Arricano Real Estate Plc announced that Mikhail Merkulov is to be appointed to the position of the Chief Executive Officer of the company (non-board appointment) with effect from September 8, 2014. Mr. Merkulov has 16 years experience across different industries operating in volatile markets in Central and Eastern Europe countries (Ukraine, Russia, Bulgaria, Serbia, Slovenia and Austria). Mikhail's career started in 1998 when he joined McDonald's, in Ukraine, and became Operations Manager.

Yarema Kovaliv, who has been the Acting Chief Executive Officer, will continue in his current role until 8 September 2014 at which time he will take up the new role of Executive Advisor to the board of directors of Arricano.