AS Eesti Ehitus Changes board/management/auditors June 15, 2007 Board change in AS Eesti Ehitus Andri Hõbemägi, member of the board and financial director of AS Eesti Ehitus leaves the company as of July 15, 2007 to assume the role of managing the investments and project analysis as well as treasury in the core shareholder of the company, AS Nordecon. Andri Hõbemägi has been in AS Eesti Ehitus since November 18, 2002. Starting from July 9, 2007, a new member of the board and financial director will be Sulev Luiga, who serves as the member of the board and financial manager of AS Arco Vara until June 30, 2007. Sulev Luiga has been with AS Arco Vara since 2005, while from 1992 until 2005 he was employed by KPMG Estonia AS, including from 2001 as senior partner and chairman of the board. Sulev Luiga owns 1000 shares of AS Eesti Ehitus. According to the chairman of AS Nordecon, Toomas Luman, the significant increase in the assets and investment potential of AS Nordecon has led to the decision to bring in Andri Hõbemägi as a experienced professional in his field to back the future developments of the group. Also, it is clear that these changes will strenghten the strategic management of AS Nordecon's largest subsidiary AS Eesti Ehitus as a whole. Jaano Vink Chairman of the board AS Eesti Ehitus Tel: (+372) 6400 450 E-mail: eestiehitus@eestiehitus.ee