Resignation and nomination of director

Mr. Peter Rasmussen resigned as director effective November 14, 2019. The Board thanks Mr. Rasmussen for his valuable contribution and looks forward to benefitting from his continued contribution to the JENSEN-GROUP’s Chinese operations. The Board of Directors nominated Mr. Rudy Provoost by co-option as independent non-executive director to fill the vacancy left by Mr. Rasmussen’s resignation. Mr. Provoost, a Belgian citizen, has extensive international experience and has held senior leadership positions with Royal Philips in The Netherlands, where he was a member of the Board of Management and successively CEO of Philips Consumer Electronics and of Philips Lighting, as well as with Rexel in France, where he served as CEO and Chairman of the Board of Directors. Mr. Provoost is currently a member of the Supervisory Board of Randstad, as well as a member of the Board of Directors of Elia Group, Royal BAM Group and Vlerick Business School. The Board welcomes Mr. Provoost and wishes him success in his new assignment.