New Members Elected to LHV Group Management Board

In connection with the reorganisation of the organisational structure of AS LHV Group (LHV Group) as a parent financial holding company, the Supervisory Board of LHV Group decided to elect Meelis Paakspuu, Martti Singi, and Jüri Heero as new Members of the Management Board. Madis Toomsalu, current Member of the Management Board, was appointed Chairman of the Management Board and his mandate was not changed.

LHV Group is a holding company whose subsidiaries include a credit institution, an asset management company, and a non-life insurance company. In addition, LHV Group is in the process of setting up a new bank in the UK. The expansion of the Management Board is a result of both being subject to the regulatory resolution scheme as well as the expansion and growth of LHV Group in different markets.

The mandates of the new Members of the Management Board will start on 1 November 2022 and will be valid until 31 March 2027. The current mandate of Madis Toomsalu is valid until 31 March 2026.

Madis Toomsalu has been a Member of the Management Board of LHV Group since 2016. He is the Chairman of the Supervisory Boards of AS LHV Pank (LHV Pank), AS LHV Kindlustus, AS LHV Varahaldus, EveryPay AS and a Member of the Supervisory Board of AS LHV Finance. He is also the Chairman of the Board of Directors of LHV UK Ltd and a Member of the Management Board of MTÜ FinanceEstonia. Madis Toomsalu and a person related to him own 1,031,090 shares of LHV Group (0.33% stake). He has the right to acquire a total of 860,310 shares of LHV Group for the options issued between 2020 and 2022.

Meelis Paakspuu has been a Member of the Management Board and CFO of LHV Pank since 2015. He does not belong to governing bodies of any other companies. Meelis Paakspuu and persons related to him own 491,320 shares of LHV Group (0.16% stake) and he has the right to acquire a total of 527,700 shares of LHV Group for the options issued between 2020 and 2022.

Martti Singi has been a member of the Management Board and Risk Manager of LHV Pank since 2012. He does not belong to governing bodies of any other companies. Martti Singi and persons related to him own 853,530 shares of LHV Group (0.27% stake) and he has the right to acquire a total of 506,410 shares of LHV Group for the options issued between 2020 and 2022.

Jüri Heero has been a member of the Management Board and IT Manager of LHV Pank since 2007. He does not belong to governing bodies of any other companies. Jüri Heero and persons related to him own 1,012,180 shares of LHV Group (0.32% stake) and he has the right to acquire a total of 506,410 shares of LHV Group for the options issued between 2020 and 2022.

All new Members of the LHV Group Management Board will continue to serve on the Management Board of LHV Pank. The right of representation specification of the Members of the Management Board resulting from the Articles of Association of LHV Group will also be entered in the Commercial Register: the Chairman of the Management Board alone or two Members of the Management Board jointly may represent LHV Group in transactions.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. The Group employs more than 840 people. As at September, LHV’s banking services are being used by 364,000 clients, the pension funds managed by LHV have 130,000 active clients, and LHV Kindlustus protects a total of 152,000 clients. LHV’s UK branch offers banking infrastructure to 200 international financial services companies, via which LHV’s payment services reach clients around the world.

Marthi Lepik

Communications Specialist

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