According to the decision of Arco Vara AS Supervisory Board that was made on September 18, 2008 Avo Rõõmussaar (Head of Service Division) is withdrawn from Arco Vara AS management board and from all other managerial bodies of the Group on October 15, 2008. No new member of the management board is appointed and the management body continues with three members: Lembit Tampere (CEO), Heigo Metsoja (CFO) and Veiko Taevere (Head of Investment Division). Supervisory Board thanks Avo Rõõmussaar for the great job done so far and for initiating restructuring process in the Service Division. The Service Divison continues with the same business model by staying close to its partners and clients and developing further its core activities: brokerage, valuation, property advisory and property management. Arco Vara is one of the leading real estate developer in the Baltic's, undergoing a SEE expansion with presence established already in Ukraine, Bulgaria and Romania. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 26 cities and employs 570 people. According to 2007 audited consolidated results net sales was 727 mln kroons (46 mln euros), net profit before minorities 235 mln kroons (15 mln euros) and assets 3 564 mln kroons (228 mln euros). Arco Vara is listed on Tallinn Stock Exchange. 1 EUR=15,6466 EEK Heigo Metsoja CFO +372 6144 654 heigo.metsoja@arcovara.ee http://www.arcorealestate.com