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Decisions of the extraordinary general meeting of shareholders of Arco Vara AS

Teade

The annual general meeting of shareholders of Arco Vara AS was held on 12 August
2021 in  Maakri  street  19/1 II  floor,  10145 Tallinn,  Estonia. The notice of
calling  the  extraordinary  general  meeting  was  published in the information
system      of      the      stock      exchange      on      20 July      2021
(https://view.news.eu.nasdaq.com/view?id=be32996a710ca6ea2ef7013e3ff5b21be&lang=
en),  on  Arco  Vara  AS's  website (https://www.arcorealestate.com/en/investor-
relations/stock-exchange-news)   and   in  a  daily  national  newspaper  ?Eesti
Päevaleht" on 21 July 2021.

A total of seven shareholders attended the meeting representing 6,555,253 votes,
which  means 69.82% of the  total votes were  represented. The meeting therefore
had a quorum.

The decision of the extraordinary general meeting was as follows:

Increase  of the share capital in relation  to the public offering and admission
to trading of shares on the main list of the Nasdaq Tallinn Stock Exchange.

 1. The Company shall issue 1,000,000 shares, each with a nominal value of EUR
    0.70, resulting in a new share capital of EUR 700,000 (the valid amount of
    share capital before the share capital increase is EUR 6,571,856.90).
 2. The new shares will be paid for with cash contributions. The issue price of
    the new shares of the Company is EUR 2.50 for each share, of which EUR 0.70
    is the nominal value of the share and EUR 1.80 is the share premium.
 3. The subscription and payment for the new shares shall take place in the
    period from 15 September 2021 at 10:00 until 15 October 2021 at 16:00 in
    accordance with the procedure specified in the offering document that will
    be published before the start of the offering period.
 4. The preferential subscription right of the Company's existing shareholders
    is excluded, the issue is directed to new retail investors who will be
    preferred in the allocation, however, existing shareholders may also
    participate in the offering.
 5. The shareholders authorise the Company's management board to determine and
    specify the final number and allocation of the shares among subscribers,
    taking into account the results of the offer and the terms of the offering
    of shares, as determined in the offering document.

 1. The offer of shares is deemed to be oversubscribed if there are more
    applications for subscription than for subscribing for 1,000,000 shares. In
    the case of oversubscription, the supervisory board of the Company decides
    on the distribution and cancellation of the oversubscribed shares.
 2. If less than 1,000,000 shares have been subscribed, the management board of
    the Company has the right to extend the subscription period or to cancel the
    shares that are not subscribed for within the subscription period.

 1. The issued shares entitle to receive a dividend starting from the end of the
    subscription period.
 2. The Company shall submit an application for the listing of all the Company's
    new shares to be issued and for the admission thereof to trading on the
    Nasdaq Main List and the shareholders authorise the supervisory board and
    management board of the Company to perform all acts and enter all contracts
    and agreements necessary to this end.

The  decision was supported by  6,552,252 votes, i.e. it was  adopted by a 100%
majority.

The  minutes of the  general meeting shall  be made available  on Arco Vara AS's
website (arcovara.com (http://www.arcovara.com)).

Miko-Ove Niinemäe
Member of the management board
Arco Vara AS
+372 614 4630
[email protected]