LHV Group — Board/Management Information 2025

Jun 9, 2025

Mihkel Kasepuu to Join Management Board of LHV Pank

Mihkel Kasepuu to Join Management Board of LHV Pank

The Supervisory Board of AS LHV Pank, subsidiary of AS LHV Group, has elected
Mihkel Kasepuu as a Member of the Management Board, with responsibility for
technology and product development. Whether the new board member meets the
eligibility requirements will also be approved bv the ECB. Kasepuu will assume
his new position on 22, July for a five-year term.

Mihkel Kasepuu has served as LHV Pank's Chief Technology Officer and Chief
Technology and Product Officer since 2024. Previously, he worked at Nortal from
2015 to 2023. At LHV, he has played a key role in building scalable, secure
systems and driving product innovation. His expertise will be central to
advancing the bank's digital capabilities.

Kasepuu holds a master's degree in IT from Taltech. He is a shareholder and a
management board member in several small IT consultancy and software development
companies Panda Solutions OÜ, SM Capital OÜ, and Futuleap OÜ. Kasepuu owns 10
ordinary shares in AS LHV Group and holds options to subscribe for 79,733 shares
for options issued in 2024.

Rain Lõhmus, Chairman of the Supervisory Board of LHV Group, commented:
"Mihkel Kasepuu's appointment to the Management Board of LHV Pank supports our
ambition to become more technology and product driven. As role of engineers and
engineering is growing, so shall their representation at Board. Mihkel shall
lead LHV's strategic direction focused on consistently shipping intelligent,
desirable, and user-friendly products by leveraging machine learning and rapidly
evolving technologies. Mihkel is known for his top-level engineering mindset,
and high agency. In a short time at LHV he has already demonstrated his ability
to deliver acceleration in infrastructure platform change and ability to
energize product organization. Keep going."

Comment from Mihkel Kasepuu:
"While we've made strong progress in recent years - implementing our cloud
strategy, automating processes, and modernising our banking system - a lot of
interesting challenges still lie ahead. Our goal is for LHV's product and
technology to represent world-class product-led engineering, capable of
competing with the best globally. That ensures our solutions are sustainable and
deliver security, speed, and convenience for our customers. We have a proud,
skilled and motivated team, ready to take bold steps forward."

In addition to Mihkel Kasepuu, the Management Board of LHV Pank includes: Kadri
Kiisel (Chief Executive Officer), Meelis Paakspuu (Chief Financial Officer),
Kadri Haldre (Chief Risk Officer), Jüri Heero (Chief Information Officer),
Annika Goroshko (Head of Retail Banking), and Indrek Nuume (Head of Corporate
Banking).

LHV Group is the largest domestic financial group and capital provider in
Estonia. LHV Group's key subsidiaries are LHV Pank, LHV Varahaldus, LHV
Kindlustus, and LHV Bank Limited. The Group employs over 1,150 people. As at the
end of April, LHV's banking services are being used by 468,000 clients, the
pension funds managed by LHV have 113,000 active clients, and LHV Kindlustus
protects a total of 176,000 clients. LHV Bank Limited, a subsidiary of the
Group, holds a banking licence in the United Kingdom and provides banking
services to international financial technology companies, as well as loans to
small and medium-sized enterprises.

Priit Rum
Communications Manager
Phone: +372 502 0786
Email: [email protected] (mailto:[email protected])