NAV as at December 31, 2009

	% held	No. shares	Price (€) (1)	in €m
Non-listed Private Equity				1,488
Apcoa	82.25 %	-	-	-
B&B	74.13 %	-	-	-
Elis	83.38 %	-	-	-
Europcar Groupe	85.12 %	-	-	-
Fraikin	14.38 %	-	-	-
Banca Leonardo	19.49 %	-	-	-
Intercos	25.38 %	-	-	-
Sirti	20.98 %	-	-	-
Listed Private Equity				886
Accor(2)	10.99 %	24,770,365	37.86	305
Rexel	21.95 %	56,662,386	9.78	554
LT (Ipsos)	24.76 %	-	20.72	27
Real Estate				446
ANF (2)	59.25 %	15,446,685	30.82	376
Colyzeo I and Colyzeo II	-	-	-	70
Listed assets				117
Danone (pledged shares)	1.62 %	10,482,376	41.89	439
Danone debt	-	-	-	-286
Danone (pledged EB)	2.54 %	16,433,370	41.89	688
Danone debt (EB)	-	-	-	-725
Danone net	4.16 %	26,915,746	41.89	117
Other non-listed assets	-	-	-	28
Net cash and cash equivalents (3)	-	-	-	498
Treasury shares	3.27%	1,803,914	-	80
Total asset value before tax	-	-	-	3,543
Tax on unrealized capital gains and tax assets	-	-	-	2
Total asset value after tax	-	-	-	3,545
Number of outstanding shares	-	-	-	55,177,039
Net asset value per share in euros	-	-	-	64.2
(1) Update of stock exchange prices for listed companies: average share price over 20 trading days, volume weighted. (2) Valuation, net of allocated net debts. (3) Including cash collateral and after deduction of the debt of 110.1 million euros relating to Station Casinos.