Clariane Strengthens Its Financial Structure to Overcome a Sharply Deteriorated Access to Financing

Regulatory News:

Clariane (CLARIA.PA - ISIN FR0010386334), today announces a four-part short and mid-term action plan to address the increasing constraints it faces in refinancing its upcoming debt maturities:

In the short-term (execution in 2023)

• Initiation of exclusive negotiations with Crédit Agricole Assurances to close, by the end of 2023, a real-estate partnership for a consideration of 140 million euros involving the premises of 19 health and medico-social establishments in France, representing 1,470 beds, while continuing negotiations on a second real-estate partnership, worth 90 million euros, involving UK assets, for which Crédit Agricole Assurances has undertaken to secure execution if necessary. These two partnerships are scheduled to be completed by the end of 2023.
• Securing of 200 million euros in real-estate debt lines

In the mid-term (execution in 2024)

• Asset disposal programme activated from 2024 enabling the Group's activities to be refocused geographically, for gross proceeds of c. 1 billion euros from disposals, in addition to the real-estate partnerships mentioned above.

In parallel with these actions, and to accelerate the company's debt reduction from 2024 onwards:

• Proposed capital increase of Clariane SE with preferential subscription rights to raise a gross amount of 300 million euros to strengthen its equity capital with a guarantee of Crédit Agricole Assurances, for an amount of 200 million euros, subject to fulfilment of the pre-conditions, as well as market standard conditions for this type of transaction alongside with the support of banking institutions that have expressed an interest in guaranteeing the balance of the Capital Increase, subject to pre-conditions.

This action plan was approved by the members of Clariane's Board of Directors and will be regularly monitored by the Board and its specialist committees.

Sophie Boissard, Chief Executive Officer and Director of the Clariane Group said: "Despite a solid operational performance, our access to financing has been significantly restricted since the end of October, in a deteriorated market environment. This action plan gives us the visibility and the required financial strength to pursue our mission with confidence. This transaction has been carried out with the support of our main shareholder, Crédit Agricole Assurances, whom I would like to thank for their long-term commitment to the Group and its stakeholders.