor is required to pay for the allocated Offer Shares will be released to the investor by the
relevant Custodian on or about 20 June 2007.
Should the Combined Offering be cancelled or in the event that an investor’s Purchase Order is
rejected, the funds blocked on the investor’s cash account will be released in full by the relevant
Custodian on or about 20 June 2007.
Investors in Latvia
Investors in Latvia will pay for the Offer Shares in Latvian lats.
By submitting a Purchase Order, an investor in Latvia authorises and instructs AS SEB Latvijas
Unibanka to immediately block an amount equalling the product of the Maximum Price (LVL 1.9575)
and the Maximum Amount on the investor’s cash account. Such amount will remain blocked until the
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