The Net Asset Value will be determined by the Central Government, under the responsibility of the General Partner, the last Business Day of each quarter and any other Business Day determined by the Partner Manager (a Day Valuation). The first Valuation Day is July 31, 2008.
The Net Asset Value of the Company is equal to the difference between the value of its gross assets and the liabilities on a consolidated basis. The assets value of the Company will be determined as follows:
(i) cash in hand or on deposit, bills and notes payable and accounts receivable, prepaid expenses, dividends and interest declared or accrued but not yet received is estimated at the total value of these assets, unless it is unlikely that this value can be received in full, in which case the value will be determined by deducting an amount that the General Partner in good faith deems appropriate to reflect the real value of such assets;
(ii) ll other values not shown under above item will be valued at fair value as determined in good faith under procedures established by the General Partner;
(iii) the value of all assets and liabilities not denominated in Euros will be converted into Euros at the exchange rate last given by any bank of first order;
(iv) investments in venture capital unlisted or not publicly traded and regulated investment company in risk capital traded on an unregulated market where the last available price is not representative of the fair market value will be evaluated on the basis of their reasonably foreseeable sales price determined with care and in good faith by the General Partner, among others using as basis the assessment guidelines published by the European Private Equity and Venture Capital Association (EVCA).
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