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AS PRO KAPITAL GRUPP (Established and Organized with Limited Liability in Estonia)

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AS PRO KAPITAL GRUPP (Established and Organized with Limited Liability in Estonia) AS PRO KAPITAL GRUPP (Established and organized with limited liability in Estonia) TRADING PROSPECTUS This is the trading prospectus (the “ Prospectus ”) for the admission to trading of all shares in AS Pro Kapital Grupp (the “ Company ”, the Company together with its consolidated subsidiaries is hereinafter the “ Group ”) on the regulated market (Secondary List) operated by NASDAQ OMX Tallinn AS (the “Regulated Market ”) (the “ Admission to Trading ”). There is currently no public market for the shares in the Company (the “ Shares ”). On the date of regis- tration of this Prospectus, the Company plans to file an application with NASDAQ OMX Tallinn AS regarding the Admission to Trading. The trading of the Shares is expected to commence on the Regu- lated Market on or about 22 November 2012. YOU SHOULD READ THE WHOLE OF THIS PROSPECTUS. IN PARTICULAR, YOU SHOULD READ “RISK FACTORS” FOR A DISCUSSION OF CERTAIN FACTORS THAT YOU SHOULD CONSIDER BEFORE INVESTING IN THE SHARES. The contents of this Prospectus are not intended to be construed as legal, financial or tax advice. Each prospective investor should consult own legal advisor, financial advisor or tax advisor for such advice. If you are in any doubt about the contents of this prospectus or the action you should take, you should immediately consult a person who specializes in advising on the acquisition of shares and other securities. No registration or any other measure has been taken by the Company in any jurisdiction in addition to the registration of this Prospectus with the Estonian Financial Supervision Author- ity ( Finantsinspektsioon ) (“EFSA”). Neither the Shares nor their distribution has been or will be registered under the Unites States Securities Act of 1933, as amended (the “Securities Act”) or with any securities authority of the United States or any state of the United States or any other securities authority of any jurisdiction. The Shares may not be offered, sold, resold, allotted or subscribed to, directly or indirectly, in the countries where it is unlawful to do so without meet- ing additional requirements, unless any applicable exemption of those requirements exists and is available. This inter alia means that the Shares may not be re-offered or re-sold within the United States or for the account of U.S. persons (as defined in Regulation S of the Securities Act) except pursuant to registration under the Securities Act or pursuant to an applicable ex- emption from the registration requirements of Securities Act. Please read Part XIV (Selling and Transfer Restrictions). Distribution of copies of the Prospectus or any related documents are not allowed in those countries where and to those persons to whom such distribution requires any extra measures or is in conflict with any applicable laws and regulations. Persons who receive this Prospectus or any related document should inform themselves about any restric- tions and limitations on distribution of the information contained in this Prospectus. The Com- pany is not liable in cases where persons or entities take any actions that are in contradiction with the restrictions mentioned in this paragraph. The delivery of this Prospectus shall not, under any circumstances, create any implication that there has been no change in the affairs of the Company and/or the Group since, or that the information contained herein is correct as of any time subsequent to, the date of this docu- ment. The date of this Prospectus is 13 November 2012. CERTAIN INFORMATION ON THE PROSPECTUS This Prospectus has been prepared by the Company in connection with the Admission to Trading in accordance with the Estonian laws implementing Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC, as amended (the “ Prospec- tus Directive ”) and in accordance with the Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing the Prospectus Directive, as amended (the “ Prospectus Regulation ”). This Prospectus has been registered with the EFSA. No person has been authorized to give any information or to make any representation in connection with the Admission to Trading other than as contained in this Prospectus. If given or made, such in- formation or representation must not be relied upon as having been authorized by the Company. NOTICES TO INVESTORS RESPONSIBILITY This Prospectus has been prepared by the Company solely in connection with the Admission to Trad- ing. The Company accepts responsibility for the information contained in this Prospectus. To the best of the knowledge and belief of the Company, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is in accordance with the facts and contains no omission likely to affect its import. The information appearing in the Prospectus concerning estimates of the Group’s real estate portfolio investment value is based on the Investment Value Summary – Pro Kapital Property Portfolio Estonia, Germany, Latvia and Lithuania (the “ Appraisal Report ”) incorporated hereto by reference. Please see Part XVII (Information Incorporated by Reference). The Appraisal Report has been prepared by SIA “NEWSEC VALUATIONS LV”, a company registered in the Commercial Register of the Republic of Latvia kept by the Latvian Enterprise Register with the registration No 40103216919 (“ Newsec ”). The business address of Newsec is 1 ZaĜā street, Rīga, LV -1010 . Newsec is an independent firm providing real estate valuations. In the Appraisal Report, Newsec has confirmed to the Company that it has taken all reasonable care to ensure that the information contained in the Appraisal Report is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. Newsec has received, and will receive, professional fees for its preparation of the Appraisal Report. The Appraisal Report is incorporated hereto with the consent of Newsec. Further, Newsec has given and not withdrawn its consent to the inclusion of its name and all references to Newsec in this Pro- spectus. The Company confirms that there have been no materials changes to the properties valued pursuant to the Appraisal Report as from the date of their valuation. Tallinn, 13 November 2012 Management Board of AS Pro Kapital Grupp Mr Paolo Vittorio Michelozzi Mr Allan Remmelkoor Chief Executive Officer Chief Operating Officer RESTRICTIONS ON DISTRIBUTION OF PROSPECTUS This Prospectus does not constitute an offer to sell or issue or a solicitation of an offer to buy or sub- scribe for any of the Shares in any jurisdiction to any person. The distribution of this Prospectus and the offering or sale of the Shares in certain jurisdictions is re- stricted by law. Persons into whose possession this Prospectus may come are required by the Com- pany to inform themselves of and observe all such restrictions. This Prospectus may not be distributed or published in connection with the Admission to Trading or any offer or sale of any Shares or other- wise in such countries or in such circumstances in which such distribution or publication would 2(161) be unlawful or require measures other than those required under Estonian laws and taken by the Company. Further information with regard to restrictions on offering and sale of the Shares and the distribution and publication of this Prospectus is set out in Part XIV (Selling and Transfer Restrictions). The Shares have not been and will not be registered under the Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as de- fined in Regulation S of the Securities Act) except pursuant to registration under the Securities Act or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Shares issued and/or sold to persons in the United States are subject to transfer restrictions. Please read Part XIV (Selling and Transfer Restrictions). IN ADDITION TO AND NOTWITHSTANDING THE ABOVE, THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR A SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR ANY OF THE SHARES TO ANY PERSON WITHIN THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION TO ANY PERSON. Each person offering, selling or purchasing of or subscribing for any of the Shares or possessing or distributing this Prospectus must comply with all applicable laws and regulations in force in any juris- diction in which such person offers, sells, purchases or subscribes for the Shares or possesses or distributes this Prospectus and must obtain any consent, approval or permission required by it for that purpose under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes such purchases, subscriptions, offers or sales, and the Company shall have no responsibility for these obligations. PRESENTATION OF FINANCIAL AND CERTAIN OTHER INFORMATION Financial Information The division of the Company was registered with the Estonian commercial register (the “ Estonian Commercial Register ”) on 23 November 2011 (the “ Division ”). Please read “Division of the Com- pany” in Section 9 (Material Contracts ) of Part IX (Business ) in respect of the terms and conditions of the Division. The Division resulted in a significant gross change in the size of the Company. For that reason the following has been
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