Changes in the Management and Supervisory Boards of Admirals Group AS and amendments to the articles of association

By  the resolution of the general meeting of Admirals Group AS, Anton Tikhomirov
and  Fedor Ragin were  elected members of  the supervisory board (effective from
October  6, 2025). At  the  same  time,  Mr  Tikhomirov  has  resigned  from the
management  board of the Company. Both new members of the Supervisory Board were
appointed for a term of five years.

Anton Tikhomirov has been active in the industry since 1999 and has a managerial
background  in financial brokerage.  He joined Admirals  in 2012 as he was first
appointed  to the Supervisory Board of  Admiral Markets AS. Anton has previously
served on the Supervisory Board of Admirals Group AS, from 2016 to 2024.

Mr Tikhomirov holds no management positions outside the Admirals group.

Fedor  Ragin  joined  Admirals  in  2017. His  experience  includes  19 years of
teaching on MBA/EMBA programs, managing a business school, strategic consulting,
launching and running startups, serving on the boards of private companies as an
independent director and a PhD research on founder succession.

Outside  the Admirals group serves Fedor  on the supervisory boards of Historica
Foundation  sihtasutus,  Sihtasutus  Malta  Ordu  Abiteenistus Eestis, and Tacit
University sihtasutus.

The  Management Board of Admirals Group  AS shall operate from 06.10.2025 in the
following  composition:  Alexander  Tsikhilov,  Eduard  Kelvet, Andrey Koks, and
Liudmila Bataeva.

The  Supervisory Board of Admirals Group AS shall operate from 06.10.2025 in the
following  composition: Anatolie Mihalcenco, Dmitri Laush, Olga Senjushkina, Anton
Tikhomirov, and Fedor Ragin.

On  October 6, 2025, the General  Meeting of Admirals  Group AS decided to amend
the articles of association of the Company as follows:

i) Shareholders  have the right to adopt resolutions without convening a general
meeting;

ii)  The supervisory board has the right  to adopt resolutions without calling a
meeting.

Additional information:
Alexander Tsikhilov
Chairman of the Management Board of Admirals Group AS
[email protected]
 (mailto:[email protected])+372 6309 300
https://www.admirals.group/
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