Constance La Gaiete Company Limited announced the shareholders that Mr. Jean Ribet, Constance Group Chief Executive Officer (`CEO') has decided to retire from his post on 31 December 2022. The Boards of Directors of these Companies put on record their highest appreciation of Mr. Ribet's immense contribution to the development of the Constance Group during the past 30 years and to thank him for his most valuable collaboration. Mr. Clément Rey, currently Group Head of Investments and Development, has been appointed Constance Group CEO with effect from 1 January 2023.

Mr. Rey has considerable experience in the affairs of the Group having held senior executive positions since 2004.