Arco Vara AS has appointed head of asset management of the firm, Mr Heigo Metsoja to be investor relations' manager effective from July 1st 2007. Mr Metsoja has been head of asset management of the group since 2005 and also serves as member of the supervisory boards of Arco Investeeringute AS and AS Tallinna Olümpiapurjespordikeskus. Before joining the group he worked as a financial analyst for Fortum Energia AS from 1999-2001, as a credit analyst for AS Hansapank from 2001-2003, and was CEO of AS Eesti Eine from 2003 to 2005. Mr. Metsoja graduated from the Estonian Business School in 1999, where he obtained a BBA degree, specializing in Money and Banking. He is continuing his studies at the Estonian Business School to obtain an Executive MBA degree with specialization in Accounting and Finance. Arco Vara announced the initial public offering of its shares on June 4th, with the offer period lasting until 4PM on June 14th. Trading with Arco Vara shares on the Tallinn Stock Exchange will presumably commence on June 21st. Arco Vara AS, founded in Estonia in 1992, is the leading property company in the Baltic States whose activities cover property brokerage, development and construction. The company is present in 25 cities in Estonia, Latvia, Lithuania, Ukraine, Bulgaria and Romania. At the end of Quarter 1 of 2007, the group and its joint ventures employed a total of 546 people. The audited consolidated turnover of Arco Vara AS in 2006 was 484 million kroons and net profit amounted to 217 million kroons. Further information: Heigo Metsoja Arco Vara AS investor relations' manager heigo.metsoja@arcovara.ee tel:+372 6144 654