Division (8)

Therefore, consistently with the very approach taken by Raiffesen in 2009 (Raiffesen advisory report performed, p. 71), the enterprise value of Oltchim SPV can be computed through an enterprise valuation method relying on EBITDA multiples: taking into account the availability of detailed EBITDA forecasts at the time of the vote in the Reorganisation Plan prepared by the Court-appointed administrators, the methodology of EBITDA multiples is indeed an appropriate way to determine the enterprise value of Oltchim SPV, which is equivalent to the value of Oltchim SPV's shares considering the absence of financial debt.