Division (9)

Winterhill (to which R/BDO refer to in their Reorganisation report) computed an ex-situ value corresponding to Oltchim SA's liquidation value in case its assets would have been sold individually, by applying notably standardised ratios on the in-situ value of most of the items forming Oltchim SA's. For instance, in order to compute the ex-situ value of the equipment and installations (estimated at EUR 99,1 million), Winterhill divided by two the in-situ estimate of EUR 198,2 relating to Oltchim's equipment and installations (which represents a significant part of the total in-situ value of Oltchim's assets estimated at EUR 297 million).