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Pealkiri

Proposed changes to the Management Board of LHV Pank and the governing bodies of LHV companies

Teade

AS LHV Group announces that the Nomination Committee has proposed to the
Supervisory Board of AS LHV Pank to recall Kadri Kiisel from the position of
Chairman of the Management Board of LHV Pank, effective April 1, 2026, and to
elect Erki Kilu as the new Chairman of the Management Board. The change is
intended to be carried out in accordance with the planned decision of the
Supervisory Board of LHV Pank. The European Central Bank will also make a
decision regarding the compliance of the new Chairman with fitness and propriety
requirements. According to the Articles of Association, Erki Kilu's term of
office on the Management Board of LHV Pank would be five years.

Erki Kilu has served as the CEO of LHV Bank, LHV Group's UK-based subsidiary,
since January 2021. Under his leadership, the company obtained a UK banking
license in May 2023. LHV Bank has demonstrated rapid growth in net income, as
well as deposit and loan volumes. Last year, in addition to serving
international fintech companies and issuing loans to local businesses, retail
banking services were launched.

The Nomination Committee and Board of Directors of LHV Bank have decided to
recall Erki Kilu from the position of CEO of LHV Bank as of April 1, 2026, and
have appointed Kris Brewster, LHV Bank's Director of Retail Banking, as Interim
CEO. Erki Kilu will remain a member of the Board of Directors of LHV Bank, and
Kris Brewster will also join the Board. A recruitment process will be initiated
to find a new permanent CEO.

Erki Kilu's membership in the Supervisory Board of LHV Kindlustus, a subsidiary
of LHV Group, will remain in effect. In connection with Kadri Kiisel's departure
from the position of Chairman of the Management Board of LHV Pank, Erki Kilu is
planned to be elected as a member of the Supervisory Board of LHV Varahaldus and
Chairman of the Supervisory Board of LHV Finance. Kadri Kiisel's mandates as a
member of the Supervisory Boards of LHV Varahaldus and LHV Paytech, and as
Chairman of the Supervisory Board of LHV Finance, are scheduled to end on April
1, 2026.

Erki Kilu earned a Bachelor's degree in International Business Administration
from the Estonian Business School in 1998 and two Master's degrees from the
University of Tartu: a Master of Business Administration in 2001 and a Master of
Science in Engineering (IT) in 2018. Additionally, he has enhanced his
international expertise through programs such as INSEAD's Strategic Management
in Banking. He is a Lifetime Fellow of the Chartered Banker Institute (FCBI). He
does not belong to the governing bodies of any companies not mentioned in this
announcement. As of the date of this announcement, Erki Kilu owns 900,000 shares
of LHV Group. Persons related to him do not own LHV Group shares. Erki Kilu has
the option to acquire a total of 368,463 LHV Group shares through options issued
in 2023, 2024, and 2025.

Kris Brewster joined LHV Bank in 2023. He has over 20 years of experience in the
banking and financial sector. Before joining LHV Bank, he worked at Skipton
Building Society from 2010, where his last position was acting Chief Commercial
and Strategy Officer. Prior to that, he held senior savings roles at Bradford &
Bingley and HSBC. Kris Brewster earned a Bachelor's degree from Loughborough
University in 2002 and an MBA from University of Bradford in 2013. He also
belongs to the Board of Directors of Leeds Heritage Theatres Limited. Kris
Brewster and persons related to him do not own LHV Group shares. Kris Brewster
has the option to acquire a total of 23,920 LHV Group shares for options issued
in 2025.

Comment from Mihkel Torim, Chairman of the Management Board of LHV Group:

"Having the significant experience of building two banks, Erki brings back to
Estonia a unique combination: a fresh international perspective and long-term
experience from LHV and both of our home markets. His primary task is to provide
a new perspective on LHV's development in Estonia, to strengthen the bridge
between our two banks, and to make a strong contribution to our next stage of
development. This also allows us the opportunity to place the management of our
UK bank even further into the hands of a local team that possesses direct market
insight. The prerequisite for these changes is the work that Kadri has
accomplished. Under her leadership, LHV Pank has grown not only in volume but
also in maturity-the bank has gained a modern technological foundation and is
highly recognized by both employees and clients. This is the platform from which
we step into the next phase. I thank Kadri for this significant effort
throughout the years."

Comment from Erki Kilu:

"LHV's new stage of development brings several changes, where we focus on
growing in three strategic directions. In Estonia, we must become even stronger;
in the UK, we must actively grow business volumes; and to ensure LHV's broader
growth, move forward into other European countries after some time. To achieve
this, our products and technology must be scalable. We are bringing the Estonian
and UK banks closer together to reduce duplication and increase speed and
efficiency in bringing new retail banking products to market. Global competition
is swift and ruthless. If we keep clients and ambitious product development in
focus, we have great opportunities for success. We will certainly continue our
work with the youth. Long-term success is born from client relationships
established early on. To implement all of this, we are strengthening the team by
involving both younger talent and leaders with international experience. This is
how we ensure the successful execution of our financial plans."

Comment from Kadri Kiisel:

"LHV Pank has grown rapidly over the last five years. Loan and deposit volumes
have more than doubled, and in March, we will reach half a million clients.
During this time, LHV Pank has repeatedly received recognition as the best bank
in Estonia, the bank with the best service, and a highly valued employer. In
recent years, we have thoroughly updated our technological foundation. We have
adopted cloud infrastructure and reduced dependence on legacy solutions,
providing the bank with greater flexibility and speed in developing and
launching products. This has been a particularly intense and memorable stage of
a longer LHV journey, which in my case has lasted 15 years. I thank the owners,
employees, and clients, whose trust and contribution made this development
possible."


LHV Group is the largest domestic financial group and provider of capital in
Estonia. LHV Group's main subsidiaries are LHV Pank, LHV Varahaldus, LHV
Kindlustus, and LHV Bank Limited. Group companies employ nearly 1,200 people.
LHV Pank's services are used by 495,000 clients, LHV-managed II pillar pension
funds have 105,000 active clients, and 233,000 clients are protected by LHV
Kindlustus. The Group's subsidiary, LHV Bank, holds a UK banking license and
provides banking services to international fintech companies and loans to small
and medium-sized enterprises.


Investor Relations
Sten Hans Jakobsoo
Head of Investor Relations and Corporate Development
Email: [email protected]
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