+ NET ASSET VALUE OF €M 1,017 as of 12.31.10

in € million			12.31.2010	12.31.2009	12.31.2008
LISTED COMPANIES	Number of shares	Share price	579	453	321
Bourbon	15,183,668	€34.7	527	400	290
Sapmer	2,774,037	€13.8	27	26	20
CBo Territoria	6,211,082	€4.0	25	26	11
NON-LISTED COMPANIES			703	523	557
Gross Asset Value			1,282	976	878
Financial debt			(275)	(238)	(240)
Cash			9	44	4
Net Financial Debt (NFD)			(266)	(194)	(236)
Net Asset Value (NAV)			1,017	783	642
Number of shares			16,000,000	16,000,000	16,000,000 *
Net Asset Value per share			64	49	40

* Pro-forma

Methodology :

Listed companies : stock market price at end of period

Non listed companies : valuation methods based on those generally admitted in Private Equity (multiples of comparables, last transaction…)

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27/03/2012
JACCAR Holdings ventures into gas and dry bulk operating and owning
JACCAR Holdings ventures into gas and dry bulk operating and owning[...]
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SAPMER Strong increase of its 2011 results

JACCAR Holdings ventures into gas and dry bulk operating and owning

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