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Changes in the Management Board and Supervisory Council of AS Pro Kapital Grupp subsidiaries

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AS Pro Kapital Grupp informs its shareholders about the changes in the Company's
subsidiaries  that have been  adopted on 31 January  2019. CEO of AS Pro Kapital
Grupp  Paolo Michelozzi said that Pro Kapital's core business is the development
of  and  sale  of  residential  properties  and  the  development  and  lease of
largescale  commercial properties,  mainly shopping  malls. "We  have decided to
implement  the changes to the managerial  positions to allow the Management Team
members  of Pro Kapital to  focus on their respective  fields of activity", said
Paolo  Michelozzi. According to  Mr Michelozzi, Allan  Remmelkoor continues work
with  the T1 Mall of Tallinn and in preparations for potential new shopping mall
developments.  Ervin Nurmela focuses on  the large-scale development projects of
Kristiine  City and Kalaranna Kvartal residential and commercial area in Tallinn
Estonia.

Following  decisions  concerning  AS  Pro  Kapital  Grupp subsidiaries have been
adopted:

  * Ervin Nurmela was recalled from the Management Board member position of AS
    Tallinna Moekombinaat. AS Tallinna Moekombinaat Management Board will
    continue with two Management Board members Allan Remmelkoor and Kristjan
    Kask. AS Tallinna Moekombinaat is the developer and operator of Pro
    Kapital's prime flagship property, T1 Mall of Tallinn, located in Tallinn
    Estonia.
  * Ervin Nurmela was recalled from the Supervisory Council member position of
    AS Tondi Kvartal and Allan Remmelkoor was elected as the new Supervisory
    Council member of AS Tondi Kvartal. Supervisory Council members of the AS
    Tondi Kvartal are Emanuele Bozzone, Ernesto Achille Preatoni and Allan
    Remmelkoor.
  * Allan Remmelkoor was recalled from the Management Board member position of
    AS Tondi Kvartal and Ervin Nurmela was elected as the new Management Board
    member of AS Tondi Kvartal. Ervin Nurmela also serves as a Management Board
    member of OÜ Marsi Elu, which is the development company of Kristiine City.
    AS Tondi Kvartal Management Board will continue with two Management Board
    members Paolo Vittorio Michelozzi and Ervin Nurmela. AS Tondi Kvartal is the
    owner of land plots in pipeline for the development of residential premises
    in Kristiine City, located in Tallinn Estonia.

A  summary of the professional experience  of Ervin Nurmela and Allan Remmelkoor
can  be found enclosed to this announcement.  Mr Nurmela nor Mr Remmelkoor don't
hold any shares of the issuer.

The  Company's key development projects mentioned above are described as follows
and the visuals have been enclosed to current announcements:

T1  Mall  of  Tallinn  was  opened  on  8 November  2018, representing  the  new
generation  trends in the industry with strong focus on entertainment and food &
beverage concepts. T1 has to date 161 stores, 32 restaurants and cafés with more
than  60 new brands,  offering new  ways of  shopping and  leisure time  for its
visitors.  T1 Mall of Tallinn  is opening multiple new  stores during the spring
2019. Moreover,  the opening of the  first of a kind  in Europe, Ferris wheel on
the  rooftop of the mall, will be held. The Ferris wheel's height will be nearly
120 above the sea level, making it an attractive and truly unique sightseeing.

Kristiine  City is  a residential  development project  in Tallinn  Estonia. The
whole area is consistent of multiple unique developments that completely reshape
the area. In 2018 Pro Kapital completed Marsi 6 loft style project, with all 45
apartments  being  sold  out.  10 new  modern  buildings  of Kristina Houses are
currently  being developed, with total  of 309 apartments. 6 buildings with 186
apartments  have  been  completed  and  179 apartments  have been either sold or
booked  by the buyers, leaving just 7 completed apartments for sale in Kristiine
City.  4 buildings with 123 apartments are  under construction and 47 apartments
have  been  either  sold  or  booked  by  the  buyers.  Pro  Kapital is actively
projecting  next stages of Kristiine City  development to ensure continuation of
the  development and sales after the completion of the buildings currently under
construction.

Kalaranna Kvartal is a residential development, located at the very heart of the
capital  of Estonia, in  the most exclusive  and prestigious area,  right on the
beachfront  of central Tallinn, right on the border of the Old Town.  Due to its
unique  location, the  development has  welcomed a  very high  interest from the
clients. The project is currently awaiting building permit from the municipality
and the Company has not yet started the construction, nor any marketing or sales
activities.  However,  to  respond  the  high  demand,  we are accepting initial
reservations   since  July  2018. To  date,  we  have  made  76 reservations  to
residential  premises in Kalaranna. 46 apartments out  of 128 of the first stage
of the development have thereby been reserved by the clients.


Allan Remmelkoor

Member of the Board

+372 614 4920

[email protected]


Attachments

  * Professional experience and occupations Allan Remmelkoor Ervin Nurmela
    (https://ml-eu.globenewswire.com/Resource/Download/de08f31e-aa52-
    47b2-98ff-5ef8d90d2abf)
  * T1 Mall of Tallinn project photo (https://ml-
    eu.globenewswire.com/Resource/Download/820f5803-2484-47d8-80d2-997f6f9a6bd5)
  * Kristiine City project photos (https://ml-
    eu.globenewswire.com/Resource/Download/d987fa43-8059-476f-aa24-fafebf26fd81)
  * Kalaranna Kvartal project photos (https://ml-
    eu.globenewswire.com/Resource/Download/854ac312-e5c3-4326-94f5-746f782db51a)