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Annual General Meeting of Arco Vara AS

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NOTICE OF THE ANNUAL GENERAL MEETING, ITS AGENDA AND PROPOSED RESOLUTIONS

Dear shareholder of Arco Vara AS,

Notice is hereby given that the annual general meeting of Arco Vara AS (registry
number  10261718; registered office at  Rotermanni 10, Tallinn) will  be held in
Tallinn  at at  F-Hoone Must  Saal (address  Telliskivi 60a/4) on 17 May 2023 at
5:00 pm.

The general meeting will be followed by an investor event - the event is free of
charge and does not require ownership of Arco Vara shares.

The agenda of the annual general meeting:

 1. Approval of the annual report for 2022

The Supervisory Board proposes to the shareholders:

  * To approve the annual report of Arco Vara AS for 2022.

 1. Distribution of profit and dividend payment

Management   Board   in  accordance  with  Supervisory  Board  proposes  to  the
shareholders:

  * To allocate the net profit for the year ended on 31 December 2022 in the
    amount of 695 thousand EUR to retained earnings;
  * to pay dividends to the shareholders 0.06 euros per share. The dividend will
    be paid out in 4 instalments as follows:

      * 0.02 euros per share will be paid to the shareholders on 15 June 2023 by
        transfer to the shareholder's bank account. The list of shareholders
        entitled to respective dividends (record date) shall be fixed on 8 June
        2023.
      * 0.01 euros per share will be paid to the shareholders on 15 September
        2023 by transfer to the shareholder's bank account. The respective
        dividend record date is on 8 September 2023.
      * 0.02 euros per share will be paid to the shareholders on 15 December
        2023 by transfer to the shareholder's bank account. The respective
        dividend record date is on 8 December 2023.
      * 0.01 euros per share will be paid to the shareholders on 15 March 2024
        by transfer to the shareholder's bank account. The respective dividend
        record date is on 8 March 2024.

 1. Approval of additional share option program

Management   Board   in  accordance  with  Supervisory  Board  proposes  to  the
shareholders:

  * To approve the share option program in accordance with the conditions
    described in the materials of the Annual General Meeting made available to
    the shareholders.

 1. Approval of Arco Vara AS' Management Board remuneration policy

  * To approve Arco Vara AS' Management Board remuneration policy in accordance
    with the conditions of the Management Board's remuneration policy among
    other materials of the Annual General Meeting made available to the
    shareholders.

The  materials of the annual general meeting will be available on the website of
Arco Vara AS at www.arcovara.com and in the registered office of Arco Vara AS at
Rotermanni 10 Tallinn on business days from 9:30 am to 5:00 pm.

Questions  regarding the agenda items may be sent by email to [email protected].
The questions together with the answers will be published on the website of Arco
Vara  AS. All  shareholders have  a lawful  right to  obtain information  at the
general  meeting from the  Management Board about  the operation of the company.
Shareholders  whose shares represent at least  1/20 of the share capital of Arco
Vara  AS may request that additional items be added to the agenda, provided they
submit  their request at least  15 days before the general  meeting, i.e. by 02
April 2023 at the latest, and they may propose a resolution on any or all agenda
items,  provided they  submit the  proposal at  least 3 days  before the general
meeting,  i.e. by 14 May 2023 at the  latest. Shareholder requests and proposals
have to be submitted by email to [email protected] and they will be published in
line with legal requirements.

The  list  of  shareholders  eligible  to  vote  will be fixed 7 days before the
general  meeting, i.e. on 10 May 2023 as at the end of the working day of Nasdaq
CSD Estonian settlement system.

We  ask everyone who decides to appoint with a proxy a representative, to inform
us  about it at the latest on 16 May 2023 and send us the digitally signed proxy
to [email protected]. In case you are not able to sign digitally, please send us
the  scanned proxy to  [email protected] and the  original by post to Rotermanni
10, Tallinn  10111. Registration of physical attendees  begins on 17 May 2023 at
9:30 am.  For registration,  please bring  an identity  document, in case of the
shareholder's  representative a written proxy, or documents proving the right of
representation.

The  invitation of the Annual General Meeting  of Arco Vara AS will be published
in Eesti Päevaleht on 25 April 2023.

Yours sincerely,

Management Board of Arco Vara AS

+372 614 4630
[email protected]