ARCO VARA AS - NASDAQ OMX Baltic

All references in this Offering Circular to (i) “kroon” or “EEK” refer to the currency of Estonia,
(ii) “U.S. dollars”, “U.S.$” or “USD” refer to the currency of the United States of America,
(iii) “LVL” or “lats” refer to the currency of Latvia, (iv) “LTL” or “litas” refer to the currency of
Lithuania, (v) “UAH” or “hryvnia” refer to the currency of Ukraine, (vi) “RON” or “leu” refer to the
currency of Romania, (vii) “BGN” or “lev” refer to the currency of Bulgaria and (viii) “euro” or
“EUR” refer to the single currency of the European Union Member States participating in the
European Monetary Union (“EMU”).
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A
LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED
STATUTES WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS
EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW
HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF NEW
HAMPSHIRE THAT ANY DOCUMENT SO FILED IS TRUE, COMPLETE AND NOT
MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT ANY EXEMPTION OR
EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE
SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR
QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON,
SECURITY, OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO
ANY PROSPECTIVE PURCHASER, CUSTOMER, OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
ENFORCEABILITY OF JUDGMENTS
The Company is a public limited company incorporated under the laws of Estonia. All of the directors
and executive officers of the Company are citizens or residents of countries other than the United
States. All or a substantial portion of the assets of such persons and substantially all the assets of the
Company are located outside the United States. As a result, it may not be possible for investors to
effect service of process within the United States upon such persons or the Company, or to enforce or
collect judgments of U.S. courts against them, including judgments predicated upon civil liabilities
under the securities laws of the United States or any State or territory of the United States.
6