The Board of Directors of Madison Pacific Properties Inc. reported that Mr. Marvin Haasen, CEO of the Company, has decided to retire effective July 17, 2023. Mr. Haasen has been CEO of the Company for over ten years, providing loyal service to stakeholders over his tenure. The Board of Directors also reported that Mr. John DeLucchi will assume the role of CEO of the Company effective July 17, 2023.

Mr. DeLucchi, who is the Company's Chairman of the Board of Directors, brings significant experience to the role, including having spent the past three years as President and CEO of Madison Venture Corporation, the Company's largest shareholder, and over 35 years with PwC. During his time at PwC Mr. DeLucchi served as the BC Region Managing Partner from 2009 to 2017 and was a member of PwC's National Board of directors from 2018 to 2020. He was also responsible for several clients in the real estate sector.

Mr. Haasen will continue to work at the Company until October 31, 2023 where he will work closely with Mr. DeLucchi and the Company's management team to provide an effective and smooth transition of his responsibilities to Mr. DeLucchi.