Arco Vara
Minutes of annual general meeting

Decisions of the Annual General Meeting of shareholders of Arco Vara AS

The annual general meeting of shareholders of Arco Vara AS held on 14 May 2021 adopted the following decisions:

1. To approve the annual report of Arco Vara AS for 2020.
2. To allocate the net profit for the year ended on 31 December 2020 in the amount of 1012 thousand EUR to retained earnings;
   

To pay dividends to the shareholders 0.06 euros per share. 390,000 new shares to be issued will also be taken into account when paying the dividend. The dividend will be paid out in 4 instalments as follows:

• • 0.03 euros per share will be paid to the shareholders on 15 June 2021 by transfer to the shareholder's bank account. The list of shareholders entitled to respective dividends (record date) shall be fixed on 8 June 2021.
  • 0.01 euros per share will be paid to the shareholders on 15 September 2021 by transfer to the shareholder's bank account. The respective dividend record date is on 8 September 2021.
  • 0.01 euros per share will be paid to the shareholders on 15 December 2021 by transfer to the shareholder's bank account. The respective dividend record date is on 8 December 2021.
  • 0.01 euros per share will be paid to the shareholders on 15 March 2022 by transfer to the shareholder's bank account. The respective dividend record date is on 8 March 2022.

3. To approve the dividend policy of Arco Vara AS until the end of 2023. As of the second quarter of 2021, a dividend of at least 0.01 euros per share will be paid to shareholders in each quarter and additional pay out based on audited net profit of the previous financial year.
4. To increase the share capital of Arco Vara AS in accordance with the resolution of the general meeting of 10 May 2016 as follows:
   • To issue 390,000 new ordinary shares with a nominal value of 0.7 euros per share.
   • The issue price of one new share is 0.7 euros.
   • The new amount of the share capital is 6,571,856.90 euros.
   • According to the terms and conditions of the convertible bond, issued on the basis of the Management Board Member’s motivation scheme, the new shares are deemed to be subscribed and paid by Tarmo Sild. For the shares, subscribed for in 2019, 273 000 euros have been paid on 17 April 2020 by OÜ Alarmo Kapital to whom Tarmo Sild transferred his right to obtain the shares.
   • Existing shareholders will not acquire any rights in relation to the new shares to be issued, including the pre-emptive right to subscribe for the new shares in accordance with § 345 subsection 1 of the Commercial Code.

  
Dividend payment ex-date of Arco Vara AS

Taking into account that the list of shareholders who are entitled to dividends (record date) shall be fixed on the following dates:

• 8 June 2021;
• 8 September 2021;
• 8 December 2021;
• 8 March 2022.

Arco Vara AS hereby informs that the respective dividend payment ex-dates are the following:

• 7 June 2021;
• 7 September 2021;
• 7 December 2021;
• 7 March 2022.

Tiina Malm
CFO
Arco Vara AS
+372 6144 630
tiina.malm@arcovara.com

Attachment

• Arco Vara AGM presentatsioon ENG