Mr. Guido Cloetens reports

ELYSEE ANNOUNCES NORMAL COURSE ISSUER BID

Elysee Development Corp. intends to make a normal course issuer bid to purchase for cancellation, from time to time, as it considers advisable, up to 1,422,530 of its issued and outstanding common shares, being approximately 4.99 per cent of the company's currently outstanding common shares and approximately 6.33 per cent of the company's public float (as that term is defined in the policies of the TSX Venture Exchange). The exchange has approved the commencement of the bid. The bid will commence on May 11, 2023, and will terminate on May 10, 2024, or such earlier time as the bid is completed or at the option of the company. The bid replaces the company's current normal course issuer bid which expires on May 10, 2023. Research Capital Corp. of Vancouver, B.C., will conduct the bid on behalf of the company.

The bid will be conducted in accordance with applicable securities laws and the policies of the exchange. Purchases will be made on the open market through the facilities of the exchange. The price which the company will pay for any shares purchased by it will be the prevailing market price of such common shares on the exchange at the time of such purchase. The purchase of the common shares under the bid is being financed from existing working capital. The company purchased 97,000 of its common shares pursuant to a normal course issuer bid during the previous 12 months. The weighted average price paid per common share was 51.37 cents. In accordance with exchange policies, the company will include a summary of the bid in the management information circular to be mailed to shareholders of the company in respect of its next meeting of shareholders.

Management and the directors of the company believe that the current and recent market price of the company's common shares does not give full effect to their underlying value and that, accordingly, the purchase of common shares under the bid will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. Purchases of bid shares pursuant to the bid will also afford an increased degree of liquidity to the company's shareholders who would like to trade their shares and will serve to stabilize the market price for the company's shares.

We seek Safe Harbor.