After suggestion of the Auditors of the Fund, PriceWaterhouseCooopers, and of the Final Accounts Consulting Committee, the Management Committee has unanimously approved that the calculation of the real estate evaluation to be carried out every year in respect of the final accounts of the Fund shall be as follows:

• Evaluations shall be ensured at least by two qualified real estate surveyors.
• All evaluations shall be cumulated, whether they concern buildings of free possession or rented to lawful tenants, and they shall be divided to produce the average.
• 85% of the average shall be the value of the real estate in the accounts of the Fund.
• The percentage of 15% which is not declared in the accounts of the Fund shall be predictions for the capital value tax, for maintenance and for any other expenses that may occur.