Net asset value of the shares of the Compagnie du Bois Sauvage

Assumptions
The following assumptions were made for the purposes of this calculation:

• no liquidation tax is calculated
• no corporate liability is taken into account
• based on the market share price for the valuation of the listed companies, on an expert valuation for the real estate and the participation in Noel Group, on an internal valuation for the participation in Neuhaus and Berenberg Bank and on the net asset value (IFRS) for the others
• the balace-sheet and the portfolio used are the ones from the preceeding month

The "fully diluted" intrinsic value implies the conversion of all outstanding convertible bonds and the exercise of all outstanding warrants and options. The "in the money" intrinsic value implies the conversion of only those convertible bonds and the exercise of only those warrants or options whose conversion price or exercise price is below the market share price.

Warning
La Compagnie du Bois Sauvage reminds to investors that the calculation of the net asset value is prone to uncertainties and to the risks inherent in this kind of evaluation and that it does not constitute a measurement of the current or future value of the ordinary shares of the company. The book value and the portfolio used for the calculation are the ones of the month preceding this calculation.