Christian Petrov Appointed as the Head of Arco Vara’s Bulgarian Operations

Following the departure of Arco Vara Bulgaria's former Managing Director, Daniel
Yordanov,  Arco Vara AS  has appointed Christian  Petrov as the  new head of its
Bulgarian subsidiaries.

The  main responsibility of the new manager is to ensure the smooth continuation
of  the  Bulgarian  subsidiaries'  daily  operations  and to support Arco Vara's
strategic  goal of gradually concluding its  activities on the Bulgarian market,
including  overseeing the  ongoing sales  process and  asset realization. At the
same  time, the  development activities  in Bulgaria  continue as  planned - the
projects  are progressing  according to  the established  schedule, and  the new
manager's  task  is  to  ensure  their  proper and effective execution until the
completion of the exit process.

Christian  Petrov  will  serve  on  the  management  boards  of  all Arco Vara's
Bulgarian subsidiaries.

Christian  Petrov is  a real  estate professional  with extensive  experience in
structuring  and implementing complex projects.  His expertise lies in financing
and   transforming   existing  commercial  assets  into  high-value  residential
developments. Previously, he has worked in the public sector, dealing with urban
transport, energy efficiency, and local authorities.

Christian Petrov does not hold any shares in Arco Vara AS.

In July this year, Arco Vara AS announced its intention to concentrate its focus
on  its core market -  real estate development projects  located in Estonia. The
company  will  continue  to  keep  investors  and  the public informed about the
progress  of related negotiations  and will provide  additional information once
the transactions or other material developments reach the next stage.

Darja Bolshakova
CFO
Arco Vara AS
[email protected] (mailto:[email protected])