Varengold Bank AG: Extension of the Management Contract with Frank Otten

Successfully initiated strategic orientation as a "Bank for the Marketplace Banking Industry" is consistently continued.

Hamburg, 16 May 2019 - The supervisory board has resolved ahead of time to re-appoint Mr. Frank Otten as a Member of the Management Board until 30th April 2025 and in this connection has agreed to extent his Management Contract with the same term. "The early extension was made in order to ensure a long term continuity at the top of the company at an early stage and thus to consistently continue the successfully initiated strategic orientation as a "Bank for the Markeplace Banking Industry" explained the Chairman of the Supervisory Board Dr. Karl-Heinz Lemnitzer, the unanimous resolution. Mr. Frank Otten comments on his second term of office: "I look forward to working together with my fellow board member Dr. Fuhrmann and to continue on the path we have chosen and to further expand our operational strength." At Bernhard Fuhrmann there is no need for action, as the appointment and contract are valid until 15th April 2021.

Disclaimer

This release contains forward-looking statements that involve certain risks and uncertainties. Future results may differ materially from those currently anticipated due to various risk factors and uncertainties, such as changes in business, economic and competitive conditions, currency exchange rate fluctuations, litigation uncertainties or investigations, and availability of financial resources. Varengold Bank AG assumes no responsibility for updating the forward-looking statements contained in this release.