Gross asset value

as at June 30th 2018

Net asset value

The Net Asset Value (NAV) is the sum of the market value of Peugeot S.A. securities and the Investments Revalued Gross Asset Value, minus the financial debts.

Peugeot S.A. securities are valued at the last market price at end of period.

The Investments Revalued Gross Asset Value corresponds, at a given date, to a market valuation of the other assets held by FFP. The valuation does not include the tax liability resulting from capital gains tax and it is calculated from:
a) stock market prices at the end of the period for listed companies;

b) the revalued net asset value of non-listed intermediate holding companies, calculated by transparency using the end-of-period market price for their listed holdings, without taking into account control or discount premiums;

c) for non-listed assets, a market value obtained by discounting cash-flows, or by applying different methods of multiples, mainly listed comparables multiples, transaction multiples or those included in shareholder agreements signed by FFP; otherwise and where the fair value cannot be calculated on a reliable and relevant basis, at the historical cost, except in circumstances where the company's economic variables (operations, balance sheet structure, liquidity, etc.) may be significantly impaired;

d) the latest net asset values calculated or estimated by the private equity fund management companies, updated where applicable to take account of any fund-raising or repurchases occurring between the date when this value is calculated and the date when the Investments Revalued Gross Asset Value is published. The majority of these private equity funds adhere to the rules of the International Private Equity & Venture Capital Valuation Board;

e) expert valuation for non-listed real-estate assets;

f) year-end net asset values for unit trusts listed in TIAP (investment securities) or in cash.
In the consolidated financial statements, investments are valued at the abovementioned values, except for companies consolidated pursuant to consolidation rules.

Debt regroups FFP financial debts, valued at their nominal value, plus the accrued interests, and time value of asset derivatives. Treasury stocks are limited.

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