Börsiteade

Pealkiri

Adoption of resolutions of shareholders without calling a general meeting

Teade

This  draft  resolution  of  the  shareholders  of  Arco  Vara AS (registry code
10261718, hereinafter  the Company) was sent to  the shareholders of the Company
on  26 August 2021 for the  purpose of adopting  the following resolution of the
shareholders of the Company without calling a general meeting in accordance with
§ 299(1) of the Commercial Code:

 1. Extension of the public offering period of the Company's shares and
    consequent amendment of the resolution of the general meeting adopted on 12
    August 2021

The draft resolution:

The  shareholders  of  the  Company  have  decided to extend the public offering
period  (offer period) of the  new shares of the  Company and in connection with
this  it  was  decided  to  amend  clause  c)  of  the resolution adopted at the
extraordinary  general meeting of shareholders  on 12 August 2021 and confirm it
in the following wording:

"c)  The subscription and payment for the new shares will take place between 20
September  2021 at  10:00 and  15 October  2021 at  16:00 in accordance with the
procedure  specified in the  offer document, which  will be published before the
start of the offer period."

The other clauses of the resolution adopted at the extraordinary general meeting
of  shareholders held on 12 August 2021 will not be changed and they will remain
valid as adopted and unchanged by the general meeting.
----------------------------------------
The draft resolution and other information subject to disclosure pursuant to law
are     published    on    the    Company's    website    at    www.arcovara.com
(http://www.arcovara.com).  The website of  the Company also  has an overview of
the documents that are necessary for forming opinions on the draft resolution.

Voting procedure and instructions
The  list of shareholders entitled to vote is fixed seven days before the end of
the  vote, i.e. 3 September 2021 as of the end of the business day of the Nasdaq
CSD  Estonian settlement system.  Shareholders may vote  on the draft resolution
only by electronic means or by submitting a paper voting ballot as follows:

   i. voting will be open from 27 August 2021 at 10:00 until 10 September 2021
      at 10:00 (GMT +3);
  ii. please vote using the voting ballot attached to this draft resolution;
 iii. for electronic voting, the shareholder or its representative fills in the
      voting ballot in accordance with the instructions therein, digitally signs
      it (using an ID card, digital ID or Mobile-ID) and sends the digitally
      signed voting ballot to [email protected] (mailto:[email protected]) by
      the date specified in section (i) above;
  iv. for paper voting, the shareholder or its legal or authorised
      representative shall fill in the voting ballot in accordance with the
      instructions therein, sign it on paper and send the scanned voting ballot
      to [email protected] (mailto:[email protected]) and the original ballot
      paper together with a scanned copy of the personal information page of its
      ID to Maakri 30, 11 floor, Tallinn, so that it will arrive no later than
      by 10 September 2021 at 10:00 (GMT +3);
   v. if the ballot paper is filled in by a shareholder's authorised
      representative, in addition to the voting ballot, the original of the
      relevant power of attorney (in electronic or paper form) must be delivered
      by the time and form specified in section (iv) above. The form of the
      power of attorney is attached to this draft resolution;
  vi. if the ballot is filled in by a foreign legal entity, in addition to the
      voting ballot (and power of attorney, if applicable), a printout of the
      registration card of the relevant foreign legal entity showing the persons
      with right to represent the foreign legal entity must be delivered in the
      form and by the time specified in section (iv) above.

Pursuant to § 299(1) (2) of the Commercial Code, if a shareholder does not state
within the specified term whether he or she is for or against the resolution, he
or she shall be deemed to vote against the resolution.

The  management board shall publish the voting results on 10 September 2021 as a
stock  exchange announcement, the management board shall prepare a voting record
about  the voting results in accordance with the requirements of § 299(1) (4) of
the  Commercial Code. Seven days after  the deadline for shareholders to submit,
the adopted resolutions are available on the website of the Company.

The  draft resolution will also  be published in the  newspaper Postimees on 27
August 2021.

The following annexes are attached to this draft resolution:

Annex 1 - voting ballot

Annex 2 - power of attorney form for a natural person

Annex 3 - power of attorney form for a legal entity

For more information, please contact:

Miko-Ove Niinemäe

Management board member
[email protected] (mailto:[email protected])
www.arcovara.com (http://www.arcovara.com)