April 2022

Dear all,

The recent dramatic events in Eastern Europe (Russia/Ukraine war) lead us to be very cautious about our business prospects in 2022, even if our positions in these areas remain modest.

However, the overall geopolitical, financial and economic impact on all international markets is likely to be more detrimental in the future.

We all strongly hope that this war will end as soon as possible in order to avoid further human tragedies in these regions which have been so severely impacted to date.

As far as we are concerned, Gevelot will continue to invest fully in its various markets and will ensure to maintain its profitability.

Mario MARTIGNONI

President – Chief Executive Officer