This year, the Richelieu Group is celebrating its five-year anniversary. There is a strong dynamic in its private management activities, both in France and Monaco. I would like to extend my thanks to the employees of Compagnie Financière Richelieu and our three subsidiaries: Banque Richelieu France, Banque Richelieu Monaco, and Richelieu Gestion, for the work done in the past years. Five years of synergy optimisation, construction, and creation ensuring that, today, we have solid fundamentals.

I would also like to express my gratitude to our clients and partners, whom we support on a daily basis and who place their trust in us. Despite difficult market conditions and a disrupted macroeconomic environment, we have indeed achieved and even exceeded our growth and results forecasts.

We have three main objectives for the next few years:

> Capitalize on our Group synergies and expertise;

> Consolidate our brand as a pure wealth management player in France, Monaco, and worldwide;

> Continue our growth, through internal dynamics and targeted acquisitions.

2024 will obviously not be an easy year from a macroeconomic point of view and, in all likelihood, market volatility will remain high. Inflation and rising interest rates will continue to be an issue. As for growth, there is every reason to believe that it will run out of steam and even give way, here and there, to periods of more or less pronounced recession.

However, as the experience of previous years has shown, in an uncertain and troubled environment, the responsiveness and flexibility of specialised private banking institutions such as ours are real assets, which will enable us to provide responses adapted to the expectations and needs of our clients…