Changes in Management and Supervisory Boards of subsidiaries of AS Pro Kapital Grupp

Changes in Management and Supervisory Boards of subsidiaries of AS Pro Kapital Grupp

AS Pro Kapital Grupp (Pro Kapital) announces that at the end of April 2022 the terms of office of Paolo Michelozzi, Member of the Management Board and Supervisory Board of the Group's subsidiaries, and Olga Rudzika, Member of the Management Board of Pro Kapital Latvia, will end. Andrus Laurits, who has previously worked in the group for a long time, will take over as the managing director of AS Pro Kapital Eesti and member of the management board in subsidiaries. Mr. Laurits will also be responsible for trans-Baltic executive management and will serve on the boards of subsidiaries Estonia and Germany. Mārtiņš Kusiņš, the company's technical project manager, will join the board in Pro Kapital Latvia group companies.

“The team of Pro Kapital sincerely thanks Paolo Michelozzi and Olga Rudzika for their contribution to the company for more than 20 years. As one of the oldest real estate developers in the Baltics, we can be proud that we have remained strong and stable throughout the region within these years. The Company is very well-maintained and managed,” said Edoardo Preatoni, CEO of AS Pro Kapital Grupp. "At the same time, I am extremely pleased that Andrus Laurits has re-joined Pro Kapital. His diverse international experience brings great value to the company," added Preatoni.

Pro Kapital aims to increase people's well-being, enrich urban space and ensure sustainable business in a rapidly changing environment by developing large, integrated residential environments. According to the CEO of the group, the changes in management will bring new energy, global experience and vision to the company's operations. "I believe that as a result of these changes, we will ensure a strong and capable team that will be able to create outstanding homes for our customers that will last for decades," explained Preatoni.

After the implementation of the changes, the management boards of the subsidiaries belonging to the AS Pro Kapital Grupp group will proceed as follows:

AS Pro Kapital Eesti: Edoardo Axel Preatoni and Andrus Laurits;

AS Tondi Kvartal; Edoardo Axel Preatoni and Andrus Laurits;

OÜ Marsi Elu: Edoardo Axel Preatoni and Andrus Laurits;

OÜ Dunte Arendus: Edoardo Axel Preatoni and Andrus Laurits;

OÜ Kalaranna Kvartal: Edoardo Axel Preatoni and Andrus Laurits;

PK Germany Holding OÜ: Edoardo Axel Preatoni and Andrus Laurits;

OÜ Ilmarise Kvartal: Andrus Laurits;

OÜ Pro Halduse: Kati Rõuk;

Pro Kapital Latvia JSC: Edoardo Axel Preatoni and Mārtiņš Kusiņš;Kliversala SIA: Edoardo Axel Preatoni and Mārtiņš Kusiņš;

Tallina Nekustamie Ipašumi SIA: Edoardo Axel Preatoni and Mārtiņš Kusiņš;

Nekustamo ipašumu sabiedriba Zvaigznes centrs SIA: Edoardo Axel Preatoni and Mārtiņš Kusiņš;

Pro Kapital Vilnius Real Estate UAB: Edoardo Axel Preatoni and Neringa Rasimaviciene;

PK Invest UAB: Edoardo Axel Preatoni and Neringa Rasimaviciene;

In Vitam UAB: no board;

Pro Kapital Germany GmbH: Edoardo Axel Preatoni;

PK Hotel Management Services GmbH: Edoardo Axel Preatoni and Andrus Laurits.

There will be changes also in the Supervisory Council of AS Tondi Kvartal, where Paolo Michelozzi will be substituted by Petri Olkinuora (the Supervisory Council Member of AS Pro Kapital Grupp) and in the Supervisory Council of Pro Kapital Latvija JSC, where Edoardo Axel Preatoni will be substituted by Andrus Laurits.

Registration of changes is in the process.

A summary of the professional experience of Mr Andrus Laurits and Mārtiņš Kusiņš can be found enclosed to this announcement. Mr. Laurits and Mr. Kusinš do not own any shares of Pro Kapital.

Angelika Annus

Member of the Board

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