Paragon Banking : Board update

PARAGON BANKING GROUP PLC
5 December 2019

Board update

The Board of Paragon Banking Group PLC ('Paragon'/the 'Company') announces that Peter Hartill, non-executive director, Chair of the Audit Committee and Senior Independent Director, will not retire as a non-executive director at the forthcoming AGM on 13 February 2020 (as previously announced in the Company's results for the year ended 30 September 2019).

The Corporate Governance Code recognises the need for a Board's committees to have a combination of skills, experience and knowledge and also that the membership should be regularly refreshed. After giving thorough consideration to the matter, the Board considers that Peter Hartill's independence, skills and experience allow him to continue to make a very effective contribution as a non-executive director, Senior Independent Director and Audit Committee Chair. The Board is focused on finding a replacement for Peter but will not compromise on quality and a suitable transition period.

It is intended, subject to Board and regulatory approval, that a new Audit Committee Chair will soon join the Company. Subject to his re-election by shareholders at the 2020 AGM Peter will remain as a director and as Senior Independent Director until the appointment of a new senior independent director.

This announcement is made in accordance with Listing Rule9.6.11R.

For further information contact:

Paragon Banking Group PLC

Nigel Terrington, Chief Executive

Deborah Bateman, Director External Relations

Tel: [phone]