According to the listing decision made by Tallinn Stock Exchange Listing and Surveillance Committee on June 6, 2007, the existing 67 784 150 shares of Arco Vara AS are listed in the Main List of Tallinn Stock Exchange after the following conditions are met: 1.1. to list the existing 67,784,150 shares after the following conditions are met: - the Offering has been completed according to the principles described in the offering prospectus and the results of the offering are disclosed; - the Offer Shares have been transferred to the securities accounts of new investors in Estonian CSD; - after the Offering at least 25% of the share capital represented with the shares of the company is in the public hands (incl. professional investors who participate in the Institutional Offering and will be allocated less than 5% of the total number of shares) or if their part in the share capital equals at least EUR 25,000,000; - the company has concluded a market making agreement with a trading member of TSE that will provide sufficient liquidity for the listed shares during a period of at least 1 year after the shares are admitted to trading. The spread between the buy and sell offer price should not exceed 2% and the size of such buy and sell orders should be at least 2000 shares; - after meeting the aforementioned conditions, the company has submitted the respective report to TSE. The requirements set in the conditional listing decision of June 6, 2007 are met as of June 20, 2007. The issue of the New Shares has been decided, the Offering has been completed, the sold shares are transferred to the securities accounts and the required free float has been reached. Arco Vara AS has concluded market making agreement with AS SEB Eesti Ühispank that stipulate the 2% maximum spread between the buy and sell offer price and the size of such buy and sell orders is 2000 shares. The term of the agreements is 1 year. On the basis of the referred decision, the 67 784 150 shares of Arco Vara AS are listed in the Main List of Tallinn Stock Exchange as of Thursday, June 21, 2007. The 27 500 000 additionally issued shares of Arco Vara AS will be listed after meeting the conditions set for listing those shares. Information related to Arco Vara AS in the trading system: Issuer's full name - Arco Vara AS Issuer's short name - ARC Instrument and orderbook short name - ARC1T Orderbook number - 41126 List - Main List Minimum quantity - 1 Standard quantity - 2000 Number of listed shares - 67 784 150 ISIN - EE3100034653 GICS classification - 40403010 (Real Estate Management & Development) To provide the investors with the faster opportunity to follow the trading information of Arco Vara AS shares, Tallinn Stock Exchange opens a dedicated web-page at http://arcovara.omxgroup.ee which contains real-time trading information of Arco Vara AS shares. The page is open until the 28th of June. Information with the 15 minutes delay regarding all listed companies is available at the Baltic Market Data website at http://www.omxgroup.com/nordicexchange/balticmarket/market Tallinn Stock Exchange Market Services +372 640 8800