ARCO VARA AS - NASDAQ OMX Baltic

connection with the offer of the Offer Shares has been approved by an authorized person for the
purposes of section 21 of the FSMA and hence may not be passed on to any person in the United
Kingdom unless that person is entitled to receive this document by virtue of him falling into one of the
categories of exemptions under the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 or is a person to whom the document may otherwise lawfully be issued or passed on.
Each prospective purchaser and subscriber of the Offer Shares must comply with all applicable laws
and regulations in force in any jurisdiction in which it purchases, subscribes, offers or sells the Offer
Shares or possesses or distributes this Offering Circular and must obtain any consent, approval or
permission required by it for the purchase, offer or sale by it of the Offer Shares under the laws and
regulations in force in any jurisdiction to which it is subject or in which it makes such purchases,
subscriptions, offers or sales, and none of the Company and the Global Coordinator shall have any
responsibility for these obligations.
The contents of this Offering Circular are not to be construed as legal, business or tax advice. Each
prospective investor should consult with its own legal adviser, business adviser or tax adviser as to
legal, business and tax advice.
IN CONNECTION WITH THE COMBINED OFFERING, THE GLOBAL COORDINATOR MAY
EFFECT TRANSACTIONS INTENDED TO STABILIZE OR MAINTAIN THE MARKET PRICE
OF THE OFFER SHARES AND/OR THE OTHER SHARES OF THE COMPANY AT A LEVEL
WHICH MIGHT NOT OTHERWISE PREVAIL. SUCH ACTIVITY MAY BE CONDUCTED ON
THE TALLINN STOCK EXCHANGE WITHIN 30 DAYS FROM THE COMMENCEMENT OF
THE TRADING IN THE SHARES OF THE COMPANY ON THE TALLINN STOCK
EXCHANGE. SUCH ACTIVITIES, IF ANY, MAY BE DISCONTINUED AT ANY TIME. IN
CONNECTION WITH SUCH ACTIVITIES, THE GLOBAL COORDINATOR MAY PURCHASE
UP TO 5,700,000 SHARES. AFTER THE TIME RESERVED FOR THESE ACTIVITIES, THE
GLOBAL COORDINATOR WILL PUBLISH INFORMATION ON WHETHER OR NOT
STABILISATION WAS UNDERTAKEN, THE DATE AT WHICH THESE ACTIVITIES
STARTED AND THE DATE AT WHICH THEY LAST OCCURRED, AND THE PRICE RANGE
WITHIN WHICH STABILISATION WAS CARRIED OUT, FOR EACH OF THE DATES DURING
WHICH STABILISATION TRANSACTIONS WERE CARRIED OUT.
AVAILABLE INFORMATION
This Offering Circular has been published in an electronic form on the website of the EFSA
(www.fi.ee) and on the website of the Latvian Financial and Capital Market Commission
(www.fktk.lv). A paper copy of this Offering Circular can be obtained from larger branches of
AS SEB Eesti Ühispank in Estonia and AS SEB Latvijas Unibanka in Latvia until the end of the offer
period, i.e. until 4 p.m. on 14 June 2007.
The Articles of Association of the Company, the annual reports of the Company for the financial years
ended 31 December 2004, 2005 and 2006 and the unaudited consolidated condensed interim financial
statements for the three month period ended 31 March 2007 are available at its head office located at
Jõe 2b, 10151 Tallinn, Estonia and on the Company’s website (www.arcorealestate.com). Any
interested party may obtain a copy of these items from the Company without charge. The annual
reports of the Company have been prepared both in the Estonian language and in kroons, and in the
English language and in euros. However, in case of any discrepancies between the Estonian and
English language versions, the originals in Estonian shall prevail.
References to the Company’s website in this Offering Circular should not be deemed to incorporate
the information on the Company’s website by reference.
The Company is not required to file periodic reports under Sections 13 or 15(d) of the United States
Securities Exchange Act of 1934, as amended (the “Exchange Act”). In the event the Company is
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