In the beginning of the trading period the reference price is equal to the offering price 2,43 EUR (38 EEK) and the reference limits are +15% (2,79 EUR) and -15% (2,07 EUR). Opening call (CLIN) between 9:45 and 10:00: - Reference limits will not be changed. Trading period between 10:00 and 13:50: - Should the best bid price reach the upper reference limit +15% (2,79 EUR) or the lower reference limit -15% (2,07 EUR), the stock exchange will suspend trading for reference limit adjustment by the decision of managing director of Tallinn Stock Exchange. - The stock exchange will publish an announcement stating the new reference limits and the trading will be resumed with the 10-minute call interaction (CLIN). The limits will be changed using 10% steps. - Should the best bid price or the best ask price reach the new reference limits, the above-mentioned actions will be repeated. During the first trading day it is recommended to use “Limit Orders” especially during the first trading day to avoid trading at unfavorable price. Should investors use "Market Price Orders", they are advised to be very cautious and to have the comprehensive real- time overview of the current market situation. 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 13th of April. 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