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

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

• real estate is valued on the basis of a model for the capitalisation of the rental amounts collected or by an independent expert
• no liquidation tax is calculated
• no corporate liability is taken into account
• the market share price as of 31 December 2007 is used for the valuation of the listed companies.
  Unlisted companies are valued on the basis of their net book value or consolidated book value (IFRS if available). The shareholdings in Bank Degroof, Berenberg Bank, Noël Group and Neuhaus were valued at market price.

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.