ARCO VARA AS - NASDAQ OMX Baltic

more than two members, the Supervisory Council shall appoint a Chairman for the Management
Board.
As of the date of this Offering Circular, the Management Board is as follows:
Year of Member
Current term
Name birth since Position
expires
Viljar Arakas 1979 2004 Chairman, CEO 2010
Sulev Luiga 1971 2005 Member, CFO 2007
Ivar Siimar 1969 2003 Member, Head of Services Division 2010
Veiko Pedosk 1965 2007 Member, Head of Development Division 2010
Ahto Altjõe 1961 2007 Member, Head of Construction Division 2010
Pursuant to the resolution of the Supervisory Council dated 10 May 2007, Mr. Sulev Luiga was
recalled from the Management Board with effect on 30 June 2007 and Mr. Aare Tammemäe was
elected as a new member of the Management Board with his appointment taking effect as of 1 July
2007.
Viljar Arakas. Mr. Viljar Arakas, born 1979, is the Chief Executive Officer of the Group and the
Chairman of the Management Board. Before joining the firm in 2002, he was the founder and a
Member of the Board of OÜ Haagisekeskus since 2000. He was Chairman of the Management Board
of AS Arco Transport from 1999-2002, and a Sales Manager in AS Arco Transport from 1998-2001.
In 1997-1999, he worked for AS Arco Trans where he held the position of a Sales Manager.
Mr. Arakas graduated in 1999 from the Tallinn Polytechnic Institute, where he specialized in
Telecommunication Equipment. He also has an International Bachelor’s Degree in Business
Administration (BBA) from the Estonian Business School in 2003. From 2002-2003, he studied at the
Hogeschool Novi in Netherlands where he graduated Double Degree Program. He is continuing his
studies at the Estonian Business School to obtain a Masters Degree. Messrs. Viljar Arakas and Arti
Arakas are brothers.
Sulev Luiga. Mr. Sulev Luiga, born 1971, has been a Member of the Management Board and CFO of
the Group since 2005. From 1992-2005, he worked for KPMG Estonia AS where he held the
following positions: from 2001-2005, a Senior Partner and a Chairman of the Management Board; in
1998-2001, a Partner and a Member of the Management Board; from 1995-1998, he was a Partner and
a Member of the Supervisory Council; from 1992-2005, he was an Auditor and Head of Department.
He was a Chairman of the Estonian Auditing Board from 1999-2005. Currently, Mr. Luiga is a
Member of the Estonian Auditing Board. Mr. Luiga graduated in 1993 from the Tallinn University of
Technology (TTÜ), where he specialized in Accounting and Business Analysis. In 2006, he obtained
his EMBA cum laude at the Estonian Business School. His additional education includes Economics
in Lappeenranta University of Technology and Business Management at the Paris Graduate School of
Management.
Ivar Siimar. Mr. Ivar Siimar, born 1969, has been a Member of the Management Board and Head of
the Services Division since 2003. He joined the firm in 1994 and worked as a real estate broker until
1996. From 1996-1998, he held the position of an office manager. He served as the Chairman of the
Management Board of Arco Vara Tallinna Büroo AS (later merged with AS Arco Vara
Kinnisvarabüroo) from 1998 to 2001. From 1997 to 1999, he also served as the Member of the
Management Board of the Company. He has been the manager of Arco Vara Service Division from
2001 until today. He was a member of the Supervisory Council of AS Kinnisvaraportaal, the company
operating the first real estate portal “City 24 Baltics” and a member of the Management Board of the
Association of Estonian Real Estate Companies from 1996 until 2002. Mr. Siimar graduated in 1992
from the Tallinn Pedagogic Institute, where he specialized in Physical Culture. He has additionally
acquired a Graduate Diploma at the Estonian Higher Commerce School (formerly the Estonian
Business School), where he attended the Masters Program in International Business Administration
159