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United Kingdom

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Lastly, the liquidation procedure would have required Oltchim SA to bear compensatory payments due to remaining employees in March 2015 dismissed in the liquidation scenario. In the reference and pessimistic scenario, those payments are estimated on the basis of R/BDO's submission (EUR 24,6 million), while being assumed equal to EUR 9,6 million on the basis of Raiffesen estimate in the optimistic scenariof1.

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Footnotes

f1

Raiffesen estimated in 2009 at RON 58 million compensatory payments due in case of dismissal of the employees on Oltchim's payroll at the end of 2008. This means a RON 74,3 million compensatory payment due in case of the dismissal of employees, at the end of 2014 by adjusting the former with (i) inflation of 4,22 % in CAGR between 2008 and 2014 (computed from Eurostat yearly inflation data) (ii) the decrease in Oltchim's headcount from 4 204 employees at the end of 2008 to 2 345 at the end of 2014 (source: Bloomberg).