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Regarding Arco Vara's new member of the management board

In connection with the information published in the Estonian media regarding the criminal record of the new CEO of Arco Vara AS,Tarmo Sild, Arco Vara deems it necessary to specify the following facts:

1. Tarmo Sild has been punished for committing an offence set forth in section 295 (1) of the Estonian Penal Code, i.e. for arranging receipt of gratuities, with a pecuniary fine of 102,870 Estonian kroons (approx. EUR 6,575). The judgement entered into force on 26 May 2010.

2. Tarmo Sild paid the fine imposed on 2 June 2010. By law, the criminal record of a person having committed an offence set forth in section 295 (1) of the Penal Code is deleted when three years have passed since the time the punishment was served.

3. The offence was committed in summer 2006. Based on the statement of charges, the offence did not result in any material damage to the state.

4. Tarmo Sild did not leave the Estonian Bar Association based on the judgement of the court as has been mistakenly claimed by the media. Tarmo Sild left the Estonian Bar Association at his own request on 12 January 2010. Sild explained his leaving as follows: “After having worked for ten years as an attorney, my focus has increasingly shifted on the business of companies in which I have an interest, some of which operate outside Estonia.” 

5. On selecting the new member of the management board, the supervisory board of Arco Vara considered both the above circumstances and the fact that in the current situation, which has already been described in the stock exchange announcement of 16 October 2012, the interests of Arco Vara AS and its shareholders have to come first.

Richard Tomingas
Chairman of the Supervisory Board
Arco Vara AS
Tel: +372 614 4630
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http://www.arcorealestate.com