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LHV Extends Authorities of AS LHV Pank’s Management Board and Members of Supervisory Board; Changes Articles of Association

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The Supervisory Board of AS LHV Pank decided today to extend authorities of all
members of AS LHV Pank Management Board. The sole shareholder of the bank, AS
LHV Group decided to extend authorities of Andres Viisemann and Raivo Hein as
members of LHV Pank’s Supervisory Board and also decided to change Articles of
Association of AS LHV Pank. 

The changes to the Articles of Association take into account propositions for
clarification made by internal audit and will make the document more
unambiguous. The changes will come into force after a consent from the
Financial Supervision Authority. The FSA will make a motivated decision to
either approve or refuse the changes in two weeks from receiving the
application. 

The authorities of LHV Pank’s Management Board members are extended by 5 years,
so the new mandate expiration date will be 20 September 2022. The members of
the Management Board are Erki Kilu, Indrek Nuume, Meelis Paakspuu, Andres
Kitter, Jüri Heero and Martti Singi. 

Erki Kilu is a member and the chairman of the Management Board of LHV Pank
since 2008. In addition Mr Kilu serves as a member of Supervisory Board of AS
LHV Finance and AS LHV Varahaldus and is a member of the Management Board of
UAB Mokilizingas, Estonian Banking Association and Kalevi Jahtklubi. During the
merger process with LHV Varahaldus Mr Kilu was a member of Supervisory Board of
Danske Capital AS. Erki Kilu holds 97,230 shares of AS LHV Group. He has the
opportunity to require 90,036 shares of AS LHV Group for options issued in
2015, 2016 and 2017. 

Indrek Nuume is a member of the Management Board and Head of Business Banking
of LHV Pank since 2009. Mr Nuume is a member of Supervisory Board of Tilsi LK
Fond. Indrek Nuume holds 20,594 shares of AS LHV Group. He has the opportunity
to require 55,879 shares of AS LHV Group for options issued in 2015, 2016 and
2017. 

Meelis Paakspuu is a member of the Management Board and Chief Financial Officer
of LHV Pank since 2015. Before that he was working at DNB Pank AS as CFO and
the head of Financial and IT units. Mr Paakspuu does not belong to any other
management body. Meelis Paakspuu holds 861 shares of AS LHV Group. He has the
opportunity to require 18,550 shares of AS LHV Group for options issued in 2016
and 2017. 

Andres Kitter is a member of the Management Board and Head of Retail Banking of
LHV Pank since 2013. He does not belong to any other management body. Andres
Kitter holds 6,751 shares of AS LHV Group. He has the opportunity to require
41,132 shares of AS LHV Group for options issued in 2015, 2016 and 2017. 

Jüri Heero is a member of the Management Board and Head of IT of LHV Pank since
2007. He does not belong to any other management body. Jüri Heero and Heero
Invest OÜ owned by him hold together 49,591 shares of AS LHV Group. He has the
opportunity to require 43,096 shares of AS LHV Group for options issued in
2015, 2016 and 2017. 

Martti Singi is a member of the Management Board and Chief Risk Officer of LHV
Pank since 2012. He does not belong to any other management body. Martti Singi
holds 36,611 shares of AS LHV Group. He has the opportunity to require 41,132
shares of AS LHV Group for options issued in 2015, 2016 and 2017. 

The authorities of two members of the Supervisory Board of LHV Pank are also
extended by 5 years (until 20 September 2022). 

Andres Viisemann is an investor and an entrepreneur and since 2007 a member of
Supervisory Board of LHV Pank. He is a member of management in Viisemann
Holdings OÜ and serves as a member of Supervisory Board in AS LHV Group, AS LHV
Varahaldus, AS Fertilitas, Rocca al Mare Kooli SA. During the merger process
with LHV Varahaldus Mr Viisemann was a member of Supervisory Board of Danske
Capital AS. Andres Viisemann and companies owned by him hold together 2,544,399
shares of AS LHV Group. He has the opportunity to require 32,939 shares of AS
LHV Group for options issued in 2015, 2016 and 2017. 

Raivo Hein is an investor and an entrepreneur and since 2010 a member of
Supervisory Board of LHV Pank. Mr Hein serves in management of OÜ Kakssada
Kakskümmend Volti, E-FINANCE OÜ, Zerospotnrg OÜ, Lame Maakera OÜ, Kuu On Päike
OÜ, Higgsi Boson OÜ, Kõver Aegruum OÜ, Desoksüribonukleiinhape DNA OÜ. In
addition he is a member of Supervisory Board of AS LHV Group, AS PUUMARKET and
AS Fix Ideed Estonia. Raivo Hein and companies owned by him hold together
493,860 shares of AS LHV Group. 

LHV Group is the largest domestic financial group and capital provider in
Estonia. LHV Group's key subsidiaries are AS LHV Pank and AS LHV Varahaldus.
LHV employs about 350 people and over 125,000 customers use LHV’s banking
services. Pension funds managed by LHV have over 177,000 customers. 


         Priit Rum
         Communication Manager
         Phone: +372 502 0786
         Email: [email protected]