On 01.10.2007 Avo Rõõmussaar, Arco's service division development director, will become a new management board member of Arco Vara AS. Mr. Ivar Siimar, current management board member will step down and continue at the supervisory board of Arco Real Estate AS. “By the move I can contribute more to the international strategic development of Arco's service division”, said Mr. Siimar. Avo Rõõmussaar has worked as development director of the service division since April 2006. He has been responsible for harmonizing group's international service standards, development of internal management reporting systems and structures. He has studied at the State Defense Academy and Estonian Business School. Prior to joining Arco's team he worked for ten years at the State Tax Board and became a deputy director. He has at the moment 23 840 Arco's shares of which 23 250 are pledged as a part of Arco's management motivation program. According to Arco's CEO Mr. Viljar Arakas, the move makes sense in realization of the ambitious strategic goals of Arco's service division: “Avo played an outstanding role in developing the Tax Board to internationally and locally recognized service authority, and has proved to be a capable manager, who is able to study and improve companies internal processes,” said Mr. Arakas. On 01.10.2007, Mr. Rõõmussaar will become the management board member of Arco Vara AS and a manager of Arco Real Estate AS, which is in full and direct ownership of Arco Vara AS. Powers of Mr. Siimar will end on 30.09.2007. Corresponding changes will be also carried out in the boards and supervisory boards of service division's subsidiaries. Additional information: Heigo Metsoja Head of Investor Relations +372 6144 654 heigo.metsoja@arcovara.ee http://www.arcorealestate.com/