UNCHANGED ECONOMIC ENVIRONMENT WARRANTS A CAUTIOUS OUTLOOK

Valuation scheme: “slight”: +/- 0 to 10%, “moderate”: +/- 10 to 20%, “significant”: > +/- 20%

* Typically, net income may fluctuate considerably, which is why reference is made to the average of the past five years (46.8 million euros) and other grading; “slight”: +/- 0 to 20%, “moderate”: +/- 20 to 40%, “significant”: > +/- 40%